HMRC has published updated regulations and guidance on the implementation of Foreign Account Tax Compliance Act (FATCA) in the UK. The documents came out late on Friday 31 May and are available on HMRC’s website.
HMRC has published updated regulations and guidance on the implementation of Foreign Account Tax Compliance Act (FATCA) in the UK. The documents came out late on Friday 31 May and are available on HMRC’s website. While the regulations are close to being final, HMRC has indicated that it will continue to accept comments for the next few weeks.
In addition, HMRC is looking to publish an updated Annex II, which includes a list of entities and products that are considered out of scope of FATCA, soon. Commenting on the revised draft FATCA guidance, Jennifer Sponzilli, US tax partner at KPMG, said: ‘The revised draft UK guidance on FATCA goes a long way towards harmonizing the rules and definitions governing what entities are in-scope as “financial institutions” with the final US Treasury regulations’ (see page 6).
FATCA, which is part of the US Hiring Incentives to Restore Employment Act 2010, aims to combat tax evasion by US tax residents using foreign accounts.
HMRC has published updated regulations and guidance on the implementation of Foreign Account Tax Compliance Act (FATCA) in the UK. The documents came out late on Friday 31 May and are available on HMRC’s website.
HMRC has published updated regulations and guidance on the implementation of Foreign Account Tax Compliance Act (FATCA) in the UK. The documents came out late on Friday 31 May and are available on HMRC’s website. While the regulations are close to being final, HMRC has indicated that it will continue to accept comments for the next few weeks.
In addition, HMRC is looking to publish an updated Annex II, which includes a list of entities and products that are considered out of scope of FATCA, soon. Commenting on the revised draft FATCA guidance, Jennifer Sponzilli, US tax partner at KPMG, said: ‘The revised draft UK guidance on FATCA goes a long way towards harmonizing the rules and definitions governing what entities are in-scope as “financial institutions” with the final US Treasury regulations’ (see page 6).
FATCA, which is part of the US Hiring Incentives to Restore Employment Act 2010, aims to combat tax evasion by US tax residents using foreign accounts.
