michaelr711

Received a letter from Santander today at my Mom's house stating that they are under the impression I am a tax resident of another country (which I clearly am), but they want me to fill out a form self identifying so that they can share info with HMRC and other relevant tax authorities (presumably the IRS) if they need to. Would I be advised to fill out the form, or should I just leave it alone?

tom169

I would think failure to reply could lead to them suspending and further canceling your account

SanDiegogirl

Complete the form or risk having your account closed. .......

michaelr711

It's nothing to do with having my account closed though. They want to share my info, they aren't trying to do anything to my actual account.

vespucci

Once you've updated your address you'll get your statements sent to you and there shouldn't be a form to fill in. If you have over $10,000 you have to file FBAR.

theOAP

If you are a tax resident of the U.S., let me correct your statement:
"They want to will share my info..."

Since the Santander letter indicates they have established you may have tax obligations outside the UK, and if they assume that to be the US, they will report the account to the IRS (via HMRC) whether you respond or not. They are bound by the Model 1A IGA (US/UK FATCA) to declare you recalcitrant if you do not respond. Model 1A IGAs do not require the bank to close the account, although they may freeze the account. It's up to the bank to decide.

You could lie to Santander and claim that you are not resident for tax purposes in the US but if there are any indications you are, such as a transfer of funds from a US account, Santander, under its T&Cs would have the right to close the account. Deliberate misinformation concerning the account tax details can result in the account being closed.

You've indicated this is not the standard information request all major UK banks are making of all customers under FATCA (US) or CRS (OECD) since they already assume you have additional tax residency outside the UK.

Cook_County

The bank will share the data whether or not you file a W-9 with them. Your own FBAR & 8938 obligations are unchanged by whatever the bank does.

tom169

You carry on believing that

robin1234

As others have indicated, the bank will probably assume you have US tax obligations, and they will accordingly forward your data to the relevant authorities. If you don't respond, they'll probably just keep sending you requests every few months, no big deal. In practical terms, it may not make much difference to your account status whether you respond or not.

celticgrid

While I agree with robin I would add...what have you got to lose by filling out the form as requested? Versus what might happen if you don't. Chances of them suspending the account are small, but I'm guessing the inconvenience arising from that would be significant.

Disclosure...when asked for a similar form by my bank I filled it out and returned it.

michaelr711

I'm just curious about the implications in general really. The form is going to be filled out, just didn't exactly know what it was. My mom didn't exactly send me the clearest of pictures of it either, so doesn't help that I can't read it all.

Didn't affect anything tax wise for you when you returned it right?

robin1234

My wife and I get dozens of these in the mail every year. I throw most away, but fill in and return some. depends on my mood I guess.

No it doesn't affect your tax liability - it is up to you to declare income and pay tax as required, whatever forms a bank asks you to fill out!

StuBear65

I have just had a similar letter from HSBC as I have just changed my address with them to my US one, plus I now have a US HSBC account, all they require from me is to sign the attached form they sent me and return it with a W-9 which is exactly what I shall do.