This Practice Note, produced in partnership with Jason Collins and Catherine Robins of Pinsent Masons, provides a broad overview of the application of FATCA to UK Trusts. It is one of a series of Practice Notes explaining the reporting requirements in the UK arising as a result of the introduction of FATCA. It considers the Intergovernmental Agreement (IGA) between the UK and the US (the UK:US IGA) as well as the IGAs with the Crown Dependencies and British Overseas Territories (CDOT) (known as UK FATCA or Son of FATCA)(the UK:CD/Gib IGAs) and the UK’s domestic implementation regulations, the International Tax Compliance Regulations 2015, SI 2015/878.
This Practice Note, produced in partnership with Jason Collins and Catherine Robins of Pinsent Masons, provides an introduction to the increased penalties that apply where an individual’s non-compliance involves an offshore matter, offshore transfer or relevant offshore asset move and income tax, capital gains tax (CGT) or inheritance tax (IHT) has been evaded. It covers offshore penalties for errors on a return (Schedule 24 to the Finance Act 2007), failure to notify (Schedule 41 to the Finance Act 2008) and failure to make a return (Schedule 55 to the Finance Act 2009). It sets out the offshore penalty rates, the categories of territory and the meaning of offshore matter, offshore transfer and relevant offshore asset move. It also looks briefly at the increased penalties, asset-based penalty and offshore tax errors—publishing details of deliberate tax defaulters (all included in Finance 2016).
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