Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

FATCA definition

What does FATCA mean? In legal practice, FATCA refers to the client/account due diligence and tax‑information reporting regime requiring UK and Irish financial institutions to identify and report US taxpayers. It originates in the US Foreign Account Tax compliance Act (2010) but, in the UK and Ireland, operates through Model 1 intergovernmental agreements with the US and domestic regulations. Institutions must detect US indicia, obtain self‑certifications, determine whether accounts are “US reportable”, and report annually to HMRC or the Revenue Commissioners for transmission to the IRS. Non‑compliance risks 30% withholding on certain US‑source payments and counterparty restrictions. Most UK registered pension schemes and many...

UK implementation of FATCA via the UK–US IGA and International Tax Compliance Regulations 2015: classification, exemptions, due diligence, reporting duties and penalties for financial institutions

Published by a LexisNexis Tax expert

Practice notes

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This Practice Note provides a broad overview of:

the intergovernmental Agreement between the UK and the US to enhance international tax Compliance and to give effect to FATCA, signed on 12 September 2012 (the UK:US IGA), and
the International Tax Compliance Regulations 2015, SI 2015/878 (the International Tax Compliance Regulations), insofar as they relate to implementing the UK:US IGA

The International Tax Compliance Regulations took effect on 15 April 2015. They supersede and repeal the International Tax Compliance Regulations (United States of America) Regulations 2014, SI 2014/1506, which were in force from 30 June 2014 until 14 April 2015.

The International Tax Compliance Regulations and the UK:US IGA comprise detailed and demanding provisions. This Practice Note is a summary and does not address every facet of the framework. In certain sections, it necessarily adopts a broad-brush treatment, which unavoidably trims back some of the finer detail...

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Ali Kazimi

Hansuke

Ali Kazimi is the managing director at Hansuke. He has over 25 years of financial services industry experience having held successive leadership roles within 'big four' firms and as head of tax at Barclays Global Investors (now BlackRock). Ali is a chartered accountant and a long-standing member of the Chartered Institute for Securities and Investment, International Fiscal Association, and the Association of Corporate Treasurers....

Web page updated on 21/05/2026

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