FATCA Filing Penalties & Service Updates
01 June 2015
HMRC want you to be aware that some people are experiencing difficulties in validating FATCA (The Foreign Account Tax Compliance Act) registrations in advance of the 31 May 2015 deadline.
HMRC’s advice is that you should continue to file your return as soon as possible. HMRC will not seek to apply a late FATCA filing penalty while these online delays continue- accepting that there was a reasonable excuse for the late filing. Returns filed after the 31 May deadline, and at a time when the delays have been addressed, will be subject to penalty.
HMRC’s published guidance is being updated to include a specific reference to reasonable excuse.
Information on submitting a return under The Foreign Account Tax Compliance Act (FATCA) on behalf of a financial institution can be found here.