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HMRC internal manual

International Exchange of Information Manual

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HM Revenue & Customs
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NRFI: FATCA Only: Certified Deemed Compliant Financial Institutions

NRFI: FATCA Only: Certified Deemed Compliant Financial Institutions

Under the IGA with the US, UK Financial Institutions can be treated as Non-Reporting Financial Institutions if they meet the requirements of the US FATCA regulations to be treated as Certified Deemed Compliant Financial Institutions. Certified Deemed Compliant Financial Institutions are not required to register with the IRS or obtain a GIIN.

The following are the categories of Certified Deemed Compliant Financial Institutions:

  • Non-registering local banks [see IEIM401160]
  • Financial Institutions with only low value accounts [see IEIM401170]
  • Sponsored closely held investment vehicles [see IEIM401180]
  • Owner documented financial institutions [see IEIM401200]
  • Limited life debt investment entities [see IEIM401220]
  • Excepted inter-affiliate FFI [see IEIM401240]
  • Investment advisers and investment managers [see IEIM401260]