01.03 – Interaction with US FATCA

To provide clarity for business, these notes outline all differences in the obligations of UK Financial Institutions under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 from those that United Kingdom Financial Institutions face under the International Tax Compliance (United States of America) Regulations 2013.

This includes:

  • the classification of the Financial Institutions themselves,
  • the classification of the accounts maintained by UK Financial Institutions or the status of the account holders;
  • any differences in the due diligence and reporting obligations themselves.

This guidance will also detail where there is no difference in treatment, but the form of the definitions or obligations differ between the two agreements. E.g. the Exempt Beneficial Owner status of Registered Pension Funds (see section 2.4). This is to provide assurance for business.

For the avoidance of doubt, if no differences are detailed for a particular subject it does NOT mean that there are no obligations under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014. What it does mean is that in this area there are no differences in the obligations that the UK Financial Institution faces under the International Tax Compliance (United States of America) Regulations 2013 and those that they face under the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 in that respect and the instructions in the Guidance Notes for the Implementation of International Tax Compliance (United States of America) Regulations 2013 should be followed.