Information Sharing Agreements
The UK has entered into international information sharing agreements that enable the exchange of information with regards to financial accounts and investments between tax authorities of participating countries to help stop tax evasion.
These agreements create a legal obligation for all UK financial institutions including Investec Bank plc to undertake the following:
- Determine the tax residency of its account holders.
- Where an account holder is identified as tax resident in one of the participating countries, their account details must be reported to HM Revenue & Customs (HMRC) on an annual basis. This information is expected to be shared with the relevant overseas tax authorities where the account holder is tax resident.
Investec Bank plc is committed to being fully compliant with the above mentioned regulations. In order to do so, we may from time to time request further information and/or documentation from you to confirm your tax status.
If you have relationships with other members of the Investec Group, you may receive more than one request for confirmation of your tax status. It is important that you respond to all such requests.
The above is for information purposes and should not be taken as tax advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. It is recommended that you seek assistance from your local tax authorities and/or a professional tax advisor if you require specific tax advice.