FATCA - a small chink of sunlight

Regulatory Update

The US Foreign Account Tax Compliance Act ("FATCA") is an extraordinarily complex piece of legislation that will be extremely burdensome for affected entities in the UK to comply with. Recent preliminary guidance published by the US Internal Revenue Service has provided some clarity as to the scope and effect of the legislation but the position is far from straightforward. Since then, the IRS has issued informal clarification in relation to two further issues of importance.