HMRC responds to industry questions over FATCA

HMRC has released further guidance on the UK's plans to implement the FATCA tax regime, which begins next year.

In draft guidance released this week, HM Revenue & Customs responded to submissions asking for clarification on several aspects of the FATCA rules which were confusing UK firms. One of these was which types of company were covered by the term “similar business”, and whether they could be unintentionally caught out by FATCA. Respondents queried whether the definition included credit card providers and solicitors, among others, and asked for further clarity in the legislation on this issue in the final rules.  HMRC said it will also provide a set of examples to show UK firms what would ...