• 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)

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