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Further FATCA developments in UK and US

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HMRC has published revised guidance on the International Tax Compliance (United States of America) Regulations, SI 2013/1962, which will implement the UK/US agreement on the Foreign Account Tax Compliance Act (FATCA). The guidance now reflects the announcement by the US authorities of a six-month delay in commencement of FATCA, so that reporting will not begin until 2014.

In addition, the US Internal Revenue Service (IRS) opened its online registration system on 19 August 2013 for financial institutions to register under FATCA. The IRS will post the first ‘foreign financial institution list’ in June 2014. The US Treasury has also updated its FATCA model intergovernmental agreements to reflect registration requirements.

Issue: 1182
Categories: News , International taxes