FATCA nightmare becomes a reality

FATCA nightmare becomes a reality

Investment firms rush to meet FATCA deadline - but are they really prepared?

There is no escape for UK investment professionals from the administrative nightmare of FATCA. The Foreign Account Tax Compliance Act (FATCA) is a move by the US Internal Revenue Service to squeeze taxes from its citizens living and investing overseas, who might otherwise have been able to dodge their tax liabilities. FATCA assumes everyone is guilty until proven innocent, and the responsibility for proving this, unfortunately, falls to the product providers or platforms with whom these citizens are invested. This has created a vast back office burden for fund groups and wealth man...