Self-certifying your tax status for FATCA and CRS

Frequently Asked Questions

• What is the Foreign Account Tax Compliance Act?

  On 1 July 2014, the US Internal Revenue Service (IRS) implemented the Foreign Account Tax Compliance Act, or FATCA for short. The legislation aims to locate any 'US Person' who may be avoiding tax liabilities by holding assets outside of the US. It works by requiring tax authorities around the world to share information with the IRS.

  Many countries, including every EU member state, have entered into agreements with the Internal Revenue Service (IRS). As Computershare has financial institutions across Europe, including the UK and Jersey, Computershare must identify and report any 'US Person' to the UK tax authority, Her Majesty's Revenue and Customs (HMRC) or the Jersey Financial Services Commission (JFSC). HMRC/JFSC then passes this information to the IRS as part of an annual reporting process.

  To view a list of all countries that have so far entered into agreements with the IRS, please visit the US Treasury website.

  ​A US person is defined as:
  

  • ​A citizen or resident of the United States
  • An alien lawfully admitted for permanent residence
  • Holders of US residence via Green Card (until cancelled by the IRS)
  • A person who passes the substantial presence test

  Please see below for further information about FATCA. Alternatively, visit the HMRC website, the JFSC website, the US Treasury website​ or consult a financial or tax advisor.​

• What is the Common Reporting Standard?

  Similar to FATCA, the Common Reporting Standard (CRS) was developed to allow countries to exchange tax information. CRS came into effect on 1 January 2016, with more than 97 countries - including all EU member states - signing up.
  
  You can find a list of countries that have joined CRS here.
  
  CRS requires financial institutions (such as Computershare) to obtain information on individual account holders who meet certain criteria set out in the legislation. The financial institution must then report it to their local tax authority – in Computershare's case  this is the UK tax authority, HMRC, or the Jersey tax authority, JFSC. HMRC/JFSC then pass this on to the relevant tax authorities.​
  
  ​Please see below for further information on CRS. Alternatively, please visit the Organisation for Economic Co-operation and Development's​ website or contact a financial or tax advisor.
  
  

• What is self-certification?

  Self-certification is the way in which we collect information from you so that we are able to determine what country/countries you are a tax resident of.

• Why have I been asked to self-certify?

  As you hold shares in an employee share plan, you hold assets which may have a tax liability in a jurisdiction covered by FATCA and/or CRS. With regulated financial institutions in the UK and Jersey, we are required by law to ask all new and existing participants to provide certain information to allow us to determine whether your details need to be reported to one of the relevant tax authorities.​
  
  

• How does self-certification work?

  If you need to self-certify, you will have received an email (from TaxReporting@computershare.co.uk​) or letter explaining how to log in to our foreign tax self-certification website.

   

  Once you've logged in to our foreign tax self-certification website:
  

  • Review and accept the terms and conditions
  • Select 'Complete a form'*
  • Fill in the requested details
  • Submit your form

  Alternatively, you can also complete the process offline – please email us to request a paper form.
  
  *You can save your progress and complete the form over multiple logins - choose 'Continue a form' when you wish to do this.
  
  

• I need help with the self-certification website

  ​Please review our extensive User Guide​, which provides detailed information for every step of the process.

  If this doesn't resolve your query, please either email us​ or call us on +44 (0)345 143 4002​.

• What information will I need to provide?

  In most cases, you will simply need to confirm the following:
  

  • Your full name
  • Your permanent residence address
  • Date and country of birth
  • Details of your citizenship
  • Country of tax residence
  • Tax Identification Number*

  Depending on the answers you give, other information may be requested such as a marriage certificate for a recent change of name.
  
  *Your Tax Identification Number is the unique number you use to identify yourself to your local tax authority. For example, in the UK this is your National Insurance (NI) number, in Spain this would be your Documento Nacional de Identidad (DNI) or in Germany this would be your Identifikationsnummer (IdNr). If you reside in another country, please click here​ to view a full list of country Tax Identification Numbers. 

