On 12 March 2015, the Society of Trust and Estate Practitioners (STEP) announced that it understands HMRC are to drop the previously announced requirement for UK financial institutions with no US account holders to file annual “nil returns” under the UK’s FATCA rules. It is to be hoped that this relaxation of the UK compliance obligation finds its way into the next update of HMRC’s published FATCA guidance.

This does not remove or limit the obligation of UK financial institutions falling within the scope of the FATCA regime to register with the IRS in the United States.

The STEP announcement can be viewed here