Self-Certification For Common Reporting Standard (Crs) Page 9
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“Passive NFE”
Under the CRS a “Passive NFE” means any NFE that is not an Active NFE. An Investment
Entity located in a Non-Participating Jurisdiction and managed by another Financial
Institution is also treated as a Passive NFE for purposes of the CRS.
“Related Entity”
An Entity is a “Related Entity” of another Entity if either Entity controls the other Entity, or
the two Entities are under common control. For this purpose control includes direct or
indirect ownership of more than 50% of the vote and value in an Entity.
“Reportable Account”
The term “Reportable Account” means an account held by one or more Reportable
Persons or by a Passive NFE with one or more Controlling Persons that is a Reportable
Person.
“Reportable Jurisdiction”
A Reportable Jurisdiction is a jurisdiction with which an obligation to provide financial
account information is in place and that is identified in a published list.
“Reportable Jurisdiction Person”
A Reportable Jurisdiction Person is an Entity that is tax resident in a Reportable
Jurisdiction(s) under the tax laws of such jurisdiction(s) - by reference to local laws in the
country where the Entity is established, incorporated or managed. An Entity such as a
partnership, limited liability partnership or similar legal arrangement that has no
residence for tax purposes shall be treated as resident in the jurisdiction in which its
place of effective management is situated. As such if an Entity certifies that it has no
residence for tax purposes it should complete the form stating the address of its
principal office.
Dual resident Entities may rely on the tiebreaker rules contained in tax conventions (if
applicable) to determine their residence for tax purposes.
“Reportable Person”
A “Reportable Person” is defined as a “Reportable Jurisdiction Person”, other than:
•
a corporation the stock of which is regularly traded on one or more established
securities markets;
•
any corporation that is a Related Entity of a corporation described in clause (i);
•
a Governmental Entity;
•
an International Organisation;
•
a Central Bank; or
•
a Financial Institution (except for an Investment Entity described in Sub Paragraph
A(6) b) of the CRS that are not Participating Jurisdiction Financial Institutions.
Instead, such Investment Entities are treated as Passive NFE’s.)
“Resident for tax purposes”
Each jurisdiction has its own rules for defining tax residence, and jurisdictions have
provided information on how to determine whether an entity is tax resident in the
jurisdiction on the OECD automatic exchange of information portal. Generally, an Entity
will be resident for tax purposes in a jurisdiction if, under the laws of that jurisdiction
(including tax conventions), it pays or should be paying tax therein by reason of his
domicile, residence, place of management or incorporation, or any other criterion of a
similar nature, and not only from sources in that jurisdiction. Dual resident Entities may
rely on the tiebreaker rules contained in tax conventions (if applicable) to solve cases
of double residence for determining their residence for tax purposes. An Entity such as a
partnership, limited liability partnership or similar legal arrangement that has no
residence for tax purposes shall be treated as resident in the jurisdiction in which its
place of effective management is situated. For additional information on tax residence,
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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