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A Tax Entity Classification is a category that describes the type of organisation or entity for tax reporting purposes, such as Financial Institution, Active Non-Financial Entity (NFE), or Passive Non-Financial Entity (NFE).
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A US Person is defined under US tax law and includes:
US Persons are generally required to report their worldwide income to the US tax authorities, regardless of where they live.
If you are unsure whether you qualify as a US Person, please consult your tax adviser or the official IRS guidance.
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A Tax Resident is an individual or entity that could be liable to pay tax in a particular country due to factors such as residence, domicile, or (for businesses) place of incorporation. The rules for tax residency vary between countries, but generally, you are considered a tax resident where you live, are registered, or conduct your main business activities. If you are unsure about your tax residency status, please consult your tax adviser or the relevant tax authority.
> See details of how participating countries define a tax resident.
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Yes. Even if you do not currently pay income tax, for example because you are retired or a student, you are still considered a tax resident of a country based on where you live or have your primary home. Triodos Bank UK is required to collect information about tax residency for all customers, regardless of whether they pay income tax. Please provide details of the country where you are tax resident, even if you have no taxable income.
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On an annual basis, UK-based banks and other financial organisations are required to report information to HM Revenue and Customs (HMRC) on financial accounts held directly or indirectly by US persons.
Triodos Bank UK is committed to being fully FATCA compliant in all countries and territories where we operate. We will therefore be reviewing our existing customer base to confirm the FATCA statuses of our customers and where necessary we may have to contact our customers for further information and documentation.
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FATCA stands for the Foreign Account Tax Compliance Act. It is a piece of legislation introduced by the United States Department of Treasury (Treasury) and the US Internal Revenue Service (IRS) in 2014.
The purpose of FATCA is to encourage better tax compliance by preventing US persons from using banks and other financial organisations to avoid US taxation on their income and assets.
A significant number of countries and territories worldwide have signed inter-governmental agreements (IGAs) relating to FATCA compliance with the United States government. These IGAs have resulted in the FATCA legislation becoming part of their local laws. The United Kingdom Government entered into a IGA with the US on 12 September 2012. This has been incorporated into UK law though the International Tax Compliance Regulations, SI 2015/878.
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If your account information holds any of the following seven criteria, we may request further information or documentation to determine if you are a United States (US) person under the Foreign Account Tax Compliance Act (FATCA):
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We will continue to review the impact and consequences of the legislation for our customers and will correspond with affected customers accordingly. For more information regarding FATCA, please visit the HMRC website, or contact your professional tax adviser for advice.
Please note that you may receive more than one request for documentation if you have multiple relationships with different members of the Triodos Bank UK Group. It is important that you respond to all requests, even if you believe you have already supplied the requested information.
Please note that Triodos Bank UK is unable to offer tax advice. For tax related questions please contact your independent professional tax adviser or refer to the HMRC website.
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Yes, in most cases you are considered a US Person for tax purposes if you were born in the United States, even if you have never lived there. US citizenship is generally granted at birth to anyone born in the US, regardless of where they reside or whether they hold another citizenship.
As a US Person, you may have tax reporting obligations to the US authorities. If you believe you have renounced your US citizenship or have another special circumstance, you should seek advice from a tax adviser or consult the official IRS guidance.
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You are considered a Financial Institution (FI) if your organisation primarily accepts deposits, holds financial assets for others, trades in financial instruments, or manages or invests money on behalf of clients. Examples include banks, investment firms, insurance companies, and certain trusts or funds. If you are unsure, please consult your tax adviser or refer to the official FATCA and CRS guidance.
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A GIIN (Global Intermediary Identification Number) is a unique identification number issued by the US Internal Revenue Service (IRS) to financial institutions and certain other entities that register under the Foreign Account Tax Compliance Act (FATCA). The GIIN is used to identify these organisations for FATCA reporting purposes.
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You are a non-financial entity (NFE) if your organisation is not a Financial Institution. NFEs are divided into two categories:
If you are unsure about your classification, please consult your tax adviser or refer to the official FATCA and CRS guidance.
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Most charities, not-for-profit organisations, and NGOs are classified as Active Non-Financial Entities (Active NFEs) under FATCA and CRS. When completing the self-certification form, you should generally select “Active NFE” unless your organisation’s main activities involve holding or investing money for others, or you otherwise meet the definition of a Financial Institution. If you are unsure, please consult your tax adviser or refer to the official FATCA and CRS guidance.
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FATCA/CRS applies if you or your organisation may be subject to tax abroad. This legislation also applies if your organisation has stakeholders who may be subject to tax abroad.
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