Hello
In the last week I have had two customers contact me with letters relating to their limited company from the Natwest Customer Tax Operations department.
The letter is very hard to read and includes a 5 page questionnaire relating to the tax status of the entity and the account holders relationship to the US, if any.
Is anyone else being contacted with an influx of these letters?
Can anyone explain the reasoning at this time? I have completed a google search and can't see anything clear on the matter.
I would appreciate any comments.
Thank you
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HSBC asked similar
Had a client recently asked all sorts of questions on this topic when opening a new account recently - in respect of all signatories on a limited company account and all directors.
The bank claimed it was due to new regulations and agreements with US IRS.
Natwest
have been chasing a client of ours for completion of these forms. The client is a new company with a single shareholder/director who has no connection to the US. NatWest's letter stated that "if we do not receive a reply from you within 90 days we will assume that the existing information that we hold for your account is correct and that the account holder or controlling person(s) is a tax resident of the US". I have suggested to the client that they write to Natwest to enquire what "existing information" they hold that makes them think there is a US tax residency.