For ESLCU members to confirm their tax residency.
ESLCU is now required by law to confirm all members, both individual and corporate, for tax purposes. Usually, a member will be a tax resident where they live and pay tax, but the rules vary between countries and will depend on individual circumstances.
To comply with international tax regulations, Eastern Savings & Loans Credit Union must collect and maintain accurate information about the tax residency of all account holders.
What Members Need to Do?
Please confirm your tax residency status by completing the below Tax residency self certification Information. This form is required even if you are only a tax resident in the UK. (i.e. only pay tax in the UK)
Why This Is Required?
All Financial Institutions are now legally obligated to report certain information to tax authorities. This helps prevent tax evasion and ensures compliance with global standards.
All ESLCU Members need to complete this form
This is part of international agreements that create a legal obligation requiring all finanical institutions, inculding ESLCU to:
This mainly affects people and companies that are not tax resident in the UK, but hold accounts with Financial Institutions in the UK.
In order to maintain the correct information we would ask you to inform us of any change in circumstances that would impact on tax residency.
Common Reporting Standard or (CRS) allows tax authorities to obtain information from financial institutions and automatically exchange that information with other jurisdiction authorities on an annual basis. It includes the financial account information to be exchanged, the institutions required to report, the different types of accounts and people covered.
If you are unsure about your Tax residency status, you may wish to contact a professional tax adviser, or your local tax authority.
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