UK: Weekly Tax Update - Monday 30 July 2012

Last Updated: 6 August 2012
Article by Richard Mannion

1. GENERAL NEWS

1.1. Model Intergovernmental Agreement for the implementation of FATCA

The Government has issued a joint statement with the governments of France, Germany, Italy, Spain and the United States, announcing the publication of the Model Intergovernmental Agreement to Improve Tax Compliance and to Implement FATCA. This is a key step towards delivering on the commitment to an intergovernmental approach to implementing the US Foreign Account Tax Compliance Act (FATCA) made by the same countries in their joint statement published on 8 February 2012.

As set out in the 8 February joint statement, the UK Government aims to address the legal barriers to complying with FATCA, ensure the burdens imposed on financial institutions are proportionate to the goal of combating tax evasion and establish a reciprocal approach to FATCA implementation.

More specifically, the Model sets out a framework within which:

  • the legal barriers to compliance, such as those related to data protection, have been addressed;
  • withholding tax will not be imposed on income received by UK financial institutions;
  • UK financial institutions will not be required to withhold tax on payments they make;
  • the due diligence requirements are more closely aligned to the requirements under the existing anti-money laundering rules;
  • there is a wider scope of institutions and products effectively exempt from the FATCA requirements; and
  • HMRC will receive additional information from the US IRS to enhance its compliance activities.

www.hm-treasury.gov.uk/press_67_12.htm

www.hm-treasury.gov.uk/d/joint_intl_statement_fatca_260712.pdf

2. PAYE AND EMPLOYMENT MATTERS

2.1. Changes to PAYE Online when starting reporting in real time

HMRC has updated the Frequently Asked Questions from employers relating to using PAYE Online when starting to operate PAYE in real time.

www.hmrc.gov.uk/rti/employerfaqs.htm#2

2.2. Minutes of the Employment-Related Securities Forum

The minutes of the Employment-Related Securities (ERS) Forum meeting held on 14 May have been published.

The ERS Forum facilitates an open dialogue between HMRC and representative bodies on a range of operational, product and process issues relating to tax and employment-related shares and securities. Through a network of joint sub-groups, it will also provide for closer working and problem solving between

www.hmrc.gov.uk/consultations/ers-forum/minutes-14-05-12.pdf

3. TAX PUBLICATIONS

NTBN226 - Guide to IHT

IHT is one of the nation's most hated taxes. We can help you plan to limit your IHT exposure.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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