Weekly Tax Update - Monday 13 February 2012
Mondaq Business Briefing › United Kingdom Law Articles in English (2012)
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Weekly Tax Update - Monday 13 February 2012
1. Private Clients
1.1. US Foreign Account Tax Compliance Act (FATCA) The Government has issued a joint statement with the Governments of France, Germany, Italy, Spain and the United States, setting out an agreed approach to the US "FATCA" legislation, which aims to combat crossborder tax evasion. This focuses on an intergovernmental approach to information exchange, which addresses certain legal difficulties and compliance burdens that would otherwise arise for financial institutions affected by FATCA. In 2010 the United States enacted provisions commonly referred to as the Foreign Account Tax Compliance Act (FATCA), which introduce reporting requirements for foreign financial institutions (FFIs) with respect to certain accounts. France, Germany, Italy, Spain and the United Kingdom are supportive of the underlying goals of FATCA. FATCA, however, has raised a number of issues, including that FFIs established in these countries may not be able to comply with the reporting, withholding and account closure requirements because of lega...See the full content of this document
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