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FATCA overview

Commercial Banking – United Kingdom

The Foreign Account Tax Compliance Act (FATCA) is a new piece of legislation introduced by the United States government, to help counter US tax evasion by encouraging better reporting of information. HSBC is committed to becoming fully FATCA compliant in all countries where we operate, in accordance with the legislative timeline.

In the UK, the principles of FATCA have been brought into our local law. This means that HSBC will need to provide information on US accounts to the local tax authority, HM Revenue and Customs (HMRC).

In order to establish your business’ tax status for the purposes of FATCA, we need to obtain certain documents. These documents are either HSBC declarations or US tax forms. We also need your company formation documents, for example, your certificate of incorporation or a similar type of document confirming your business’ place of incorporation.

Please hand in the completed documents to the team at your local branch. Should you have problems printing the forms you need, please contact your local branch. Please read the following information carefully and select the document that is appropriate to your business. If you are unsure, you should seek advice from a tax adviser. Please note that HSBC cannot provide tax advice.

Links to Forms and Guidance Notes

Active Trade Declaration and guidance notes: This is an HSBC document which you may be able to sign instead of a US W8 form to confirm non-US tax status, in place of one of the US W-8 series tax forms. Please read the form carefully to ensure you meet the relevant conditions. If you believe that you do not meet the relevant conditions, then please select from the available US tax forms (W-forms).

IGA Declaration and Guidance Notes: This is an HSBC document which you may be able to sign instead of a US W-8 series form to confirm non-US tax status. Please read the form carefully to ensure you meet the relevant conditions. If you believe that you do not meet the relevant conditions, please do not use this declaration and instead use the relevant W-8 series form or W-9 form.

W-9: This is a link to the withholding certificate referred to as 'W9' on the IRS website. This form is completed to confirm US tax status.

W8 Forms: This is a link to the withholding certificates referred to as 'W8s' on the IRS website. This is a series of forms that are completed to confirm non US tax status.

In order to provide customers with further support when completing IRS W Forms, we have provided some additional customer guidance for W-9 guidance and W-8BEN-E guidance.

Information for Trusts

The Society of Trust and Estate Practitioners (STEP) is the worldwide professional association for those who work in the trust industry. In order for you to understand your Trusts’ FATCA status and responsibilities as Trustees, STEP has produced Trust industry guidance, which is available for you to refer to here:

You can also refer to the HMRC Guidance which is available here:

If, following the guidance, you believe you are a Financial Institution, please complete the appropriate W Series form.

For all other classifications, please complete the IGA (Inter-Governmental Agreement) Declaration.

Please also refer to this guidance if you are an individual who is transferring either an existing personal policy into trust or opening a new trust account.

Disclaimer: External links are solely to provide guidance. HSBC cannot accept responsibility for information provided by third party providers.

(Page last updated February 2017)