Under the OECD Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA), tax authorities require financial institutions such as OakNorth Bank Plc to collect and report certain information relating to their customers’ tax statuses.
If you open a new bank account, invest in new financial products, or change your circumstances in some way, we will ask you to certify several details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS/FATCA.
We understand that some of the information requested in the forms may have been previously provided to OakNorth. It is also possible that some of the information we hold for you could be missing, incomplete or outdated; so, we may need to discuss and re-confirm this with you.
Each country/jurisdiction has its own rules for defining tax residence. In general, an entity is a tax resident in the country/jurisdiction where it pays corporate income taxes. For more information on tax residency, please seek specialist advice or consult the information on the OECD website www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/
Tax residence for physical persons (individuals) may depend on their country of residency, place of birth and other circumstances.
Tax residence for legal persons (companies, corporations, organisations, partnerships, foundations etc) may include multiple countries including, but not limited to those where they are registered/ incorporated/ domiciled and/or where they conduct their business operations or where their management is situated.
Tax residence for legal arrangements (e.g. discretionary trusts) may include multiple countries including, but not limited to those where they are established, the laws they are governed by, and/or where they conduct their business operations or in some instances place of residency of the trustees (or equivalent body).
If you need any help defining your tax residency, please contact a professional tax advisor or check the OECD website for more information on how to determine your tax residency. OakNorth Bank Plc is not licenced or otherwise authorised to provide any further guidance regarding your tax residency as this may constitute tax advice which should only be obtained from appropriately regulated and authorised tax advisers.