Read the notice
The main points are set out below.
- Sponsored entities: a reminder that any Sponsored Investment Entities with US reportable accounts must obtain their own GIIN (rather than rely on the GIIN of their Sponsor) by 1 January 2017.
- Confirmation that reporting in 2017 under US FATCA will be under an updated Schema v2.0.
- Confirmation that Financial Institutions reporting under CRS in 2017 will make one single report to the Tax Office for CRS and one for FATCA (ie not one report per CRS jurisdiction).
- CRS Reportable Jurisdictions: the Tax Office intends to publish the Isle of Man’s list of Reportable Jurisdictions in early 2017.
- The Tax Office’s online reporting portal will be temporarily unavailable until early February 2017.
If you would like any assistance on automatic exchange, including a reporting solution, please contact either David Parsons or Clare Kelly.