The government of Jersey on January 15, 2025, issued updated versions (v9.0) of FATCA and common reporting standard (CRS) practical guidance to assist financial institutions submitting these reports to Jersey.
Updates to the FATCA practical guidance are as follows:
- Nil reports: A note has been added stating that a nil report may consist of a single entity or include multiple reporting financial institutions with “No Account to Report.”
- U.S. taxpayer identification numbers (TINs): Updated to note that the U.S. tax authority (IRS) has issued Notice 2024-78, extending the temporary relief provided by Notice 2023-11.
Updates to the CRS practical guidance are as follows:
- Nil returns: Updated to note the following:
- Option 1, “Using the nil return tick box on the upload page of the AEOI portal,” will only be applicable for filing a nil return for a single named entity on the registration.
- The Jersey AEOI portal now accepts “bulk” nil return CRS703 XML reports, allowing for the submission of nil returns for multiple entities within a single report.
- TINs: New clarifying words have been added to note that for any “Individuals, Controlling Persons, or Entity Account Holders,” CRS reports will be rejected if the TIN element is omitted.
- AccountHolderType: Reporting financial institutions reporting passive non-financial entities (NFEs) with controlling persons under both AccountHolderType codes 101 and 103 should use only the CRS101 AccountHolderType. Using both codes would be considered a duplicate entry.
- Nationality element: Updated to note that including the nationality element will cause CRS reports to fail validation checks, applicable to all reporting years.
Read a January 2025 report prepared by the KPMG member firm in the Channel Islands