  
   

• Will I be reported to a tax authority?

  ​This depends on whether you participate in an employee share plan "covered" by FATCA or CRS, as well as your tax residency.
  
  Am I an employee in a share plan covered by FATCA or CRS?
  
  Both FATCA and CRS have the same criteria for which employee share plans are covered:

   

  • Covered: Plans where shares held by an employee can be immediately traded or transferred – for example, vested shares received via an executive share plan, shares purchased through an unapproved stock purchase plan, vested shares in an additional holding period

  • Not covered: Tax-approved plans (such as the UK's  Sharesave, Share Incentive Plan and Company Share Option Plan) or where the employee holds unexercised share options or a conditional right to receive shares that have not vested

   

  What difference does my tax residency make?

  If your account is 'covered', the matrix below shows if your account is reportable or not:

  
   

  Your tax residency​ ​	​​​Reportable under FATCA?		​ ​Reportable under CRS?
  	​Self-certification completed	​Self-certification not completed	​​Self-certification completed	Self-certification not completed​
  ​US Person*	​Yes	​Yes	​No	​Yes**
  ​US Person* Living in a CRS participating country	​Yes	​Yes	​Yes**	​Yes**
  ​United Kingdom	​No	​Yes	​No	​Yes**
  ​Rest of World Tax resident of a CRS participating country	​No	​Yes	​Yes**	​Yes**
  ​Rest of World Tax resident of a country not participating in CRS	​No	​Yes	​No	​Yes**
  ​Rest of World Tax resident of a CRS participating country living in the US	​Yes	​Yes	​Yes**	​Yes**

  
  *If you certify you are a US person, we will send you further information about US tax forms that you may need to complete.

  **HMRC/JFSC may share your information with participating tax authorities​

• What happens if I am a US person?

  ​If you certify as a US person, please refer to 'Will I be reported to a tax authority?'
  
  We will also send you further information about US tax, including additional tax forms you may need to complete.
  
  To find out more about US tax, visit the IRS website or contact a specialist tax or financial advisor.
  
  

• If my account details are reported, what information is shared and when?

  Under FATCA and CRS, we submit an annual report to HMRC or JFSC who will then share information with the IRS (if reportable under FATCA) or a relevant local tax authority (if reportable under CRS).
  
  The following personal information will be reported:

   

  • Name and address
  • Tax Identification Number (TIN)*
  • Shareholder Reference Number (SRN) – (you can find this on a recent Computershare communication)
  • Number of shares held (annually as at 31 December)
  • Value of shares (annually as at 31 December)
  • Annual dividend income (on the share plan covered under FATCA and/or CRS)
  • Value of annual share sales (reportable from 2017 for 2016, on the share plan covered under FATCA and/or CRS)

  *Your Tax Identification Number is the unique number you use to identify yourself to your local tax authority. For example, in the UK this is your National Insurance (NI) number or in Spain this would be you Documento Nacional de Identidad (DNI​) or in Germany this would be your Identifikationsnummer (IdNr).

• I've self-certified and my details aren't being reported - what next?

  ​If your foreign tax self-certification (and any other information we hold) verifies that you are not a US person or a tax resident in a CRS participating country, then this information will simply be retained for our records.  
  
  You won't be asked to self-certify again unless we are notified of a change in your country of residence.
  
  

• What happens if I don't self-certify?

  There are no financial penalties for failing to complete a self-certification. Your share plan details will be included in our annual reporting to HMRC/JFSC as appropriate. HMRC/JFSC may then share these details with the IRS or other local tax authorities. We will send you two further reminders if you fail to self-certify.​​

  
  Please refer to the above question 'Will I be reported to a tax authority?' for more information.           

• I have recently sold my shares. Do I still need to self-certify?

  ​Yes, you do still need to self-certify. As you held shares in a scheme that is subject to FATCA and CRS reporting, we still need to report the information to the relevant Tax Authority for the year in which your account was closed.