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FATCA deadline looms for British banks
Each UK FI must register on 5 May for a GIIN to ensure that it appears on the first list published by the IRS on 2 June.
The US tax authorities introduced the Foreign Account Tax
Compliance Act (FATCA) to compel financial
institutions to identify and report on US persons or US tax
residents to help ensure that they pay the right amount of US
tax, particularly where these accounts are held offshore.
The UK's Inter-Governmental Agreement with the US Internal
Revenue Service compels UK institutions to report their
information to HMRC. In the light of this, each one must register
on 5 May for a Global Intermediary Identification Number (GIIN)
to ensure that it appears on the first list published by the IRS
on 2 June.
This predates 22 December, the date by which each financial
institution must obtain a GIIN to avoid any US withholding in
2015.
