FATCA in the UK—the UK:US Intergovernmental Agreement: an outline
Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited
FATCA in the UK—the UK:US Intergovernmental Agreement: an outline

The following Tax guidance note Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited provides comprehensive and up to date legal information covering:

  • FATCA in the UK—the UK:US Intergovernmental Agreement: an outline
  • Background to FATCA
  • Background to the ‘intergovernmental approach’ and ‘model agreements’
  • UK FATCA
  • Background to the UK:US IGA
  • Framework of the UK:US IGA and International Tax Compliance Regulations
  • Who can rely on the UK:US IGA?
  • What is a reporting financial institution?
  • Custodial institutions
  • Investment entities
  • more

This Practice Note provides a broad overview of:

  1. the Intergovernmental Agreement between the UK and the US to improve international tax compliance and to implement FATCA signed on 12 September 2012 (the UK:US IGA), and

  2. the International Tax Compliance Regulations 2015, SI 2015/878 (the International Tax Compliance Regulations) so far as they concern the implementation of the UK:US IGA

The International Tax Compliance Regulations came into force on 15 April 2015. They replace and revoke the International Tax Compliance Regulations (United States of America) Regulations 2014, SI 2014/1506 (that had effect for the period from 30 June 2014 to 14 April 2015).

The International Tax Compliance Regulations and the UK:US IGA contain intricate and complex provisions. This Practice Note is an outline and does not cover every aspect of the rules.

In some areas, this Practice Note necessarily takes a broad-brush approach, inevitably doing some damage to the underlying detail. It should also be noted that the International Tax Compliance Regulations implement the compliance and, in particular, tax information exchange obligations contained in both:

  1. Council Directive 2011/16/EU of 15 February 2011 on administrative co-operation in the field of taxation (as amended by Council Directive 2014/107/EU of 9 December 2014 as regards the mandatory automatic exchange of tax information) (the DAC), and

  2. the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information,