UK: Updated FATCA reporting guidance
Guidance regarding U.S. tax identification number reporting requirements for FATCA purposes
Guidance regarding U.S. TIN reporting requirements for FATCA purposes
HMRC issued on 3 February 2023, updated guidance regarding U.S. tax identification number (TIN) reporting requirements for FATCA purposes.
The updated guidance follows publication by the Internal Revenue Service (IRS) of Notice 2023-11 on 30 December 2022 (read TaxNewsFlash) to provide relief to Model 1 foreign financial institutions required to report missing U.S. TINs. Additionally, the IRS updated the frequently asked questions (FAQs) reporting section with respect to TIN codes issued in 2021. Foreign financial institutions should use the updated codes for reporting calendar years 2023 and 2024 to be eligible for relief.
The due date for reporting for calendar year 2022 is 31 May 2023, which is considered a transitional year. Therefore, foreign financial institutions are requested to use either the TIN codes issued in 2021 or the updated TIN codes published by the IRS in 2023 for the purpose of reporting missing U.S. TINs. Additionally, with respect to reporting calendar years up to and including 2022, foreign financial institutions can report an account without a valid TIN by entering “000000000” in the TIN field.
Read a February 2023 report [PDF 220 KB] prepared by the KPMG member firm in the UK
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.