The Foreign Account Tax Compliance Act (FATCA) – potential implications for UK pension schemes

The Foreign Account Tax Compliance Act of 2009 ("FATCA") was enacted by the US to prevent offshore tax evasion by "US persons".

This note looks at the impact of FATCA on UK pension arrangements, both occupational and contract-based and explains why the exemptions proposed in the latest draft FATCA regulations intended to cover non-US retirement schemes may not work for UK registered pension schemes.

It also considers a proposed "inter-governmental" domestic approach to FATCA to determine whether, if the FATCA exemptions are not revised in favour of UK retirement schemes, it could make compliance with FATCA easier.

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