Beware of the FATCA !

17 January 2012 The legislation covering the US Foreign Accounts Tax Compliance Act (FATCA) was drafted in 2010 with the intention of facilitating the identification of US taxpayers having accounts with foreign financial institutions and non-financial foreign entities. Its aim is to promote anti-avoidance by having managers of these entities notify the Inland Revenue Service of the identity of American nationals who are beneficiaries and, in the absence of such notification or a null return, custodians holding US domiciled investments would be required to applying a swingeing 30% withholding levy on payments to that entity.

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Tribunal refers pension fund VAT dispute to European Court

30 August 2011 The National Association of Pension Funds has reported (see link below) that the landmark case that they and the Wheels Common Investment Fund are pursuing has been referred to the European Court of Justice. This case is signficant as it focuses on whether defined benefit pension schemes should be required to pay VAT on investment management fees. It’s worth reading the fuller exposition on the NAPF website. External link

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  • Author: Martin Veasey
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