HM Treasury and HMRC present UK/US regulations to implement FATCA

June 2014
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HM Treasury and HMRC present UK/US regulations to implement FATCA

At a glance

The June 30, 2014 effective date eliminates the potential challenge under the 2013 Regulations whereby a reporting financial institution was required to establish and maintain arrangements designed to establish the territory in which any account holder is resident for income or corporation tax purposes beginning September 1, 2013.

On June 9, 2014, HM Treasury and HM Revenue and Customs (HMRC) presented the International Tax Compliance (United States of America) Regulations 2014 (UK Regulations) to the House of Commons. The UK Regulations come into force on June 30, 2014 and replace the previous UK International Tax Compliance (United States of America) Regulations 2013 (2013 Regulations) which are revoked. The UK Regulations implement the Agreement between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland to Improve International Tax Compliance and Implement FATCA (the Treaty) into UK law.