Under UK FATCA IGA Model 2, those companies designated Foreign Financial Institutions (FFIs) under UK FATCA in Bermuda, will need to report information directly to Her Majesty’s Revenue & Customs (HMRC) in London in order to comply with Section 4A of the Bermuda International Cooperation (Tax Information Exchange Agreements) Act 2005.
Ministry of Finance provides implementation details for UK FATCA
Renewal of FFI Agreement
UK FATCA will be repealed
Ministry of Finance provides confirmation of the phasing out of UK FATCA
It is anticipated that the UK FATCA IGA Model 2, and any applicable regulations and guidance notes relating to same, will be phased out such that from 2018 onwards reporting will be required only under the CRS. This means that from 2018 there will no longer be an option to report directly to HMRC and the reporting of UK reportable persons should only be made pursuant to the CRS via the Bermuda Electronic Portal.