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HMRC provides updates on FATCA reporting

Monday, 1 September, 2014

HM Revenue & Customs has created a new web page to keep practitioners and financial institutions updated on their tax reporting duties under the US Foreign Account Tax Compliance Act.

The first FATCA returns are due by 31 May 2015. Those who have to submit one on behalf of a financial institution will have to register with HMRC using its online services, which will be available in mid-October 2014. First, however, they must obtain a Global Intermediary Identification Number (GIIN) from the US Internal Revenue Service website.

HMRC has also published new guidance on the US FATCA implementation regulations. However it contains only minor amendments and clarifications, and does not contain any surprises regarding trusts.

Further information is also available on HMRC's other international agreements for automatic information exchange with the Crown Dependencies and Overseas Territories, and the OECD Common Reporting Standard initiative.

This section includes a link to the current CRS consultation, and the amended Annexes II/III with Guernsey and Gibraltar dealing with the change in the treatment of charitable non-financial foreign entities.

Sources