The government has published a discussion document inviting comments on issues for consideration in developing the enacting legislation of FATCA model competent authority a
The government has published a discussion document inviting comments on issues for consideration in developing the enacting legislation of FATCA model competent authority agreements.
In February 2014, the OECD delivered the model competent authority agreements for a common reporting standard (the CRS) which was approved by the G20. The CRS is designed to provide maximum consistency with US FATCA.
The UK government has now published three model competent authority agreements – a model multilateral agreement; a model bilateral agreement; and a model non-reciprocal agreement – as well as draft implementing regulations. The expectation of the government is that in the autumn of 2014 the UK will sign competent authority agreements with the 44 other countries which have already adopted the CRS.
Once the agreements have been signed, HM Treasury will introduce regulations through a power introduced in FA 2013 to enact the reciprocal agreements in UK law. The regulations will provide the legal basis for UK financial institutions to comply with their obligations under the agreements. It is anticipated that these regulations will be enacted on or before 31 March 2015. No UK regulations will be required in respect of any non-reciprocal agreements as there will be no reporting in respect of these by UK financial institutions.
The government has published a discussion document inviting comments on issues for consideration in developing the enacting legislation of FATCA model competent authority a
The government has published a discussion document inviting comments on issues for consideration in developing the enacting legislation of FATCA model competent authority agreements.
In February 2014, the OECD delivered the model competent authority agreements for a common reporting standard (the CRS) which was approved by the G20. The CRS is designed to provide maximum consistency with US FATCA.
The UK government has now published three model competent authority agreements – a model multilateral agreement; a model bilateral agreement; and a model non-reciprocal agreement – as well as draft implementing regulations. The expectation of the government is that in the autumn of 2014 the UK will sign competent authority agreements with the 44 other countries which have already adopted the CRS.
Once the agreements have been signed, HM Treasury will introduce regulations through a power introduced in FA 2013 to enact the reciprocal agreements in UK law. The regulations will provide the legal basis for UK financial institutions to comply with their obligations under the agreements. It is anticipated that these regulations will be enacted on or before 31 March 2015. No UK regulations will be required in respect of any non-reciprocal agreements as there will be no reporting in respect of these by UK financial institutions.
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