Stephen Coleclough
FACTA - Tax Adviser Magazine
17 October 2014

Attention: All trusts

Anyone who reads the money pages in the Sunday newspapers will have heard of FATCA (the Foreign Accounts Tax Compliance Act in the US – hence, here, foreign means non-US), and how it is costing British businesses £1 billion to implement. They will also have read that some financial services providers, including National Savings & Investments, will no longer open accounts for, and are closing accounts of, US taxpayers (this encompasses all US citizens, including Mayor of London Boris Johnson). You could be forgiven for questioning what relevance this has for your practice (see FATCA myths below) but the answer is ‘possibly quite a lot’ as is the case with equivalent regimes that the EU and OECD are looking to promote. It is all part of how the world is changing in favour of transparency with the taxman or, put another way, a lack of privacy.

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