Jurisdiction(s):
United Kingdom

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...

FATCA and UK facilities agreements: scope, withholding, IGAs and LMA drafting for risk allocation

Published by a LexisNexis Banking & Finance expert

Practice notes

ip completion day:

At 11pm (GMT) on 31 December 2020, the Brexit transition/implementation period ended following the UK’s departure from the EU. From that moment—defined in UK law as ‘IP completion day’—core transitional arrangements fall away and major changes start to apply across the UK’s legal framework. This note provides guidance on topics affected by these developments. Before continuing your research, see Practice Note: What does IP completion day mean for lending lawyers? [Archived].

What is fatca?

The Foreign Account Tax Compliance Act (FATCA) is US tax legislation enacted under President Obama in 2010. Its principal aim is to help the Internal Revenue Service (IRS) obtain information on US taxpayers with investments held outside the US. As first enacted, FATCA captures many categories of non‑US financial institutions, including banks as well as certain insurance companies and funds, and has a far‑reaching extra‑territorial effect. Consequently, since 2010 it has prompted extensive discussion, confusion and even anger among those likely to be affected. Partly in response, a number of countries, including the UK, have reached agreement...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...