Automatic exchange of information

Why am I being asked for this information?

Under tax legislation called The International Tax Compliance Regulations 2015 but often referred to as “Automatic Exchange of Information”, individuals are affected when they open a bank or building society account, or acquire or hold investments through an insurance company (like us).

What information are you asking for?

When you take out a policy with us you will be asked where you live for tax purposes. If you are a UK tax resident you may be asked for your National Insurance number. If you are a tax resident of another country we will ask you for your tax identification number (the number given to you by that country’s tax authority). If you opened your account before 1 January 2016 we may contact you to confirm your tax residence status. We may do this if, for example, you have a foreign correspondence address as this might indicate you could be a non-UK tax resident.

What do I have to do?

When Metfriendly contacts you to ask for information about your account it is important that you reply as soon as you are able.

What if I don’t reply?

If you don’t reply we may report incorrect information to HMRC. HMRC may choose to investigate if our report indicates an unknown tax residency.

What information about me will you pass to HMRC?

The information that will be reported by Metfriendly to HMRC comprises:

  • your name
  • your address
  • your date of birth (where already held)
  • your place of birth (where already held)
  • your tax identification number (where applicable)
  • your account number
  • the name and identifying number of the account provider
  • your account value at the end of the calendar year
What happens after I reply?

Metfriendly will record the information you provide, then send the information to HM Revenue and Customs (HMRC), who will share the information with the relevant tax authority if the account is held by one of their tax residents.

Does Metfriendly have the legal right to ask for this information?

The requirement to collect certain information about our members’ tax residency is part of UK legislation (see answer to first question) and we are legally obliged to collect it.

How do I know what tax residency I have?

Your tax residence generally is the country in which you live for more than half a year. Special circumstances (such as studying abroad, working overseas, or extended travel) may cause you to be resident elsewhere or resident in more than one country at the same time (dual residency). The country/countries in which you pay income tax are likely to be your country/countries of tax residence. If you are a US citizen or hold a US passport or green card, you will also be considered tax resident in the US even if you do not live in the US.

How do I know this is a genuine e-mail and that any information I provide is not being used fraudulently?

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

‘I would recommend Metfriendly to everyone.’

Mrs V Thompson, Dagenham

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

‘Very pleased with the service I’ve received to help me save money direct from my salary.’

DC Chris W, SO15

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house. I will be signing back up next year to help save towards my kids future.’

Mrs A Cooper, Met CC, Bow

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support

‘I have always been pleased with the returns from my Metfriendly policies.’

Mr P Payne, Bordon

‘I’ve used Metfriendly for the last 5 years and recently the money has gone towards a deposit for our house which we are moving into next month. I will be signing back up next month to help save towards my kids future.’

 

Amanda Cooper (Met CC, Bow)

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB