On August 14, 2013, HM Treasury and HMRC issued updated Guidance Notes (“UK Guidance”) in respect of the Implementation of The International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) laid before the UK House of Commons earlier this month. This version of the guidance supersedes any versions previously published.
The UK Guidance incorporates the changes to Annex II of the Agreement to Improve International Tax Compliance and to Implement FATCA (“the Treaty”) which hasbeen updated by mutual agreement between the Competent Authorities of the UK and the US. The revised Annex II results in a wider scope of exempt institutions and products as well as changes in the categories of institutions which will be Non-Reporting UK Financial Institutions that are treated as deemed-compliant under the Treaty.
The UK Guidance also includes the changes announced in Notice 2013-43 (“the Notice”) issued by the Internal Revenue Service (IRS) and the US Department of the Treasury (Treasury) on July 12, 2013 with regard to revised implementation timelines.
This Newsbrief identifies key changes and certain additions from the draft UK Guidance released in May 2013.