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FATCA and CRS

The US Foreign Account Tax Compliance Act (FATCA) and action at international level led by the G20 has led to many agreements between countries to automatically disclose information about accounts and other assets held by residents of one jurisdiction in the other.

UK resident holders of direct or indirect interests in offshore trusts, companies, bank accounts and financial investments in Jersey, Guernsey, Isle of Man, Gibraltar, Bermuda, the British Virgin Islands, the Cayman Islands, Anguilla, Montserrat and the Turks and Caicos Islands will initially be subject to reporting.

This will later be extended under the Common Reporting Standard (CRS) to numerous countries around the world.  Banks, insurers and trust and company service providers in these countries will exchange data annually with HMRC about the accounts, including about amounts held in trusts, investment management and bank accounts, and distributions made from trusts and companies. HMRC will be profiling this data using its "Connect" software platform in order to pick individuals and companies for investigation.

How can we help?

We have a specialist team that really understands FATCA and CRS.  We provide assistance to numerous trustees and corporate service providers (TCSPs) in relation to FATCA/CRS compliance, including providing classification services in respect of their entire client books and what should be reported in relation to each entity.  We also provide training on how to undertake classifications and  how to determine what is reportable.

We carry out tax compliance health checks and FATCA/CRS risk assessment both for TCSPs and taxpayers and recommend where remedial action is required.  We also prepare disclosures under HMRC's facilities, including the Liechtenstein  Disclosure Facility (LDF) and the facilities allied to the FATCA reporting agreements between the UK and the Crown Dependencies, and negotiate to achieve  a beneficial outcome.  

See also: Disclosures.

Read more about FATCA on Out-Law.com

Read more about our Tax Investigations expertise.

Key Contacts