IRS and United Kingdom update Annex II of the Agreement to improve international tax compliance and to implement FATCA

On 13 February 2019, the U.S. Internal Revenue Service (“IRS”) released the text of an amendment, changing Annex II of the Agreement between the United States and the United Kingdom to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (“FATCA”) (Link). The change includes additional new subsections “E” and “F” to Section II (Deemed-Compliant Financial Institutions) of Annex II of the IGA to include additional entities as Non-Reporting United Kingdom Financial Institutions that are treated as deemed-compliant FFIs for purposes of section 1471 of the Internal Revenue Code.

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