Q&As

When a Foreign Account Tax Compliance Act registered trust is terminated, do any steps need to be taken to deregister the trust?

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Published on LexisPSL on 12/01/2018

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • When a Foreign Account Tax Compliance Act registered trust is terminated, do any steps need to be taken to deregister the trust?

It is important to note that reporting requirements will depend on how the trust has been classified for the purposes of the Foreign Account Tax Compliance Act (FATCA). For the purpose of this response, we have assumed that the trust in question is UK resident and classified as a foreign financial institution.

You may find useful, Practice Note: FATCA and UK Trusts which provides a broad overview of the application of FATCA to UK trusts. I

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