UK Issues Revised Guidance Notes under FATCA

The United Kingdom recently issued an updated version of its Guidance Notes for the Implementation of the FATCA Intergovernmental Agreement ("IGA") with the United States. The revisions to the 142-page document essentially reflect the delayed effective dates under FATCA announced by the U.S. Treasury on July 12, 2013, as well as modifications to Annex II to the IGA. The Guidance Notes also provide that if the United States subsequently amends the underlying FATCA Regulations (which is likely) to introduce additional or broader exemptions, the UK will consider whether to incorporate these changes into its Regulations and Guidance. The UK will publish any such updates on its dedicated FATCA webpage, www.hmrc.gov.uk/fatca/index.htm.

See: Revised FATCA Guidance.See also: FATCA Portal Opened for Registration by FFIs (with Lofchie Comment) (August 19, 2013); IRS Issues Draft Tax Form Under FATCA (August 16, 2013); U.K. and U.S. Amend Annex II to FATCA IGA (June 25, 2013).