Self-Certification For Common Reporting Standard (Crs) Page 5
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Appendix – Automatic Exchange of Financial Account
Information and Common Reporting Standard (CRS)
Summary Descriptions of Select Defined Terms
These are selected summaries of defined terms provided to assist you with the
completion of the self-certification form. Further details can be found at the OECD
automatic exchange of information portal at
, or please contact your tax
adviser or HMRC.
“Account Holder”
The “Account Holder” is the person listed or identified as the holder of a Financial
Account by the Financial Institution that maintains the account. This is regardless of
whether such person is a flow-through Entity. Thus, for example, if a trust or an estate is
listed as the holder or owner of a Financial Account, the trust or estate is the Account
Holder, rather than the trustee or the trust’s owners or beneficiaries. Similarly, if a
partnership is listed as the holder or owner of a Financial Account, the partnership is the
Account Holder, rather than the partners in the partnership. A person, other than a
Financial Institution, holding a Financial Account for the benefit or account of another
person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is
not treated as holding the account, and such other person is treated as holding the
account.
“Active NFE”
An NFE is an Active NFE if it meets any of the criteria listed below. In summary, those
criteria refer to:
active NFEs by reason of income and assets;
•
publicly traded NFEs;
•
Governmental Entities, International Organisations, Central Banks, or their wholly
owned Entities;
•
holding NFEs that are members of a nonfinancial group;
•
start-up NFEs;
•
NFEs that are liquidating or emerging from bankruptcy;
treasury centres that are members of a nonfinancial group; or
•
•
non-profit NFEs.
An entity will be classified as Active NFE if it meets any of the following criteria:
a) less than 50% of the NFE’s gross income for the preceding calendar year or other
appropriate reporting period is passive income and less than 50% of the assets held by
the NFE during the preceding calendar year or other appropriate reporting period are
assets that produce or are held for the production of passive income;
b) the stock of the NFE is regularly traded on an established securities market or the NFE
is a Related Entity of an Entity the stock of which is regularly traded on an established
securities market;
c) the NFE is a Governmental Entity, an International Organisation, a Central Bank, or an
Entity wholly owned by one or more of the foregoing;
d) substantially all of the activities of the NFE consist of holding (in whole or in part) the
outstanding stock of, or providing financing and services to, one or more subsidiaries
that engage in trades or businesses other than the business of a Financial Institution,
except that an Entity does not qualify for this status if the Entity functions (or holds itself
out) as an investment fund, such as a private equity fund, venture capital fund,
leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund
companies and then hold interests in those companies as capital assets for investment
purposes;
Sharefunds Limited is authorised and regulated by the Financial Conduct Authority and is entered on the register under reference 227807
Registered in England – Number 04856420
Registered Office: Bow House, 1A Bow Lane, London, EC4M 9EE
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