Any entity which interacts financially with a UK person must identify if they are a foreign financial institution (FFI) and report accordingly.

We have regulatory reporting specialists on hand who can help you to identify and fulfil all the relevant reporting requirements.

UK FATCA, or CDOT FATCA, as it has become known, is regulation based on agreements between the UK and it’s Crown Dependencies and Overseas Territories (CDOT) which requires financial institutions in the CDOT to report financial data, relating to the accounts they hold for UK tax residents, to their domestic tax authorities, who will in turn provide that information to the UK’s HMRC. Its goal is to identify UK persons, who may be evading tax by investing and earning income through CDOT financial institutions (FIs) and ultimately to reduce tax evasion.

FIs are required to identify and report on all specified UK persons. The agreements between the UK and Gibraltar, Guernsey, Isle of Man and Jersey are reciprocal which means that UK financial institutions will identify and report on those account holders who are tax resident in those jurisdictions. Along with US FATCA and the Common Reporting Standard (CRS) these regimes are collectively known as Automatic Exchange Of Information (AEOI).

Our areas of expertise

If you're already a client of ours, we're best placed to help you understand your FATCA classification and obligations – do you need to report or not? If you do need to report, we will use the information we already hold for you and using our best of breed FATCA reporting system ensure that you can submit the correct information so it’s accepted first time.

If we act as a trustee for you then we have a fiduciary responsibility to ensure your FATCA reporting is done. This is a significant undertaking, we are required to report in detail on any reportable person who holds an equity or debt interest in the trust, and this will include the settlor, protector (if any), beneficiaries or class of beneficiaries as well as any discretionary beneficiaries who may have received a benefit in the reporting year.

We may not have a responsibility for your FATCA reporting and compliance if we provide you with non-trustee services but we can still help you with any aspect of FATCA or AEOI where you need support.

Get in touch with our experts
Andrew Niles
Business Development Director, Intertrust Guernsey
+44 1481 211321
Paul Lawrence
Global Head Fund Services
+44 20 7160 5024