IFAs 'dragged in' to FATCA admin burden

The Foreign Account Tax Compliance Act (FACTA), passed by the US Congress in 2010, aims to stop tax evasion by US citizens. It was thought the legislation would mainly affect fund groups, that are required to account for US assets, as well as clients who are American citizens. But in reality, said PwC tax partner Teresa Owusu-Adjei, after a softening in the UK treaty signed by the Treasury last month, it will be IFAs who will bear much of the administrative burden. "In the original version it was quite clear that it is the fund itself that the regulations apply to," she said. "In t...