Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 8/16/2013

United Kingdom - FATCA guidance notes 

August 16: HM Revenue & Customs (HMRC) published guidance notes that reflect the six-month deferral of the commencement of FATCA until 30 June 2014.

The FATCA deferral was confirmed in regulations to implement and bring FATCA into force in the UK, issued in early August 2013. Those regulations [PDF 86 KB] (dated 6 August 2013) set out requirements for UK financial institutions to begin their due diligence and reporting requirements under FATCA regime.


The HMRC guidance notes [PDF 490 KB] also indicate there is an inaccuracy in the regulations, as follows:


Regulation 9 (1) (a) unfortunately limits the modifications to reporting for 2014 to 2016 only to Custodial Accounts. The modification should also relate to Depository Accounts and Other Accounts. The information to be reported is correctly set out at 9.3 of the Guidance.

Also discussed in this KPMG report are the following topics:


  • HMRC inward investment team
  • HMRC consultation on transition issues for life insurance companies
  • HMRC FAQ - annual premium limit for life insurance policies
  • HMRC FAQ on time apportioned reductions on life insurance policies
  • Real time information (RTI) - reconciling tax due
  • RTI - reporting occupational pensions
  • Annual tax on enveloped dwellings
  • High income child benefit charge - a reminder
  • Private client update - coming to the UK
  • High risk promoters of avoidance schemes targeted in latest HMRC consultation



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