The UK’s HM Revenue Customs on April 13 notified UK financial institutions that UK FATCA guidance will be amended to remove the requirement to file nil returns and to no longer require FATCA reporting by most holding and treasury companies.
HMRC said the US IRS has changed its FATCA reporting criteria to remove the requirement to file nil returns, and, as a result, UK guidance will be amended reflect this change.
Also, holding companies and relevant treasury companies will not longer be defined as financial institutions, so these entities will not be required to report under FATCA, HMRC said.
“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 ‘active’ or ‘passive,’ dependant on the activities carried out,” HMRC said.
The FATCA return deadline is May 31.
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