IEIM402520 - Due Diligence: General Requirements: Reportable Account

Due Diligence: General Requirements: Reportable Account

An account is treated as a Reportable Account [see IEIM401520] from the date it is identified as such pursuant to the due diligence procedures that the Financial Institution is required to follow. Information must be reported annually to HMRC on that account in the calendar year following the year to which the Reportable Information [see IEIM402000] relates.

Once an account has been identified as a Reportable Account it remains so until there is a change that takes the account out of the definition of Reportable Account. This can happen in a number of ways:

• The Account Holder ceases to be a Reportable Person [see IEIM403440].
• The account is closed or transferred to another Financial Institution in its entirety (where it may become a Reportable Account by that business) [see IEIM402170].
• The account becomes an excluded account [see IEIM401720].
• The Reporting Financial Institution becomes a Non-Reporting Financial Institution [see IEIM400920]

While the account remains a Reportable Account it must be reported even where the balance or value of the account is zero or negative. It also remains reportable where nothing has been credited to or in respect of the account during the appropriate reportable period [see IEIM400520 for FATCA and IEIM400580 for CRS].

When an account ceases to be a Reportable Account it no longer needs to be reported, but where the account is closed information with respect to that account must be reported until the date of closure.