Financial regulators, governments and banks are making substantial changes to protect the financial system and our customers' interests.
One of these changes, the Foreign Account Tax Compliance Act (FATCA), took effect on 01 July 2014. This new legislation by the United States Department of Treasury and the US Internal Revenue Service (IRS) is intended to counter tax evasion in the USA. Its provisions are complex, but essentially require us to share with the UK and US tax authorities deposits placed with us by persons who may be subject to US tax.
FATCA may affect QIB (UK)'s personal and business customers, but the degree will vary according to the type of account or relationship they hold with us.
These are similar in effect to FATCA but affect persons subject to tax in many of the Crown Dependencies and Overseas Territories of the United Kingdom (CDOT) or members of the European Union (EU).
QIB (UK) is committed to comply fully with FATCA, CDOT and CRS; as are the other members of the QIB Group.
Since 1st July 2014 we have needed to ascertain for each client whether we need to report information to the IRS or local tax authority. In most cases we will have sufficient information already; but we ask for your cooperation if we do contact you to ask for further information or documentation to verify your tax status under FATCA, CDOT or CRS.
Please note that you may receive more than one request for information if you have relationships with different members of the QIB Group. It is important that you respond to all requests, even if you have already supplied the requested information.
As the regulation is complex, if you are in any doubt as to your status we recommend you consult an independent tax adviser.