09.07 – Transmission

A FATCA Portal to allow reporting to HMRC will be hosted on the UK Government Gateway. UK Financial Institutions may submit their FATCA returns to HMRC by uploading the data onto the portal using the UK FATCA submission schema.

For Financial Institutions who have few or no Reportable Accounts, there is a form based system that will allow the Financial Institution to enter manually their Reportable Accounts.

In order to use the FATCA Portal, the Financial Institutions will need to register their details to gain access. If they are using a sponsor or third party service provider, then this party will be able to register the details of the Financial Institution for whom they are reporting and undertake the reporting. Whether there is a sponsor/sponsored entity relationship or the Financial Institution is using a third party service provider the legal responsibility for ensuring that reporting is done remains that of the Financial Institution.

Existing SET users will also be able to submit their XML files via the SET route however it will not be possible for a Financial Institution to obtain SET to make their FATCA returns if they do not already have access. If a Financial Institution uses SET to submit their XML files, they must still register their details on the FATCA portal.