FATCA

FATCA

Didn't find your answer?

I thought the UK was good at gobbledegook!

Does any one have a clue how to fill in the FATCA/CRS forms?

What is a standard UK trading company, is it an active non-financial entity, or a passive non-financial entity?

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By User deleted
18th Dec 2015 22:01

No ideas anyone ...

... just bumping it back in view for the weekend readers :o)

 

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By cacatchpole
19th Dec 2015 09:51

Ha ha
I had to fill one of these in for our PTA! It seemed to me that if you derived majority if income from investments then you were passive, otherwise you were active. There are definitions provided (or there were from HSBC) - but they weren't exactly clear english.....

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Replying to lionofludesch:
By aiwalters
20th Dec 2015 22:44

US connection?

cacatchpole wrote:
I had to fill one of these in for our PTA! It seemed to me that if you derived majority if income from investments then you were passive, otherwise you were active. There are definitions provided (or there were from HSBC) - but they weren't exactly clear english.....

Does the PTA actually have a US connection, or was it random?

Edit: Just saw your comment https://www.accountingweb.co.uk/anyanswers/question/client-struggling-op... which answers my question

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By User deleted
19th Dec 2015 15:02

That's what I thought ...

... counter intuitive or what!

But it seems you then have to provide chapter and verse on the controlling parties on the forms!

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By aiwalters
20th Dec 2015 22:40

FATCA
Passive NFEs are those whose income is at least 50% derived from ‘passive income’ (for example, dividends, interest, rents or patent royalties), and whose assets are mainly assets that generate such income.
Active NFEs are anything else - this would therefore include most trading entities such as building companies, retail companies, service companies and so on.

See Barclays' guide https://www.home.barclays/content/dam/barclayspublic/docs/FATCA/Entity%2...

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