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Isle of Man Tax Office: New Guidance for US FATCA

Isle of Man Tax Office: New Guidance for US FATCA

On 2 March 2018 the Income Tax Division issued an Industry Advisory Notice regarding the reporting of unknown US TINs for pre-existing accounts under the US FATCA regime.

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On 2 March 2018 the Income Tax Division issued an Industry Advisory Notice regarding the reporting of unknown US TINs for pre-existing accounts under the US FATCA regime.

For reporting periods prior to 1 January 2017 it was acceptable to use “000000000” where a US TIN was not known on a reportable account. However, for reporting periods starting on or after 1 January 2017 this approach will produce an error when a report is uploaded to the Tax Office portal. Instead, “AAAAAAAAA” will need to be used where there is an unknown TIN; however this approach can only be used where the following criteria are met.

- Obtain and report the date of birth of each accountholder and controlling person    whose US TIN is not reported;

-  request annually from each accountholder any missing required US TIN;

and

- before making the 2017 report to the Income Tax Division, search all                      electronically searchable data maintained for any missing US TINs.

 

If you have any questions in respect of FATCA or CRS please contact Clare Kelly or David Parsons.

© 2018 KPMG LLC, an Isle of Man Limited Liability Company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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