Join this webinar to get an overview of the Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (FATCA) is a US law designed to prevent tax evasion by US citizens using offshore banking facilities. FATCA creates a new tax information, reporting and withholding regime. As a result of the UK-US intergovernmental agreement (IGA), the legislation is now part of UK law.
It is important to recognise that FATCA potentially puts obligations on all trusts, whether or not they have any US connections, US assets or US income. Professional firms will be asked will be asked for their FATCA status with the usual anti-money laundering and client identification processes when dealing with other institutions such as banks.
The Foreign Account Tax Compliance Act (FATCA) is a US law designed to prevent tax evasion by US citizens using offshore banking facilities. FATCA creates a new tax information, reporting and withholding regime. As a result of the UK-US intergovernmental agreement (IGA), the legislation is now part of UK law.
It is important to recognise that FATCA potentially puts obligations on all trusts, whether or not they have any US connections, US assets or US income. Professional firms will be asked will be asked for their FATCA status with the usual anti-money laundering and client identification processes when dealing with other institutions such as banks.
