Tag: FATCA

The five most common reporting errors for trusts to avoid

HM Revenue & Custom’s (HMRC) compliance team has identified the five most common errors made by UK administered trusts which are Financial Institutions (FIs) when fulfilling their obligations under the International Tax Compliance Regulations 2015. These obligations relate to Automatic Exchange of Information (AEOI) which includes the Common Reporting Standard (CRS) and the Foreign Account… Read More The five most common reporting errors for trusts to avoid

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HMRC’s five traps to avoid with CRS/FATCA reporting

HMRC has identified the most common errors made by financial institutions (FIs) when filing their Automatic Exchange of Information (AEOI) returns, which include Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reportable information. 1. The FI misunderstands what constitutes an undocumented account FIs are wrongly reporting accounts as ‘undocumented’ on the basis… Read More HMRC’s five traps to avoid with CRS/FATCA reporting

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CRS and charities: watch out for reporting obligations

The OECD Common Reporting Standard (CRS) is probably going to impact directly every STEP member outside of the US – the only major international financial centre not so far committed to joining the CRS. Even STEP members in the US, however, are likely to have to consider CRS’ implications for any clients they have with… Read More CRS and charities: watch out for reporting obligations

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It’s time to urgently think about UK trusts under the UK-US IGA

George Hodgson

STEP, alongside ICAEW and the Law Society, has recently published a guide to help trustees determine the status of UK trusts under the UK/US FATCA IGA. There is still a misconception on the part of some practitioners that only UK trusts with US connections or assets have to take note of FATCA. The reality is… Read More It’s time to urgently think about UK trusts under the UK-US IGA

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G-20 Summit – global automatic tax information exchange by 2014?

For the press, the most eye-catching item on the agenda at the recent G-20 Finance Ministers Summit in St Petersburg was the (still rather vague) proposal to clamp down on corporate tax avoidance by tackling base erosion and profit shifting. For many STEP members, however, perhaps the most important item was the (very firm) instruction… Read More G-20 Summit – global automatic tax information exchange by 2014?

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