The following Private Client practice note Produced in partnership with Jason Collins and Catherine Robins of Pinsent Masons provides comprehensive and up to date legal information covering:
This Practice Note considers the application of the Foreign Account Tax Compliance Act (FATCA) to UK Trusts, as implemented in the UK by the International Tax Compliance Regulations 2015, SI 2015/878. For a general overview of FATCA, see Practice Note: FATCA and private client, which contains links to more detailed guidance.
Where the trust is a pension fund, see Practice Note: FATCA in the UK—pension schemes.
Where the trust is an employee benefit trust, see Practice Note: FATCA in the UK—Employee incentive arrangements and the UK:US IGA.
FATCA is a US law designed to prevent tax evasion by US tax payers using offshore banking facilities . This Practice Note focuses on the implications of FATCA for trusts based in the UK and gives an overview of the key issues. This guide does not apply to offshore trusts.
FATCA requires non-US Financial Institutions to report on Financial Accounts in existence on or after 1 July 2014 which are held by US individuals, certain types of US entities and certain types of non-US entities which have US controlling persons. Non-US Financial Institutions are required to undertake due diligence on their Account Holders, including entity Account Holders such as trusts or companies, to establish whether they are reportable.
It is important to note that UK trusts and underlying companies holding trust assets can
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
A certificate of title (also known as a certificate on title) is a particular species of report on title.When solicitors are instructed to investigate title to land (for instance, when land is being acquired or offered up as security), they will write a report on title for their client, which sets
This Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of mistake on the contract and
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