Bank Services

(asked on 20th July 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made on (a) whether HMRC guidance issued in relation to the US Foreign Account Tax Compliance Act (FACTA) complies with GDPR legislation and (b) the proportionality of the application of FACTA for joint accounts where UK nationals are not subject to FACTA rules.


Answered by
Jesse Norman Portrait
Jesse Norman
This question was answered on 26th July 2021

HMRC have assessed that their FATCA guidance is GDPR compliant.

It is proportionate to report a joint account under FATCA because a US citizen or resident is an account holder. The name and other details of any joint account holder who is not a US citizen or resident are not reportable.

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