Directive to Bermuda Financial Institutions Sample Clauses
Directive to Bermuda Financial Institutions. Bermuda shall direct and enable all Reporting Bermuda Financial Institutions to:
a) notify HMRC by 30 September 2016, and comply with the requirements of this Agreement, including with respect to due diligence and reporting;
b) with respect to Preexisting Accounts identified as United Kingdom Reportable Accounts,
(1) request from each Account Holder the Account Holder’s date of birth, where available, the UK National Insurance Number and consent to report and simultaneously inform the Account Holder in writing that, if the date of birth and consent are not given,
(A) aggregate information about the account shall be reported to HMRC,
(B) information about the account may give rise to a group request by HMRC for specific information about the account,
(C) in such case, the account information shall be transmitted to Bermuda tax administration, and
(D) the Bermuda tax administration may exchange this information with HMRC in accordance with paragraph 2 of this Article;
(2) report annually to HMRC, in the time and manner required by this Agreement, the aggregate information required with respect to Non- Consenting United Kingdom Accounts;
c) for each of 2015 and 2016, report annually to HMRC the same information as required to be reported to the United States Internal Revenue Service in relation to Nonparticipating Financial Institutions under the agreement between Government of Bermuda and the Government of the United States of America for Cooperation to Facilitate the Implementation of FATCA;
d) with respect to New Accounts identified as United Kingdom Reportable Accounts, obtain from each Account Holder consent to report, consistent with the requirements of this Agreement, as a condition of account opening; and
e) with respect to both New Accounts and Preexisting Accounts identified as United Kingdom Reportable Accounts where the Reporting Bermuda Financial Institutions has obtained from each Account Holder consent to report; annually report to HMRC:
(1) the name, address, date of birth and, where available, the UK National Insurance Number of each Specified United Kingdom Person that is an Account Holder of such account and, in the case of an Entity that, after application of the due diligence procedures set forth in Annex I, is identified as having one or more Controlling Persons that is a Specified United Kingdom Person, the name, address, of such Entity and the name, address, date of birth and, where available, the UK National Insurance Number of each s...
Directive to Bermuda Financial Institutions. Bermuda shall direct and enable all Reporting Bermuda Financial Institutions to report the information outlined in Article 2 in the Time and Manner as outlined in this Article.