ARTICLE · 01 NOVEMBER 2012

Weekly Tax Update - Monday 29 October 2012

Smith & Williamson

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HMRC has updated its DOTAS guidance to incorporate the new regulations on SDLT disclosure obligations.

United KingdomTax

Richard Mannion

1. GENERAL NEWS

1.1. Updated HMRC DOTAS guidance

HMRC has updated its DOTAS guidance to incorporate the new regulations on SDLT disclosure obligations effective from 1 November 2012, and the recent consolidating regulations for income tax, corporation tax, CGT and NIC.

www.hmrc.gov.uk/avoidance/index.htm

www.hmrc.gov.uk/aiu/guidance-oct-2012.pdf

1.2. Certain FATCA deadlines deferred

The IRS has announced changes to certain timelines under the Foreign Account Tax Compliance Act (FATCA) for withholding agents and foreign financial institutions (FFIs) to complete due diligence and other requirements and it has issued certain additional guidance concerning gross proceeds withholding and the status of certain instruments as grandfathered obligations.

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