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TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I always thought, the Tax Identification No. (TIN) was a US

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I always thought, the Tax Identification No. (TIN) was a US IRS device to ensure american citizens paid their taxes prior to leaving the States?
Now my own bank refuses my request for a cash ISA, unless I provide my TIN. But I am not a US citizen - is my bank correct?
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloA TIN is a tax identification number. A foreign bank will require a US person to declare their tax number (Social Security Number) because of the US FATCA laws that require sharing of information between countries.Under FATCA, to avoid being withheld upon, foreign financial institutions (FFIs) may register with the IRS and agree to report to the IRS certain information about their U.S. accounts, including accounts of certain foreign entities with substantial U.S. owners.If you are a US person the bank requires that you declare your US SSN. Financial institutions must review the accounts that they maintain and report certain account holders to HM Revenue and Customs (HMRC) every year. This includes information that must be sent to the US under The Foreign Account Tax Compliance Act (FATCA).Yes your bank is correct in requesting the number from you even if you are not a citizen but a US person (perhaps Green Card Holder). They are required to have that on file or they are not compliant with the UK agreement with the US.After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.I know rating takes an additional step and I truly appreciate it when you take the extra time!
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