From iExpats -“HM Revenue & Customs has finally published detailed guidance for financial institutions about the workings of Britain’s agreement with the US about swapping financial information under FATCA.
There has been increasing concerns among many institutions about what the changes would entail and now they have some answers.
The move by HMRC follows the American implementation of a law known as FATCA – or the Foreign Account Tax Compliance Act – which is aimed at cracking down on American citizens who have foreign bank accounts.
The idea is that foreign financial institutions (FFIs) register with the Internal Revenue Service (IRS) and then forward any relevant information about the financial affairs of US citizens. It is due to come into effect next year.
Failure to do so would lead to the US authorities withholding 30% of any financial transaction between the US and the FFI concerned.”
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SPECIAL FATCA COMPLIANCE TRAINING OFFER
If you want to learn more about implementing FATCA in your institution consider signing up for Eureka Financial’s 1-day training seminar “FATCA Compliance” in London on 18 March.
Details Here
