FATCA Reporting Requirements UK

FATCA Reporting Requirements UK

Who Does UK FATCA Disclosure Aply to?

FATCA Reporting Requirements UK: FATCA is the Foreign Account Tax Compliance Act. It applies to U.S. persons residing in the U.S. and abroad who meet the threshold requirement for reporting. The FATCA Reporting Requirements UK vary based on the marital status and country of residence. It is filed with IRS on Form 8938.  The failure to report foreign assets may result in fines and penalties, which is why foreign accounts and assets compliance is crucial

Common FATCA UK Reportable Accounts?

We have spoke with thousands of individuals on matters involving offshore disclosure, with several hundred coming from the U.K.

Here are some common accounts which require reporting:

St. James Place 

Many of our clients have a retirement, pension and/or investment plan through St. James Place. Oftentimes, the money grows without distribution until maturity. Unfortunately, due to the nature of the investment, it is not uncommon for St. James Place investments to be considered a PFIC.


There are two main culprits when it involves Barclays: First, the individual will have a bank account. Second, the individual may also have a trading account, which may include dividends/capital gains which are constantly being reinvested. While the investment may not be a PFIC, chances are the growth and re-investment is taxable (even in non-distributed).

Friends Life/Aviva

Friends Life (merged with Aviva) offers an array of different investment programs. They range from insurance policies and defined payout investment, to equity/mutual investment funds. The investments typically grow (without distribution) and then distribute at maturity. As with St. James Place, there are various issues involving the taxation and reporting of investment balances, dividends, capital gains, etc.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

Contact our firm for assistance with getting compliant.