Investec Bank plc - FATCA / CDOT Regulations

The US government has introduced tax regulations aimed at combating tax evasion by US tax residents using foreign accounts (commonly known as the ‘FATCA Regulations’). The UK has entered into an agreement with the US to enable FATCA to be implemented in the UK.

The UK has also entered into exchange of information agreements with the Jersey, Guernsey, Isle of Man and Gibraltar under which information will be exchanged between the counterparties to the agreements (‘CDOT Regulations’). The primary purpose of these agreements is to combat tax evasion by UK tax residents.

FATCA and CDOT regulations (‘Regulations’) have been introduced in the UK to implement the provisions of these agreements. These Regulations take effect from 1 July 2014.

UK financial institutions are now required to identify and report on accounts held directly or indirectly by persons who are tax residents in the US, Jersey, Guernsey, Isle of Man or Gibraltar. The information will be sent to the HM Revenue & Customs (HMRC), who will then send it to the tax authorities in those countries.

Investec Bank plc is committed to becoming fully compliant with these Regulations. Other UK banks and financial institutions will also be affected by these Regulations.

In order to comply with these Regulations, Investec Bank plc must establish the tax status of account holders and 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.

Individuals – Self Certification form PDF 109.02 KB

Entities - Self certification form for accounts opened on or after 1 January 2016 PDF 176.7 KB

Entities - Self certification form Explanatory notes for accounts opened on or after 1 January 2016 PDF 113.9 KB

Entities - Self certification form for accounts opened on or before 31 December 2015 PDF 153.29 KB

Entities - Self certification form Explanatory notes for accounts opened on or before 31 December 2015 PDF 99.94 KB

Investec Bank plc does not offer tax advice. If you require any further information or have any questions concerning these Regulations, please refer to the HMRC website www.hmrc.gov.uk/fatca or speak to a tax advisor.

What is FATCA and the UK Agreements to Improve International Tax Compliance?

The US Government introduced FATCA Regulations which are aimed at combating tax evasion by US tax residents using foreign accounts. The UK has entered into an agreement with the US to enable FATCA to be implemented in the UK.

The UK has also entered into exchange of information agreements with Jersey, Guernsey, Isle of Man and Gibraltar under which information will be exchanged between the counterparties to the agreements. The primary purpose of these agreements is to combat tax evasion by UK tax residents.

Tax Regulations have been introduced in the UK to implement the provisions of these agreements. These Tax Regulations supplement existing regulations.
How will these new Tax Regulations affect me?

Investec Bank plc will ask you about your tax status as it is now required to establish the tax status of account holders. Investec Bank plc will then identify and report to HM Revenue & Customs (HMRC) personal information and account details relating to account holders who are tax residents in the US, Jersey, Guernsey, Isle of Man or Gibraltar.

Investec Bank plc may from time to time request certain information and/or documentation from you in order to confirm your tax status under these Regulations. It is important that you respond in time to such a request. Failure to do so, could result in information about you and your account being reported to HMRC.

The reports will be sent annually to HMRC, who will then send them to the tax authorities in the US, Jersey, Guernsey, Isle of Man or Gibraltar.

Investec Bank plc does not offer tax advice, if you require any further information or have any questions on these Regulations, please speak to your tax advisor or refer to the HMRC website, http://www.hmrc.gov.uk/fatca/.
When do the UK Regulations become effective?

There is a staggered approach to the introduction of the Regulations, with the first phase starting on 1 July 2014. All new account holders will be required to confirm their tax status. Account holders may be requested to provide additional information and/or documentation to confirm their tax status.
Are the UK Regulations applicable to personal or business account holders?

The Regulations are applicable to all account holders.
Do I need to do anything regarding the UK Regulations?

We will contact you if we require any further information and/or documentation from you. We will provide you with any forms that you are required to complete. You will have to provide the information within the timelines set out in our request for further information and/or documentation. Failure to provide the information and /or documentation within the stated timelines could result in your account details being reported to HMRC.

If your personal information changes (for example, your address changes because you move to another country), we may have to contact you to obtain further information and/or documentation so that we are able to confirm your tax status under these Regulations.
Are other banks/financial institutions affected by these Regulations?

Yes, all UK banks/financial institutions will be affected by these Regulations. Banks/financial institutions operating outside the UK are also likely to be affected by the US FATCA regulations or by equivalent local regulations.

Other banks/financial institutions may adopt these Regulations differently and therefore you may receive requests for different information/documentation from those organisations as compared to Investec Bank plc.

If you have multiple relationships with other members of the Investec Group, you may receive more than one request for information and/or documentation to confirm your tax status. It is important that you respond to all such requests.