US & UK FATCA Update - Q2 2016

Further to our last newsletter, the Department of International Tax Cooperation (“DITC”) has issued a further advisory confirming a final extension of both the notification and the reporting deadlines in respect of US FATCA and UK FATCA to Wednesday, 10 August 2016. 

The notifications and reporting by Reporting Financial Institutions are done through the Cayman Islands AEOI Portal (http://tia.gov.ky/). 

The DITC has also recently updated the user guide which provides assistance to Financial Institutions on the notification and reporting process, as well as correcting any errors in the US FATCA 2014 reports filed last year (in respect of which a Financial Institution would have received an email from the DITC advising it of such errors).  A copy of the user guide can be found here (http://tia.gov.ky/pdf/User_Guide.pdf).

If you require any assistance in preparing the documentation to authorise a natural person to be the Financial Institution’s ‘Principal Point of Contact’ in relation to FATCA notifications and reporting, please speak with your usual Stuarts contact and we would be happy to assist.