Under the Agreements, which are broadly identical to the UK-Isle of Man Agreement signed on 15 October 2013, the parties will automatically share prescribed information regarding residents of the other jurisdiction, on a reciprocal basis.
The Agreements are modelled on the requirements of US FATCA and the timings and definitions used are also largely aligned. There are a number of key differences which should be noted, and a Deloitte presentation outlining the key considerations is available online.
The texts of the Intergovernmental Agreements can be found here and HM Revenue & Customs have also released preliminary sections of the accompanying guidance notes which can be found here.
Should you have any questions regarding the agreement, please contact a member of the Deloitte FATCA team, or visit our website at www.deloitte.co.uk/FATCA.
Chris
Tragheim
Partner, Tax
Chris is a partner in the Financial Services Tax Group in London.
He specialises in information reporting and withholding and is the
global lead partner in respect of the U.S. Qualified Intermediary
regime.
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