{"id":56326,"date":"2015-04-13T08:30:20","date_gmt":"2015-04-13T08:30:20","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=71b8ee9be115229caf1cc3977b3c1049"},"modified":"2015-04-13T08:30:20","modified_gmt":"2015-04-13T08:30:20","slug":"news-story-updates-to-fatca-reporting-requirements","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=56326","title":{"rendered":"News story: Updates to FATCA reporting requirements"},"content":{"rendered":"
\n

Ahead of the Foreign Account Tax Compliance Act (FATCA<\/abbr>) return deadline of 31 May, two recent updates have changed the reporting criteria.<\/p>\n

UK financial institutions are no longer required to file nil returns<\/h2>\n

Following a recent clarification from the US Internal Revenue Service<\/a> (IRS) – see question C19 – HMRC<\/abbr> has removed the requirement for nil returns from UK financial institutions.<\/p>\n

Where a UK financial institution is in a nil return position through applying the de minimis $50,000 or $250,000 threshold on pre-existing accounts, it will still be necessary to submit a return in order to make the election.<\/p>\n

Holding companies and treasury companies do not need to report under FATCA<\/abbr>
\n<\/h2>\n

New FATCA<\/abbr> provisions mean that holding companies and relevant treasury companies are no longer defined as financial institutions.<\/p>\n

This is consistent with the terms of the inter-governmental agreement between the UK and the US.<\/p>\n

Unless such companies came within one of the other definitions of financial institution, they would have had nil to report in any event. They will now be classified as Non-Financial Foreign Entities, and either \u2018active\u2019 or \u2018passive\u2019, dependant on the activities carried out. <\/p>\n

HMRC<\/abbr> will be issuing further specific guidance for such entities shortly, which will be subsequently incorporated into revised guidance material to be published later this year.<\/p>\n

Submitting your FATCA<\/abbr> return<\/h2>\n

If you need to submit a FATCA<\/abbr> return you will need to register and report by 31 May 2015. <\/p>\n

To access the FATCA<\/abbr> service you will need to create an \u2018organisation\u2019 type Government Gateway account, if you do not already hold one. <\/p>\n

Once in the Government gateway, register for HMRC<\/abbr> online services. FATCA<\/abbr> is then listed as a service you can register for.<\/p>\n

You must register 24 hours before submitting your FATCA<\/abbr> return.<\/p>\n

To find out if you are affected by FATCA<\/abbr>, and for details on how to submit your FATCA<\/abbr> return, read our full guidance<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Check whether you still need to submit your Foreign Account Tax Compliance Act (FATCA) return.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/56326"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56326"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/56326\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}