HMRC updates FATCA requirements: HMRC has published two updates that affect the reporting requirements under the Foreign Account Tax Compliance Act (FATCA). These updates mean that:
- UK financial institutions are no longer required to file nil returns; and
- holding companies and treasury companies do not need to report under FATCA.
HMRC also reminds firms that if they need to submit a FATCA return they must register and report by 31 May. (Source: Updates to FATCA Reporting Requirements)