On 13 April 2015, HMRC confirmed that UK financial institutions will not be required to file “nil” returns under the UK’s FATCA regulations, if they do not maintain any US financial accounts. However, UK financial institutions that maintain only US accounts below the applicable de minimis threshold ($50,000 or $250,000, for individual and entity accounts, respectively) will still be required to file “nil” FATCA returns.

At the same time, HMRC also confirmed that holding companies and treasury companies will no longer be classified as “financial institutions” for FATCA purposes.

HMRC’s announcement can be viewed here.