Foreign Account Tax Compliance Act (FATCA)

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What is FATCA?

The United States (US) passed a law in March 2010 which means that non-US banks and financial institutions must report information about their customers who are a ‘US Person’ for tax purposes. (Please see ‘Who is affected by this?’ below.)

This law means that we must report our ‘US Person’ customers to HMRC every year and HMRC will then share this information with the US Internal Revenue Service (IRS).

Who is affected by this?

A US Person is anyone who:

Was born in the US
Is a US citizen, including someone who has kept their US citizenship but no longer lives in the US
Lives in the US
US businesses, corporations, limited liability partnerships.

Why have you contacted me?

As part of a recent review, we believe that you meet one or more of the above criteria and are therefore a ‘US Person’. We need you to confirm whether you are or not so we can report the correct information to HMRC. We can’t give you any advice on whether you are a US Person or not.

What do I need to do?

Please complete the FATCA form. You’ll need your Tax Identification Number (TIN), so please make sure you have this information to hand.

What if I don’t meet the US Person criteria above?

Please still complete the FATCA form but tick the statement ‘I am not a tax resident of the US and not reportable under FATCA compliance’. We can then update our records.

What happens if I do nothing?

If you don’t complete the FATCA form to tell us whether you are a US Person or not, we will continue to report the information we hold about you which could be incorrect or out-of-date.

What will happen in future years?

We have to report to HMRC every year so if your circumstances change we need to know, otherwise we will report incorrect information about you.

We ask you to tell us if you become or stop being a US person as defined above.

Please make sure that your information is always kept up to date.

Is further information available on FATCA?

You can find more information about FATCA on the IRS website, please see links below.

Foreign Account Tax Compliance Act (FATCA) | Internal Revenue Service (irs.gov)

FATCA Information for Individuals | Internal Revenue Service (irs.gov)