UK-CDOT & US FATCA : Getting ready for reporting in 2016 (Updated)
Jan 5, 2016
(Article updated 5th Jan 2016)
2016 is now here and the new year brings us to the first reporting affecting the UK and the UK's Crown Dependancies and Overseas Territories (CDOT). Also dubbed UK FATCA the reporting is of a similar nature to US FATCA but has suble differences. For many Financial Institutions in CDOT countries this has a greater impact in terms of volume of accounts to report when compared to US FATCA reporting in 2015. However the experience of US FATCA reporting in 2015 has been a useful learning experience as many of the processes are the same.
Flyingboat Tax Data Exchnage 2016 has been released to support the reporting formats that host country tax authorities require (where these have been confirmed!) and installations of Flyingboat Tax Data Exchange 2016 have begun allowing FI's to plan and prepare for 2016 reporting at the earliest opportunity.
Core functionality for US FATCA reporting remains and this has been enhanced with additional fuctionality for management reporting. Subsequent releases will include extending supporting data for recording indicia and other non reportable entity data that is used from a management and compliance perspective. Following additional client engagements we are also adding support for reporting in to the UK HMRC both for US FATCA and UK-CDO. A further article with some screen shots of our new version will be posted shortly.
For further information contact Alan Rowe via our contact page to discuss your Tax Data Exchange reporting requirements.