Channel Islands: FATCA guidance related to missing U.S. TINs (Jersey)

Channel Islands: FATCA guidance related to U.S. TINs

Revenue Jersey received information from the U.S. tax agency (IRS) about FATCA reporting of individual account reports if there is no valid U.S. taxpayer identification number (TIN).

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The IRS provided several “default TINs” to be used, depending on the reason for not submitting a valid U.S. TIN.

Financial institutions can make use of the default U.S. TINs in relation to the 2020 reporting year. However, if a default TIN is used, the IRS will return an error message and request a correction file with a valid U.S. TIN for those accounts. Before submitting 2020 FATCA reports—for which the reporting deadline is 30 June 2021—reporting financial institutions must identify all account holders that do not have a valid U.S. TIN, in order to identify if any valid U.S. TINs have not been reported.

Under the agreement between Jersey and the United States, Jersey has committed to the rules requiring reporting financial institutions in Jersey to obtain the U.S. TIN for each specified U.S. person. Revenue Jersey will therefore require a detailed explanation of the number of account reports reported without a valid U.S. TIN by 31 July 2021.

Read a March 2021 report [PDF 78 KB] prepared by the KPMG member firm in the Channel Islands

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