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International Tax Co-operation and Disclosure

OECD Common Reporting Standard (CRS)

The environment for tax reporting between international jurisdictions has been undergoing significant change in recent years, resulting in much closer cooperation on the exchange of information.

CRS is an international initiative based on the development of a single global standard for the automatic exchange of information between tax authorities. It is designed to improve tax transparency and the proper use of information exchanged.

CRS is effective from 31 December 2015 and all accounts open as of that date, and any opened thereafter, will be subject to the exchange of information with the relevant tax authority for countries party to CRS.

Click here to see a list of the countries that have committed to adopt the CRS legislation.

US FATCA

The Exchange of Information Agreement between the Isle of Man and the US Government, known as the Foreign Account Tax Compliance Act (FATCA), requires Nationwide International to provide account information to the US Governmentís Internal Revenue Service (IRS)* in respect of customers with US Citizenship or US tax residency. Details of this agreement can be found following the link below:

Agreement between the Government of the United States of America and the Government of the Isle of Man

UK Inter Government Agreement (IGA)

The Isle of Man also entered into closer tax co-operation with the United Kingdom (UK) via an Exchange of Information Tax Agreement that is based on the same principles as those previously negotiated between the UK and United States of America (US). This requires Nationwide International to provide account information to Her Majestyís Revenue and Customs (HMRC)* in respect of UK resident taxpayers. Details of this agreement can be found following the link below:

Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Isle of Man.

The United Kingdom is included in those countries who have committed to adopt CRS legislation.

*For all of the above, Nationwide International will report relevant customer information to the Isle of Man Government, who will forward it on to the relevant tax authority.

Confirming your tax residency

Customers are required to provide details of any country where they are resident for tax purposes. UK tax residents need to provide their National Insurance Number. US Citizens (wherever in the world they reside) and US tax residents need to provide their Tax Identification Number (TIN)**. Tax residents of any other country also need to provide the Tax Identification Number (TIN) issued by their local tax authority.

All new customers must provide their country of tax residence and corresponding TIN when applying for a savings account. If we need more tax residency information for existing customers, we will write to you.

**A US TIN is an identification number used by the US Internal Revenue Service in the administration of tax laws. A TIN can be a Social Security Number (SSN), an Employer Identification Number (EIN), an Individual Taxpayer Identification Number (ITIN), a Taxpayer Identification Number for Pending U.S. Adoptions (ATIN) or a Preparer Taxpayer Identification Number (PTIN). If you do not think you have a TIN as defined above you should contact the US Internal Revenue Service to clarify this.

We’re here to help

If you would like to discuss these tax exchange agreements and how they may affect your savings with us, please call us on +44 (0)1624 696000 between 8.30am and 5.00pm UK time Monday – Friday. Alternatively if you are registered for Internet Banking, you can Sign-on and send us a secure message.

Nationwide International is unable to comment on an individualís tax position and you may need to consider taking professional, independent tax advice if you are unsure of your personal tax circumstances.