On 9 December 2015, HMRC published the summary of responses and set out that the UK government will legislate for: a new criminal offence for corporations that fail to take adequate steps to prevent the facilitation of tax evasion; tougher financial penalties for offshore evaders, including a penalty based on the value of the asset on […]

On Tuesday 11 March, UK HMRC announced significant changes to the classification of Financial Institutions (FIs) and the annual FATCA reporting obligations. HMRC has confirmed that UK FIs will not be required to file ‘nil returns’ for FATCA purposes. Previously all UK FIs were required to file a return even where there were no reportable […]

Her Majesty’s Revenue and Customs (HMRC) has issued guidance on the implementation of the International Tax Compliance (United States of America) Regulations 2013, which come into force on 1 September 2013. The guidance is designed to assist businesses, their advisers and HMRC staff and applies, in particular to, UK financial institutions, UK entities that will […]