Frequently asked questions

Griffin is required to report financial account information to HMRC each year under the Automatic Exchange of Information (AEOI) framework. The AEOI entity classification claim tells us how to treat a company for this report. A company can be one of three classifications.

1. Financial institution A bank, insurer, investment fund, or other financial institution under the CRS standard, for HMRC definitions please see Financial Institutions: Introduction

2. Active NFE A non-financial entity whose income is predominantly from active trading‍—‌for example manufacturing, retail, or providing services. No further reporting is required.

3. Passive NFE A non-financial entity whose income is predominantly passive, for example dividends, interest, rent, or capital gains. Common examples include holding companies, property letting companies, and investment vehicles. Griffin may need to collect tax details for the company's controlling persons.

Griffin is required by law to report financial account information to HMRC each year under the Automatic Exchange of Information (AEOI) framework. The AEOI entity classification tells us how to treat a company for reporting purposes.

For more information on Non-Financial Entities and HMRC definitions please see Non-Financial Entity