The following Share Incentives Q&A provides comprehensive and up to date legal information covering:
The Fair and Accurate Credit Transactions Act (FATCA) is so called because it derives from the Foreign Account Tax Compliance provisions contained in the United States Hiring Incentives to Restore Employment (HIRE) Act 2010.
The main FATCA provisions are now contained in Chapter 4 of Subtitle A of the US Internal Revenue Code (the Code).
The aim of FATCA is, broadly, to deter and reduce tax evasion by US taxpayers using foreign (ie non-US) accounts to hide income and assets from the Internal Revenue Service (IRS).
Under FATCA, financial institutions (FI)s must register with the IRS. Where a FI maintains a financial account, it must carry out certain due diligence on the account holder and (if it falls within the scope of the UK:US IGA) file a report with HMRC. Where a FI does not maintain any financial accounts and is within the scope of the UK:US IGA, it must make a nil return to HMRC.
FACTA can arise in employee share scheme arrangements, usually on exercise of the options, or, in the case
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BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
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