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FATCA reporting for offshore trusts and investment companies

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Information must be exchanged with HMRC about assets held by UK residents in the Crown dependencies and British overseas territories on or after 30 June this year. Financial services businesses in these territories now have the information needed to work out what, in most cases, needs to be reported in respect of family trusts and private investment companies. The deadline is looming. In the rush to update procedures, financial services businesses should not forget about what this means for their customers and recommend that they undertake a health check to identify and correct any tax errors ahead of time

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