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ARTICLE · 29 SEPTEMBER 2013

FATCA update for fiduciaries

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The Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act of 2010, codified in sections 1471 to 1474 and section 6038D of the Internal Revenue Code, will be of interest to any foreign entity investing in the US securities markets, including trusts.

United KingdomTax
David Adler
David Adler
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The Foreign Account Tax Compliance ('FATCA') provisions of the Hiring Incentives to Restore Employment Act of 2010, codified in sections 1471 to 1474 and section 6038D of the Internal Revenue Code, will be of interest to any foreign entity investing in the US securities markets, including trusts. Absent compliance with FATCA, non–US investors will face 30% withholding on certain US source payments (including many US source payments that relate to a return of capital).

Final US Treasury regulations implementing FATCA were published in January of this year. The online registration portal, which is to be the primary medium through which foreign financial institutions will demonstrate their FATCA compliance, is now available at www.irs.gov/fatca, along with related instructions and other materials.

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