The Cayman Islands Tax Information Exchange Authority (TIA) has announced a further extension of the soft enforcement of notification and reporting dates under US FATCA and UK FATCA for 2016.
A Reporting Cayman Islands Financial Institution (Reporting FI) for which 2015 is the first reporting period under US FATCA is required to provide a notification in respect of US FATCA on or before 10 August 2016. If the Reporting FI is also a Reporting FI under UK FATCA, it will also be required to provide a notification in respect of UK FATCA on or before 10 August 2016. In practice, provided that both boxes "UK" and "US" are checked when completing the AEOI Portal Notification Form, only one notification is required.
If a Reporting FI submitted a notification in respect of US FATCA last year, it is required to submit a notification in respect of UK FATCA this year. Such Reporting FIs should log-in and edit their original notification to include UK FATCA via the Cayman AEOI Portal.
Reports must also be submitted on or before 10 August 2016 via the Portal. Click here to access the Portal. The Portal also provides access to the Cayman Islands AEOI Portal User Guide. The User Guide (version 2), published on 26 May 2016, covers notification and reporting under US FATCA and UK FATCA.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.