Legal Entity Identifier (LEI) vs Unique Taxpayer Reference (UTR) in the UK
The Legal Entity Identifier (LEI) is a standard identifier that provides verified data on legal entities and is registered on a centralised system, the Global LEI System. The Tax Identification Number (TIN) in the United Kingdom for entities is the Unique Taxpayer Reference (UTR). In the UK, UTR-s are used to identify companies for all tax-related purposes.
Legal Entity Identifier in the UK
The LEI is a 20-character alphanumeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). LEI number references important information that offers transparency when participating in financial transactions such as trading with stocks, bonds, or forex.
LEI connects to key reference information that enables a clear and unique identification of legal entities participating in financial transactions on a global scale. Each LEI contains well-structured reference data categorised into two sections: Level 1 – who is who and Level 2 – ‘who owns whom’.
‘Level 1’ data includes entity registration details, such as legal name, number of registration, legal and HQ address, etc. Level 2 contains information about an entity’s ownership structure and thus answers the question of ‘who owns whom.’
Simply put, the publicly available LEI data pool transfers unstructured entity registration data into a standardised global directory, which helps to enhance transparency in the global marketplace.
How to get an LEI in the UK?
An LEI number must be obtained through an LEI service provider, a Local Service Provider (LOU), or a Registration Agent. The Global LEI System (GLEIS) encourages competition between LEI issuers and registrators to benefit legal entities seeking an LEI. Generating a price for issuing and maintaining an LEI has therefore been left to the organisations themselves. This explains why some companies charge double the price of their competitors.
Where to find LEIs in the UK?
Any interested party can access and search the complete LEI data pool through LEI search free of charge. You’ll be able to quickly source information on ‘who is who’ and ‘who owns whom.’
LEI Register – Number One Registration Agent Worldwide
LEI Register is an official Registration Agent – we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes since early 2018. We have successfully pursued our goal of making the LEI registration process simple, automated, fast, and affordable. At LEI Register, we keep our profit margins low and believe in building long-term business relationships.
Tax Identification Number in the UK
Unique Taxpayer Reference (UTR)
The TIN in the UK for businesses is referred to as UTR. The format is a unique set of 10 numerals allocated automatically by Her Majesty’s Revenue and Customs (HMRC) for both individuals and entities who have to submit a tax return. Although used on tax returns and other correspondence, the UTR is not evidenced on a card or other official document.
How to get a UTR?
Visit the HMRC website and choose the option to “Register Online.” Then set up your HMRC online account to manage your taxes online. Enroll for self-assessment online, and you should receive your UTR within 10 working days.
Where to find UTR information in the UK?
The Unique Taxpayer Reference (UTR) does not appear on official identification documents but can be found on the front page of the tax return.
UK TIN (2022) [online].
Available at: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/UK-TIN.pdf [Accessed 5th April 2022]
