HMRC lays FATCA regulations before UK House of Commons

August 2013


On August 7, 2013, HM Treasury and HMRC laid the International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) before the UK House of Commons. The UK Regulations will bring 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.

The UK Regulations are required to lay before the UK House of Commons for 21 days and are scheduled to come into force with effect on September 1, 2013.

The UK Regulations align the timelines for implementing various provisions under FATCA with the revised timelines set out in Notice 2013-43 issued by the Internal Revenue Service (“IRS”) and the US Department of the Treasury (“Treasury”) on July 12, 2013 (“the Notice”). The UK Regulations also provide clarifications in respect of the definition of a UK reporting financial institution (“Reporting UK FI”).

This Newsbrief identifies key changes and certain additions from the proposed UK Regulations which were released in May 2013.

Contact us

Robert Bridson

Tel: +44 (0) 20 7804 7590

Simon J Leach

Tel: +44 (0) 20 721 32746

Katy Young

Tel: +44 (0) 20 7212 1276

Emma Bundy

Tel: +44 (0) 20 7804 4984

Contact us

Frank Serravalli
Financial Markets Practice Leader
Tel: +1 (646) 742 7510

John Gibson
Tel: +1 (202) 414 4691

Dominick Dell'Imperio
Tel: +1 (646) 471 2386

Candace Ewell
Tel: +1 (202) 312 7694

Follow us