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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).

 

In this section

Features and articles

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax

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.

Bloomsbury Core Accounting and Tax Service

Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.

US FATCA

A chapter on the US Foreign Account Tax Compliance Act (FATCA) in this tax planning manual for those advising high net worth individuals from the UK or US.

Appendix VI: FATCA, IGAs, and the OECD CRS: The Future Landscape for Trusts

Appendix on the US FATCA, Intergovernmental Agreements (IGAs) and the OECD global standards in this tax planning manual for those advising high net worth individuals from the UK or US. Sections include: Differences in defining reporting FFIs; Differences in defining passive NFFEs; Defining reportable persons and amounts.

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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.

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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