• Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/7/2014

United Kingdom - Updated HMRC guidance on FATCA implementing regulations 

March 7:  HM Revenue & Customs (HMRC) updated "FATCA guidance" (referred to in the United Kingdom as the “Implementation of The International Tax Compliance (United States of America) Regulations 2013”) to reflect IRS guidance* issued in January 2014.

*Read TaxNewsFlash-United States: FATCA - Rev. Proc. 2014-13 containing final FFI agreement

The UK updated guidance [PDF 602 KB] includes incremental changes that aim to add clarification and take advantage of "improvements" that the IRS introduced with the revenue procedure, and that have been requested via HMRC working parties.

Additional guidance is provided regarding passive income, limited life debt investment entities, holding companies, and treasury centres. Additional examples provided with relation to securitisation vehicles. There are other changes to wording and clarifications included in the new guidance.

Further guidance is expected from HMRC to address remaining uncertainties in implementing the FATCA regulations.

Read a March 2014 report [PDF 798 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (7 March 2014)

Also included in the report are the following topics:

  • Update on OECD BEPS Action Plan
  • Removal of extended time limit restriction for EU cases
  • Esporta Ltd - Court of Appeal judgment
  • HMRC Brief 09/14 - Tax treatment of activities involving Bitcoin
  • HMRC guidance on ‘week 53’ payments
  • RTI round up
  • MEPs vote for public registry of trust beneficiaries
  • 2013/14 year-end personal tax actions

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