On 7 August 2013, UK regulations (SI 2013/1962) were laid to bring into effect the intergovernmental agreement on FATCA between the UK and the US.
On 14 August 2013 HMRC also issued guidance notes on the UK Regulations. Although these guidance notes were issued as “final”, we are expecting further updates on a regular basis.
The UK Regulations and the HMRC guidance notes seek, among other things, to clarify and expand upon the meaning of certain terms and the obligations of financial institutions resident in the UK.
So where does this leave us now?
Given the volume of new legislation and guidance material now available, as well as the significant industry commentary over the past 6 to 12 months, it is worthwhile stepping back to consider what the new regulations will mean for UK financial institutions. A summary of the position of the new regulations which took effect on 1 September 2013 can be found in: FATCA – where are we now? (PDF 476 KB)
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.