What's the Common Reporting Standard?Mon May 29 14:48:10 BST 2017 Back to results
The Common Reporting Standard for Automatic Exchange of Financial Account Information (CRS) is a global tax compliance measure designed by the Organisation for Economic Co-operation and Development to combat tax evasion. The Irish Government has amended its laws to implement CRS.
From 1 January 2016, we’re obliged to report specific information to Irish Revenue about reportable persons who aren’t resident in Ireland for tax purposes. By reportable persons we mean:
- individual policyholders;
- trustees, settlors, beneficiaries and protectors for trusts, and
- beneficial owners for companies.
Irish Revenue will then, in turn, exchange this information with the relevant tax authorities. We’re required to submit our first CRS report to Irish Revenue by 30 June 2017, and every June after that.
Please see our Protecting your personal information leaflet(Opens new window) and revenue.ie(Opens new window) for further details.
What this means for new applicants
During our new business process, we're obliged to identify information such as jurisdictions of tax residence and taxpayer identification numbers. We do this through our application forms and we share this information with Irish Revenue.
What this means for existing customers
We’re obliged to determine jurisdictions of tax residence and taxpayer identification numbers for our existing customers. We share this information with Irish Revenue. In order to for us to comply with our obligations, you must complete and return our Self-certification declaration(Opens new window).
Please also complete our Self-certification declaration(Opens new window) should there be a change to your details.