UK issues new FATCA legislation

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The United Kingdom signals that it will continue to help the United States to find every American in the UK and disclose details of their financial affairs to the IRS.

http://www.legislation.gov.uk/uksi/2013/1962/pdfs/uksi_20131962_en.pdf

http://www.legislation.gov.uk/uksi/2013/1962/pdfs/uksiem_20131962_en.pdf

All Americans in the UK with income of just a few thousand dollars and upwards are required to file annual United States income tax and informational returns. HMRC are committed to assist the IRS to find all such “US persons”.

Anyone advising any American in the UK who has not been filing previously in the US should consider advising the client to become fully US compliant before this legislation becomes effective from 2014.

 

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