• Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/28/2013

United Kingdom - Update on FATCA agreements, country-by-country reporting 

June 28: The UK government published a discussion document seeking comments concerning the effects of proposed intergovernmental agreements (IGAs) under the U.S. FATCA* regime on UK financial institutions, and how the agreements would to be implemented in the UK―including the Crown Dependencies and overseas territories―in terms of regulations and guidance.

HM Revenue & Customs intends to finalise agreements shortly with the Crown Dependencies and overseas territories that resemble the UK-US Model IGA. The discussion document [PDF 218 KB] focuses on implementation of these agreements. The discussion period is open through 6 September 2013.

*FATCA is the U.S. legislation, Foreign Account Tax Compliance Act.

EU country-by-country reporting

The EU Council has introduced country-by-country reporting in the financial and extractive sectors. Read TaxNewsFlash-Europe: EU - Country-by-country reporting by financial, extractive, and logging sectors.

UK banks and other affected financial institutions need to consider how to and assess their readiness to collate this information.

Finance Bill update

The UK Finance Bill 2013 has finished its "committee" stage in the House of Commons, and now moves onto its final stages: "report" stage and "third reading."

  • Report stage is scheduled to begin on 1 July and is the last point at which amendments to the Bill can be made.
  • Once the bill has had its third reading it will move to the House of Lords and will effectively become final.

Also included in the report are the following topics:

  • Updated CFC guidance
  • Consultation – Modernising the taxation of corporate debt and derivatives
  • Overseas workday relief
  • Consultation – Expenditure on health-related interventions
  • RTI – Penalties for pilot employers
  • VAT – CJEU Judgment – C-653/11 – Paul Newey (trading as Ocean Finance)
  • VAT – LMUK – Updated Supreme Court judgment - No reference to the CJEU

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