Global IRW Newsbrief: HM Treasury and HMRC release details outlining the implementation of FATCA in the UK

On 31 May 2013, HM Treasury and HMRC released the International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) to implement the Agreement to Improve International Tax Compliance and to Implement FATCA and simultaneously released updated Guidance Notes.

The UK Regulations and Guidance Notes provide more clarity in respect of the legislation "Draft Clauses & Explanatory Notes for the Finance Bill 2013" published on December 11, 2012 and what financial institutions within the UK will need to do to in order to comply with the UK Regulations and in particular to identify and report ‘specified US persons’ from 1 January 2014.

This Newsbrief identifies key changes from the draft UK Regulations released in December and highlights relevant aspects of the associated Guidance Notes.