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VCTs to become reportable for international tax compliance purposes

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The International Tax Compliance (Amendment) Regulations, SI 2015/1839, remove venture capital trusts (VCTs) from the list of accounts that are non-reportable for the common reporting standard with effect from 20 November 2015, to comply with the EU Directive on Administrative Cooperation.

These amending regulations also provide that the definitions for ‘financial institution’ and ‘investment entity’ for FATCA purposes are drawn from the relevant US legislation. As well as VCTs, dormant accounts are also removed from the list of excluded accounts, but financial institutions may elect for dormant accounts to be non-reportable. Other changes include the addition of Ghana to the list of participating jurisdictions.

Issue: 1284
Categories: News