The impact of FATCA on facilities agreements
Produced in partnership with RPC
Practice notesThe impact of FATCA on facilities agreements
Produced in partnership with RPC
Practice notes
ip completion day: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for lending lawyers? [Archived].
What is fatca?
The Foreign Account Tax Compliance Act (FATCA) is a piece of US tax legislation enacted by President Obama in 2010. FATCA's primary aim is to help the Internal Revenue Service (IRS) gather information on US taxpayers with investments outside of the US.
The primary FATCA legislation as originally enacted applies to many types of non-US financial institutions, including banks but also certain insurance companies and funds, and also has extreme extra-territorial effect. As a result it has since 2010 provoked much discussion, confusion
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Jurisdiction(s):
United Kingdom
Key definition:
FATCA definition
What does FATCA mean?
The Foreign Accounts Tax compliance Act (FATCA) is a US law that requires UK pension funds to certify that none of their members is a US resident, and if they are, who they are and how much their pension rights are.
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