The Isle of Man announced Financial Institutions (FIs) who miss the FATCA and CRS reporting deadline will be liable to an initial late filing penalty of £300 and daily penalties of at least £60 per day until the outstanding returns are filed. The filing deadline for Y2020 FATCA and CRS data is June 30, 2021.
The daily minimum £60 penalty will begin to accrue immediately regardless of whether the initial late filing £300 penalty has been issued. Additionally, using the wrong schema will not be an acceptable excuse for late filing.
New Regulations
Recent Isle of Man regulations aligned CRS and FATCA penalty provisions which include:
Failing to comply with any aspect of the FATCA and CRS regulations may result in a penalty up to £300 per account except for late filings which would be up to £300 per return per FI;
FIs found to be significantly non-compliant may face a penalty of up to £10,000 in addition to any further penalties issued under other parts of the regulations;
Isle of Man’s Assessor has the ability to reduce penalties where there are sufficient mitigating circumstances; and
The Assessor may prosecute any Isle of Man FI failing to file FATCA and/or CRS data where that reportable data is still outstanding 6 months after the filing date.
For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.
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