ARTICLE · 17 JUNE 2013

Weekly Tax Update - Monday 10 June 2013

Smith & Williamson

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HMRC recently published draft regulations, guidance and a tax information and impact note on implementing US FATCA.

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Smith & Williamson

1 GENERAL NEWS

1.1 FATCA

On 31 May HMRC published draft regulations, guidance and a tax information and impact note on implementing US FATCA.

Clause 219 of Finance Bill 2013 introduces a power to allow HM Treasury to introduce regulations for the purpose of giving effect to the Agreement, and future similar arrangements.

The draft regulations define the key terms, such as 'financial institution' and 'reportable account', included in the Agreement and also sets out the required due diligence and reporting requirements of UK financial institutions.

The draft regulations also introduce certain beneficial changes included in the final US regulations to enable UK business to benefit from these.

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