UK Publishes Updated Guidance Notes on FATCA

UK HM Revenue Customs (HMRC) recently issued a revised version of its Guidance Notes for implementation and interpretation of the Intergovernmental Agreement between the UK and the United States. This latest version supersedes Guidance Notes published in February 2014 and reflects several changes to U.S. Treasury Regulations that were recently issued. Among changes, the new Guidance includes references to all eight types of Deemed-Compliant Financial Institutions in the final Treasury Regulations and reflects changes made to the terms of the Certified Deemed-Compliant status for Limited Life Debt Investment Vehicles. The new Guidance also rewords the definition of Investment Entity to clarify that an entity by a Financial Institution is only an Investment Entity if it also meets a financial assets test. In addition to the revised Guidance Notes, HMRC issued a separate document that highlights the material changes from the February 2014 version.

Since UK Guidance Notes serve often as a model, these changes may be adopted by other IGA countries.

See: U.K. FACTA Guidance Update List; U.K. - U.S. FATCA Guidance Notes September 2014.

For more information, please contact Daniel Mulcahy or Mark Howe.