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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: Low Value Banks

NRFI: FATCA Only: Low Value Banks

Financial Institutions with only low value accounts can be treated as Non-Reporting Financial Institutions by virtue of the US regulations at §1471-5-(f)(2)(ii).

To qualify as a Non-Reporting Financial Institution by virtue of having only low value accounts the Financial Institution must not:

•              be an Investment Entity,

•              have any financial accounts exceeding $50,000,

•              have more than $50 million in assets on its balance sheet at the end of its most recent accounting year, and

•              have more than $50 million in assets on its consolidated or combined balance sheet where it is in a group with Related Entities.