We may be required to provide information to relevant tax authorities on EU resident clients who earn interest on monies held by us. For the purpose of our client due diligence procedures, in order to determine whether a person is EU resident, we may require you to provide us with your tax identification number of the country of tax residence or suitable alternative confirmation regarding your country of tax residence. The provision of this information will be relevant whether the interest is paid gross or net.
Where we are a paying agent and have to pay interest to an EU resident individual taxpayer, we will be required to retain the appropriate amount of tax from any interest payments made and account for the amount but without disclosing any identities to the taxation authorities in Jersey (for onward transmission of the amount to the taxpayer's country of tax residence). If the individual elects to allow disclosure of his identity the interest is paid gross and free of any retention.