According to the IRS, "if you hold them outside of a financial account, must be reported on Form 8938, provided the value of your specified foreign financial assets is greater than the reporting threshold that applies to you. If you hold foreign stock or securities inside of a financial account, you do not report the stock or securities on Form 8938.
In your case, it depends on how the ownership of the NS & 1 is structured. Do you own these as a stand-alone investment account or are they part of an investment inside of a retirement account that UK government administers. If this is the case, the bonds are not reported on a 8938.
@chenies
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