FATCA has been implemented as law in the USA and, by way of intergovernmental agreements (IGAs), in a number of jurisdictions including the United Kingdom.
GCube has worked to ensure its compliance with FATCA. We expect our counterparties (whether insurers or other intermediaries) to likewise be FATCA compliant to ensure an ongoing working relationship in respect of risks or placements that emanate from the USA.
If an insurer or intermediary is not FATCA compliant, then this will lead to the application of a 30% withholding tax on gross premiums.
If you have not already done so, we would strongly recommend that you consult the IRS regulations, any Inter Governmental Agreements, legislation and guidelines relevant to your country of incorporation or organization. You may also wish to consult your professional advisers to assist you in assessing your FATCA classification (for example, Foreign Financial Institution (“FFI”) or an active or passive Non-Financial Foreign Entity (“NFFE”) amongst others) and the resulting consequences. You may find it helpful to access the following IRS website.
The FATCA withholding requirements will take effect from 1 July 2014. The IRS has announced their intention to release instructions on how to complete the W-8 forms in the near future. We will write to you again at that time to request evidence of your FATCA status and expected compliance.
This information does not constitute tax advice. Your company should consult its own professional advisers to determine FATCA’s impact. The information contained on this website page is not intended to be used and cannot be used for the purpose of avoiding penalties under the Internal Revenue Code that may be imposed on the taxpayer.
Please email [email protected] to request further FATCA information.
GCUL W-8BEN-E 2019
HCC International Insurance Company Plc W-8BEN-E 2017
GCIS W-9 2018
LLOYDS OF LONDON W-8IMY