Since the introduction of the US FATCA rules, the UK government has entered into similar arrangements with the UK’s crown dependencies and overseas territories. Known as ‘UK FATCA’ or ‘son of FATCA’ these rules are sometimes reciprocal, meaning that UK financial institutions and trusts will have to provide data on financial accounts held by residents of those territories. Even the non-reciprocal arrangements may impact on UK clients, if they have offshore funds or structures in those jurisdictions.
Combined with the new automatic exchange of information agreements covering most of the jurisdictions clients are likely to deal with, what should lawyers be advising their clients to do? Which trusts or offshore investments need to be re evaluated?
This webinar will provide guidance on:
- What is UK FATCA?
- What or who does it cover?
- What are the reporting requirements?
- What to do with clients who have overseas interests.