Barclays is now required by law to obtain additional information and documentation from customers, both corporate and individuals, in order to correctly identify a person’s residence for tax purposes when opening a new account. Ordinarily a person will be tax resident in the jurisdiction where they live and pay tax. However, for the purposes of complying with our legal obligations relating to the identification of U.S. Persons, this identification is also based on US citizenship and not just in relation to the country where the person lives.
Barclays is also required to review existing accounts to ensure that individual and entity accounts are correctly identified, classified and reported where required. In some cases this will require Barclays to request further information or documentation from existing customers.
Barclays will contact customers if additional documentation or information is required to establish an account holder’s tax residence and/or US citizenship.
In order to maintain the correct information we require our customers to inform us of any change in circumstances that would impact on their tax residency and/or US citizenship. If you are unsure about your tax residency status and/or US citizenship, please contact your professional tax adviser or your local tax authority.
Many tax authorities offer assistance and opportunities for taxpayers to get their tax affairs in order if they are concerned that they may have undisclosed income and gains. You may wish to wish to speak with a professional tax adviser who can help you.
The HMRC Worldwide Disclosure Facility (WDF) is designed for UK taxpayers to regularise their tax affairs in advance of the information exchange under the Automatic Exchange of Information (AEOI) agreements. Information regarding the HMRC WDF is available in link below.
Please note Barclays does not provide tax advice.
HMRC Worldwide Disclosure Facility
HMRC Quick Guide: Automatic Exchange of Information – information for account holders
FATCA and the UK’s Automatic Exchange of Information Agreements aiming to combat tax evasion
Further information on FATCA from the US Inland Internal Revenue Service (IRS)
Further information about CDOT (HMRC UK agreements)