Executor's bank account and tax compliance regs

Barney's_dig

Hi
My brother and I have an Executor's bank account following the death of our father. I have received a letter from the bank 'Request for documentation to confirm your tax status.' This is the Common Reporting Standard (the CRS). The letter says 'Under the CRS, we're required to determine where you are a tax resident. This will usually be where you're liable to pay corporate income taxes. '

I have called the bank several times to explain that this is an executor account and not a business account. They say it is and I have to complete the forms. I have said I don't understand the forms and could they help but they have said no. I should speak to my accountant, tax advisor, financial advisor. I explained I have none of these as I am not a business.

I am not sure what to do. Could anyone help?

With thanks

Yorkshireman99

Have you spoken to the bank's ber4evment department? They can usually sort this sort of thing out. Failing that write a letter, not email, to the banks managing director..

Malthusian

It would be useful to know exactly what information the form asks for.

However my standard response to this kind of idiocy would be to dutifully return the forms with "N/A - EXECUTOR ACCOUNT" written in practically every box.

Keep_pedalling

As this is trying to establish your tax residency, this probably has more to do with the bank trying to comply with US regs in regards to expats. People are getting hit with this on their personal accounts as well with certain banks.

Which bank is this account held with?

Barney's_dig

They wouldn't put me through to the Bereavement team as they said that is only for deceased clients! !
Think a strongly worded letter is needed. Thanks for your help.

securityguy

"They wouldn't put me through to the Bereavement team as they said that is only for deceased clients!"

Presumably the phone rarely rings in that office.

It sounds like you should find another bank, rather than a bunch of incompetent clowns.

Keep_pedalling

Barney's_dig wrote: »

They wouldn't put me through to the Bereavement team as they said that is only for deceased clients! !
Think a strongly worded letter is needed. Thanks for your help.

I presume by this you have opened an account in a bank that your father did not hold an account with. Banks bereavement teams are there to handle the affairs of their past clients not accounts that have been opened by executors in a bank never used by the deceased person.

Which bank is it?

Malthusian

They wouldn't put me through to the Bereavement team as they said that is only for deceased clients!

I rarely use animated emoticons but that deserves a :rotfl:

It will probably be quicker to distribute the estate than to try to find a bank that isn't run by clowns.

Similarly when a financial services provider has a bee in their bonnet about some pointless form or requirement it is often quicker to give it to them than it is to persuade them that it is pointless.

I don't know exactly what they are asking you to send them, but my instinct is that when you return the form with "N/A" written all over it, whoever sent you the form will scratch their balls in confusion for a few minutes, maybe ask a managerial clown what to do, then tick their box that they have fulfilled FATCA requirements and leave you alone.

Keep_pedalling

Check this thread out.

https://forums.moneysavingexpert.com/discussion/5440564

Savvy_Sue

Malthusian wrote: »

However my standard response to this kind of idiocy would be to dutifully return the forms with "N/A - EXECUTOR ACCOUNT" written in practically every box.

You could do this, however my latest experience of opening an Executor's Account (with NatWest) was that I ended up with a standard 'product', ie a joint personal account with my co-executor. They just called it an Executors' Account whenever I jumped up and down about it enough - on the online banking site there was no clue that it wasn't a standard joint account.

The question is, whose tax / residence status is being checked, those who operate the account or the deceased?