• 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

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

Already a Subscriber? Login

Not a member? Subscribe now