8 Obligation to submit returns of reportable accounts

(1) A reporting financial institution shall—

(a) as respects the tax year 2014 and each subsequent tax year, make and deliver to the appropriate Revenue officer on, or before, the return date, a return in respect of all reportable accounts maintained by the institution in that year, and

(b) as respects the tax years 2015 and 2016, make and deliver to the appropriate Revenue officer on, or before, the return date, a return of payments made to non-participating financial institutions in those years.

(2) The return referred to in paragraph (1)(a) shall include, as respects—

(a) the financial institution, the details set out in paragraph (3), and

(b) each reportable account, the details set out in paragraph (4).

(3) The details relating to the financial institution referred to in paragraph (2) are the following:

(a) the name of the institution;

(b) the address of the registered office of the institution;

(c) the G.I.I.N. allocated to the institution.

(4) Subject to paragraph (5), the details relating to each reportable account referred to in paragraph (2) are the following:

(a) the name, address, and tax reference number of—

(i) each specified U.S. person that is an account holder,

(ii) each passive entity that is the holder of a reportable account, and

(iii) each specified U.S. person that controls the passive entity referred to in clause (ii);

(b) the account number or, where there is no account number, information capable of identifying the asset giving rise to the payment;

(c) the account balance or value as of the end of the tax year or, if the account was closed during such year, the account balance or value on the day on which the account was closed;

(d) in the case of any custodial account—

(i) the total gross amount of interest,

(ii) the total gross amount of dividends,

(iii) the total gross amount of other income arising from the assets held in the account, and

(iv) the total gross proceeds from the sale or redemption of any property where the financial institution acted as a custodian, broker, nominee, or otherwise as an agent, for the account holder in relation to that sale or redemption,

which has been paid or credited in respect of such account during the tax year;

(e) in the case of any depository account, the total gross amount of interest paid or credited to the account during the tax year;

(f) in the case of any account not described in subparagraph (d) or (e), the total gross amount paid or credited to the account holder with respect to the account during the tax year, where the financial institution is the obligor or debtor including the aggregate amount of any redemption payments made to the account holder during the tax year.

(5) The return, referred to in paragraph (1)(a), shall include the following:

(a) for the tax year 2014, the details set out in subparagraphs (a) to (c) of paragraph (4);

(b) for the tax years 2015 and 2016, the details set out in subparagraphs (a) to (f) of paragraph (4) (other than the details set out in subpara-graph (d)(iv));

(c) for the tax year 2017 and all subsequent tax years, the details set out in subparagraphs (a) to (f) of paragraph (4).

(6) In the case of a pre-existing account of a specified U.S. person (in this paragraph referred to as the “account holder”), where the tax reference number of the account holder is not available from the records of the financial institution, the financial institution shall, in the return referred to in paragraph (1)(a), report the date of birth of the account holder where this information is available from the records of the financial institution.

(7) An account balance that has a negative value shall be treated as having a nil value for the purpose of applying paragraph C of section VI of Annex I to the Agreement.

(8) The return, referred to in paragraph (1)(b), shall include the following:

(a) as regards the reporting financial institution, the details set out in paragraph (3);

(b) the name and address of each non-participating financial institution;

(c) the aggregate amounts of payments made to the non-participating financial institution in the tax year or, where no such payments were made in a tax year, a statement to that effect.