Chapter 1 - Foreign Account Tax Compliance Act (FATCA) 2010 Flashcards
1
Q
Which other piece of US legislation was FATCA introduce as part of?
A
Hiring Incentives to Restore Employment (HIRE) Act
2
Q
What does FATCA require?
A
The reporting of information by Foreign Financial Institutions (FFIs) regarding accounts held by US taxpayers or entities where US taxpayers hold an substantial ownership interest.
3
Q
Who will UK based FFIs report to?
A
HMRC
4
Q
What does the US-UK agreement cover?
A
Domestic reporting and reciprocal information exchange.
