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).
The Common Reporting Standard (CRS) requirements are now in place. Charities and other not-for-profit organisations need to consider now whether they are required to report to HMRC under the standard.
Michael Foster summarises the UK reporting requirements for financial account information.
Fiona Fernie and Paul Noble explain how automatic information exchange will help HMRC find out about the offshore assets of UK residents
Lisa Spearman and Ian Young explain what you need to know and where to find guidance.
Download a PDF copy of the Q&A that accompanied a webinar discussing the Foreign Account Tax Compliance Act (FATCA).
Download a PDF copy of the slides that accompany a webinar discussing the Foreign Account Tax Compliance Act (FATCA).
The Model 1 Intergovernmental Agreement (IGA) is a standard template that facilitates FATCA reporting.
Flowchart prepared by the Society of Trust and Estate Practitioners to illustrate trusts under a model 1 intergovernmental agreement (IGA): Jurisdiction X.
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.
Flowchart covering UK trusts under the UK/USA Intergovernmental Agreement (IGA).
FATCA flowchart for UK trusts under the UK/USA Intergovernmental Agreement (IGA).
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.
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.
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.
Official US guidance on FATCA for individuals and institutions, including a list of approved foreign institutions that have a Global Intermediary Identification Number (GIIN).
Comprehensive topic guide on the CRS regime, background and aims, its relationship to FATCA, the status of the Alternative Reporting Regime for UK Resident Non-Domiciles, and enforcement.
Detailed guidance for entities affected by FATCA, implemented in UK legislation as The International Tax Compliance (United States of America) Regulations 2013. Sections cover financial institutions, financial accounts, due diligence, individual accounts, entity accounts, reporting, and compliance.
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