Having to deal with FATCA

I hold an American and British passport, have never worked in the USA so no social security number or American bank account, but my British bank sent me papers saying that I have to comply with FATCA. I do not know what form to fill in W8 or W9 and I am also over retirement age so get a British pension.

It's illegal for a US citizen to complete a W8-BEN. You'll have to file the W9. It is likely, regardless of the amount in the account, that the bank will forward account details to HMRC and they will forward the details to the IRS. As for the Social Security number or an ITIN, tell the bank you have never had one and let them decide how they wish to proceed, but be prepared to apply for a Social Security number or ITIN. If you have a US passport that is current, what did you use as a Social Security number to apply for it? If it's an old, expired passport, it's possible a number was not required.

If this leads you to some follow-up questions, don't hesitate to ask here.

I think I'd be dumping the US passport as soon as possible.

I think I'd be dumping the US passport as soon as possible.

This is not a valid expatriating act; so unless you renounce US citizenship you would still be a US person.

This is not a valid expatriating act; so unless you renounce US citizenship you would still be a US person.

That's what I meant.......just didn't say it right.

Yet another thing I didn't know about till very recently!

What happens then when these accounts eventually get sent to the IRS and it turns out it belongs to someone who has never filed taxes?

The W-9 is used for anyone with a tax ID number (SSN or ITIN) and basically says, “Hey IRS/Treasury, this is my Tax ID number”.

Many banks are now requesting this document because of FATCA reporting requirements – since they have to report the assets of their American customers to the US, the W-9 or W-8 (in rare cases) is best suited for that.

I will mention that even though the W-9 is just a reporting document (you are not taxed on anything), if you are not caught up on your US filing regulations (Tax returns and FBAR's), it could be bad news. It is much better to voluntarily be up to date on your tax requirement, and to tell the IRS yourself (with your yearly tax return), then to have your bank "tattle" on you.
 
Lastly, the W-8 series is used to certify that the you are not an American citizen or American resident. Even though there are many of these, it doesn't sound like it would apply to your situation (they’re more used by nonresidents with US-sourced income).

I would recommend getting caught up on your US filing as soon as possible. It is better to be safe than sorry in my opinion.

All UK banks and financial institutions are required under UK law to look for US indicia, including asking new account holders if they are US persons. This is normal, but it is not by itself a moment to panic, because it will probably still be another 3 to 5 years before the IRS is likely to be capable of using the data.

Take a deep breath, have a refreshing walk while it is currently so cold to calm yourself; and catch up with filing over the months ahead.

Thanks again guya, you are once again a voice of reason during scary times for those of us who never knew we had to file.

At one point I did have a social security card, I applied for it whilst I was still at University. That's gone missing, and my passport expired long ago.... I guess that if I ever get contacted by my bank about FATCA I will have to renew both. There's no way to get a replacement social security card without a passport, is there?