UK FATCA The regime that crept in under the radar
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9th September 2014
The introduction of the US Foreign Account Tax Compliance Act (“US FATCA”) in 2010 was extensively debated and commented on by industry participants up to its implementation on 1 July 2014.
What wasn’t extensively reported was that the UK government introduced its own FATCA style regime on the same date. This regime imposes tax reporting obligations in respect of UK resident investors in funds domiciled in the Crown Dependencies and Overseas Territories (“CDOT”), which include Cayman, Bermuda, the British Virgin Islands, Jersey, Guernsey and the Isle of Man.
Centaur has produced a Briefing Note setting out the specific requirements of CDOT – UK FATCA which can be accessed here.
For further information on this topic please contact Centaur’s Head of Compliance, Tracy Tookey tracy.tookey@centaurfs.com
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