HMRC issued on 3 February 2023, updated guidance regarding U.S. tax identification number (TIN) reporting requirements for FATCA purposes.
The updated guidance follows publication by the Internal Revenue Service (IRS) of Notice 2023-11 on 30 December 2022 (read TaxNewsFlash) to provide relief to Model 1 foreign financial institutions required to report missing U.S. TINs. Additionally, the IRS updated the frequently asked questions (FAQs) reporting section with respect to TIN codes issued in 2021. Foreign financial institutions should use the updated codes for reporting calendar years 2023 and 2024 to be eligible for relief.
The due date for reporting for calendar year 2022 is 31 May 2023, which is considered a transitional year. Therefore, foreign financial institutions are requested to use either the TIN codes issued in 2021 or the updated TIN codes published by the IRS in 2023 for the purpose of reporting missing U.S. TINs. Additionally, with respect to reporting calendar years up to and including 2022, foreign financial institutions can report an account without a valid TIN by entering “000000000” in the TIN field.
Read a February 2023 report [PDF 220 KB] prepared by the KPMG member firm in the UK
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