Common Reporting Standard (CRS) Glossary

What that term really means

A glossary of Common Reporting Standard (CRS) terms.
Glossary	Description
Glossary Controlling person	Description Controlling persons are the natural persons who have ultimate control over an entity. In the case of a trust, the Controlling Persons include the: Settler Trustee Protector (if any) Beneficiary / class of beneficiaries Any other natural person exercising ultimate effective control over the trust (including through a chain of control or ownership)
Glossary Entity	Description Under Common Reporting Standard (CRS) this is as a legal person or arrangement such as a corporation, organisation, partnership, trust or foundation. An entity is any customer that holds a business account, product or service. Under CRS, sole traders are not entities but individuals.
Glossary Financial Account	Description The term “Financial Account” means an account issued or supported by a Financial Institution. This includes; Depository Account Custodial Account Equity or debt interest in investment entities Cash Value Insurance Contract Annuity Contract A Financial Account is not an excluded account as per the CRS.
Glossary Jurisdiction	Description A ‘jurisdiction’ is an area with its own distinct tax regulations and depends on the country, county, city or state.
Glossary Participating Country	Description This is a country that has made a commitment to exchange information in line with the OECD CRS. There may not be an effective agreement in place, meaning we don’t need to report anything just yet.
Glossary Reportable Country	Description This is a country that has an agreement in place to exchange information in line with the OECD CRS.
Glossary Reportable for CRS purposes	Description If a customer holds a Financial Account and is a resident for tax purposes in a Reportable Country, or suspected of being tax resident in such country, they are reportable for CRS. Each country has its own rules for defining tax residence.
Glossary Reportable Person or Reportable Entity	Description A ‘Reportable Person’ is any individual reported under the CRS regulations. A person is only reported under the CRS regulations when they are identified as being a tax resident in a Reportable Country and hold Financial Assets outside of this country. For example a French tax resident individual holding a current account with Bank of Scotland Plc would be reported under CRS annually to HMRC. As well as personal account holders, certain entities resident in a Reportable Country or those which have individual Controlling Persons who are resident for tax purposes in Reportable Countries may be reportable.
Glossary Tax Residency Self-Certification	Description We may write to a customer if they have a change in circumstances that could make them a tax resident in a Participating Country. We may also write to pre-existing customers who have Financial Accounts with us, where we do not have tax residency information or new accounts are opened, to complete a Tax Residency Self-Certification form.

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