United Kingdom Reportable Account definition
Examples of United Kingdom Reportable Account in a sentence
A New Individual Account that is a Depository Account is not required to be reviewed, identified, or reported as a United Kingdom Reportable Account unless the account balance exceeds $50,000 at the end of any calendar year or other appropriate reporting period.
A New Individual Account that is a Cash Value Insurance Contract is not required to be reviewed, identified, or reported as a United Kingdom Reportable Account unless the Cash Value exceeds $50,000 at the end of any calendar year or other appropriate reporting period.
Unless otherwise provided, information with respect to a United Kingdom Reportable Account shall be reported annually in the calendar year following the year to which the information relates.
Subject to paragraph E.1. of section II of this Annex I, an account shall be treated as a United Kingdom Reportable Account beginning as of the date it is identified as such pursuant to the due diligence procedures in this Annex I.
Where any Gross Payments and Movements of Assets within the scope of any of subparagraphs D.1.a) to d) of this Annex III have been made during the Relevant Tax Year, then the additional information set out in subparagraphs D.2.a) to c) is also required to be exchanged relating to the United Kingdom Reportable Account.
Where any Gross Payments and Movements of Assets within the scope of any of subparagraphs D.1.a) to d) of this Annex IV have been made during the Relevant Tax Year, then the additional information set out in subparagraphs D.2.a) to c) is also required to be exchanged relating to the United Kingdom Reportable Account.
For purposes of the exchange obligation in Article 2, the amount and characterisation of payments made with respect to a United Kingdom Reportable Account may be determined in accordance with the principles of Jersey’s tax laws, and the amount and characterisation of payments made with respect to a Jersey Reportable Account may be determined in accordance with the principles of the United Kingdom’s tax laws.
As an alternative to the procedures described in each section of this Annex I the Cayman Islands may allow its Reporting Financial Institutions to apply the procedures described in the relevant U.S. Treasury Regulations, in so far as they have been accepted by both Parties, to establish whether an account is a United Kingdom Reportable Account.
If there is a change of circumstances with respect to a High Value Account that results in one or more United Kingdom indicia described in subparagraph B.1. of this section being associated with the account, then the Reporting Cayman Islands Financial Institution must treat the account as a United Kingdom Reportable Account unless it elects to apply subparagraph B.4. of this section and one of the exceptions in that subparagraph applies with respect to that account.
If based on this review such account is identified as a United Kingdom Reportable Account, the Reporting Cayman Islands Financial Institution must report the required information about such account with respect to the year in which it is identified as a United Kingdom Reportable Account and subsequent years on an annual basis, unless the Account Holder ceases to be a Specified Person.