I understand that individuals with bank accounts in the UK but who are resident overseas fall under the requirement for the bank to report these accounts to the HMRC under the Common Reporting Standard. I am trying to understand how this impacts the flow of information to overseas authorities:
1. If the individual has a UK address registered with the UK bank, will the UK bank regard the individual as not falling under the CRS reporting requirement? Don't banks anyway report bank accounts to the UK, even for UK residents?
2. If the bank still forwards the information about the bank account to the HMRC, does the HMRC then use the (UK) address specified by the bank, or whatever address that the HMRC has for the individual, to determine whether to forward any information to the foreign authority?
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