‘It is clear that the US Foreign Account Tax Compliance Act (FATCA) is far-reaching. But its application to UK trusts is extraordinary given that a trust with no US assets, a UK settlor and no US beneficiaries can be subject to the US FATCA reporting requirements.’
Gary Heynes (Baker Tilly) comments on the FATCA requirements, which take effect from 1 July.
‘What utter rot! Defining a tax relief as an opportunity for abuse is the modern equivalent of the flat earth society. Yes, these reliefs are available. Yes, there are those who are prepared to abuse any tax or other law to their benefit, but why should everyone suffer because of a few? HMRC has more than enough weapons in its armoury to deal with those situations. Ms Hodge might as well argue that because a few people fail to declare all their self-employed income that it should be banned and that everyone should be an employee.’
David Ingall (past president, UK200Group) commenting on a report by the Public Accounts Committee, which said that the 1,100 tax reliefs available in the UK are open to abuse and that ministers are ‘creating opportunities’ for Britons to dodge tax
‘It is clear that the US Foreign Account Tax Compliance Act (FATCA) is far-reaching. But its application to UK trusts is extraordinary given that a trust with no US assets, a UK settlor and no US beneficiaries can be subject to the US FATCA reporting requirements.’
Gary Heynes (Baker Tilly) comments on the FATCA requirements, which take effect from 1 July.
‘What utter rot! Defining a tax relief as an opportunity for abuse is the modern equivalent of the flat earth society. Yes, these reliefs are available. Yes, there are those who are prepared to abuse any tax or other law to their benefit, but why should everyone suffer because of a few? HMRC has more than enough weapons in its armoury to deal with those situations. Ms Hodge might as well argue that because a few people fail to declare all their self-employed income that it should be banned and that everyone should be an employee.’
David Ingall (past president, UK200Group) commenting on a report by the Public Accounts Committee, which said that the 1,100 tax reliefs available in the UK are open to abuse and that ministers are ‘creating opportunities’ for Britons to dodge tax
