Global

Details

  • Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/13/2014

United Kingdom - Update of FATCA-related regulatory guidance 

June 13: The UK government published a regulatory update for implementing the FATCA intergovernmental agreement between the UK and the United States. These regulations are effective 30 June 2014 and replace the original 2013 regulations.

The regulatory revisions generally are intended to clarify and simplify the language of the original regulations and to reflect the revised FATCA reporting timelines (i.e., the six month delay before the commencement of FATCA announced by the United States in July 2013) and other relevant provisions introduced since publication of the 2013 regulations.


Also included in the changes is a new table setting out the due diligence requirements for different types of accounts, and a schedule of penalties for failure to comply with the requirements.


An explanatory memorandum confirms that HM Revenue & Customs will amend current guidance to reflect changes made by these regulations.


Read a June 2014 report [PDF 723 KB] prepared by the KPMG member firm in the UK: Weekly Tax Matters (13 June 2014)


  • EC state aid investigation of transfer pricing arrangements
  • Challenge to legality of retrospective anti-avoidance legislation fails
  • Itchen Sash Window Renovation Ltd – FTT Decision
  • Sub One Limited T/A Subway – Court of Appeal Judgment
  • Tax calculations for taxpayers who are not in Self Assessment are being issued
  • IHT Simplification for trusts: changes effective from 6 June 2014



©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now