Hmrc Fatca Agreement
What are the statutes of a company? The “incorporation” of a company is defined in the Companies Act 2006 (CA 2006) as:•the articles of association of the company and•all decisions and agreements relating to the incorporation of a companyThe CA 2006 definition of “Constitution” is not exhaustive and the approach of the Intergovernmental Agreement (IGA) on the Foreign Account Tax Compliance Act (FATCA), which aims to improve tax evasion between Great Britain and the United States. According to the FATCA model (and therefore called “UK FATCA” by many), the Chancellor of the British Chessaire announced in the 2013 budget a strengthening of automatic information exchange agreements with Crown Dependencies as part of a broader set of tax measures. The package with the UK included: a model intergovernmental agreement (IGA) was developed and published in July 2012. The United Kingdom and the United States signed an IGA in September 2012 to improve international tax compliance and implement FATCA. The government (with France, Germany, Italy and Spain) and with the support of the European Commission participated in joint discussions with the US government towards an intergovernmental approach to the Foreign Account Tax Compliance Act (FATCA), which supports the overall objective of combating tax evasion while reducing risks and burdens on financial institutions. A model intergovernmental agreement (IGA) was developed and published in July 2012. In September 2012, the United Kingdom and the United States signed an IGA – the “UK-US Agreement to Improve International Tax Compliance and to Implement FATCA” (see the “Current Documents” section below). Annex II of the IGA was the subject of an exchange of notes between the two Governments from 3 June to 7 June. June 2013 modified (see “Current Documents” section below). This publication is available under www.gov.uk/government/publications/uk-us-automatic-exchange-of-information-agreement/uk-us-automatic-exchange-of-information-agreement The ISGs that have concluded the UK with the Crown Dependencies (and Gibraltar) are fully reciprocal and therefore require national laws in both the UK and the Crown Dependencies to implement the agreements. On 31 March 2014, the United Kingdom adopted rules for the implementation of those SGAs, the International Tax Compliances (Crown Dependencies and Gibraltar) Regulations 2014, which have been amended in the meantime (SI 2015/873).
Details of future agreements will be published on this page. Here you will find instructions and information on agreements between the UK and other countries on combating tax evasion.. . . .