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ARTICLE · 14 MARCH 2014

FATCA Update For UK Trustees

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Many UK advisors believe that FATCA only applies to UK trusts if there are US beneficiaries, settlors, or investments.

United KingdomCorporate/Commercial Law
Richard Cassell
Richard Cassell
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Many UK advisors believe that FATCA only applies to UK trusts if there are US beneficiaries, settlors, or investments. This is not true. FATCA will apply to all financial institutions (banks, brokerage firms, trust companies and all financial accounts) in the UK and will require all financial institutions to file reports. Currently, if there is no US beneficiary or "owner" of a trust then the report should be a pro-forma zero report. Nevertheless, due diligence is required under the UK Regulations and Guidance issued by HMRC before such a report can be signed. These requirements will need to be met before 31 December 2014 and in practice trustees may be required to comply by banks and financial institutions from the middle of this year.

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