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FATCA
Expert commentary and practical guidance from ICAEW related to the Foreign Account Tax Compliance Act (FATCA), US legislation which seeks to ensure that that country’s citizens are fully disclosing their worldwide income to the US Internal Revenue Service (IRS).
Need to know
In this section
Features and articles
FATCA reporting: What you need to know
Michael Foster summarises the UK reporting requirements for financial account information.
The differences between FATCA and CRS
Like cats and dogs FATCA and CRS share features, but their differences run deep
A spotlight on offshore matters
Fiona Fernie and Paul Noble explain how automatic information exchange will help HMRC find out about the offshore assets of UK residents
Practical guidance
FATCA - what you need to know Q&A
Download a PDF copy of the Q&A that accompanied a webinar discussing the Foreign Account Tax Compliance Act (FATCA).
FATCA - what you need to know
Download a PDF copy of the slides that accompany a webinar discussing the Foreign Account Tax Compliance Act (FATCA).
FATCA: STEP guidance
The Model 1 Intergovernmental Agreement (IGA) is a standard template that facilitates FATCA reporting.
FATCA: STEP flowchart
Flowchart prepared by the Society of Trust and Estate Practitioners to illustrate trusts under a model 1 intergovernmental agreement (IGA): Jurisdiction X.
HMRC FATCA guidance
HMRC guidance notes on implementation of the International Tax Compliance (United States of America) Regulations 2014. These guidance notes supersede the 28 February 2014 version. Further amendments and additions to this guidance will be required as a result of the changes to the US Regulations.
New FATCA flowchart
FATCA flowchart for UK trusts under the UK/USA Intergovernmental Agreement (IGA).
FATCA: IGA flowchart
Flowchart covering UK trusts under the UK/USA Intergovernmental Agreement (IGA).
FATCA - Guidance to members
This paper summarises the key aspects of the Foreign Account Tax Compliance Act (FATCA) and alerts members of professional firms to the action needed at various points over the coming months to ensure that your firm, its partners and its associated entities are properly meeting their obligations under the new rules and that you are able to discuss them with your clients.
Further support
Useful links
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Foreign Account Tax Compliance Act: Intergovernmental Agreements
List of Intergovernmental Agreements (IGA) by jurisdiction, alongside current status and effective dates. The list includes PDFs of IGA, related agreements, arrangements, corrections and understandings.
IRS: Foreign Account Tax Compliance Act
Official US guidance on FATCA for individuals and institutions, including a list of approved foreign institutions that have a Global Intermediary Identification Number (GIIN).
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