I do not have any foreign currency deposits with you, do I still have to return the self-certification form you sent to me?
The currency of the deposit that you hold with Close Brothers does not have a bearing on the need to complete and return the self-certification form. The form is designed to capture the tax residency of our customers, and in some instances the tax residency of any Controlling Persons associated with our Entity customers.
What does the term Entity mean?
An Entity is the general term given to any non-personal customer by the HMRC. Therefore a Company, a Trust, as Association or a Society would all be classed as an Entity.
What does the term 'Controlling Person' mean?
The term 'Controlling Person' refers to a natural person who exercises control over an Entity. In the case of a Trust, this term refers to the Settlor, the Trustees and the Beneficiaries. For Companies, this would be any shareholder with a stake of 25% or more in the company.
I am solely a UK tax-payer, do I still have to return the self-certification form you sent to me?
Yes. Close Brothers is still required by HMRC to obtain this confirmation by way of a completed self-certification form. Depending on your classification, you may also be required to provide tax residency information for controlling persons associated with the Entity (if applicable).
If I am completing the self-certification form on behalf of an Entity, but do not know which classification I am, where can I find this out?
Every Entity will qualify for one of the four classification categories listed on the self-certification form even if it may not be immediately obvious which classification of entity type is relevant. These are the four classifications specified by HMRC, and more information on each classification can be found by navigating to the Automatic Exchange of Financial Information page on the HMRC website.
I still do not know which classification I am, can you help?
Many non-financial companies and Trusts will either be an Active Non Financial Entity (NFE) or a Passive NFE. The difference between these two classification types to an extent depends on the type of income generated and assets held, which is information that Close Brothers cannot access via public sources. The eligibility criteria are listed in the self-certification form Annex.
What if I have completed the self-certification form incorrectly?
If you have not ticked ‘Yes’ to one of the four classification boxes, or not completed an additional section as requested on Page 1 (depending on which box you have ticked), the form will be returned to you to complete again.
What are the consequences of not completing and returning the self-certification form?
Any customers not co-operating in completing and returning the self-certification form will automatically become reportable to HMRC.
Who should I speak to if I have any further questions?
As Close Brothers Savings do not offer advice, we recommend that you speak to your Financial Adviser or Accountant where relevant. Alternatively, you can contact HMRC on 03000 576 748 (opening hours 9.00 am to 4.00 pm, Monday to Friday, closed Saturdays, Sundays and bank holidays). If you are calling from abroad, please telephone +44 3000 576 748. Further information can be found on the HMRC website under: https://www.gov.uk/government/publications/exchange-of-information-account-holders