IMA to HMRC: more information needed on FATCA

Laura Miller
clock

The Investment Management Association (IMA) has written to HM Revenue & Customs (HMRC) to express its concerns over the "continued uncertainty" for companies trying to comply with the Foreign Account Tax Compliance Act (FATCA).

The US law - approved by the US Congress in 2010 - is aimed at catching out tax evasion by US citizens and has the potential to impact a number of advisers and their support partners. Details have yet to be finalised, but from the start of 2014 all foreign financial institutions that either have US clients or hold US assets in any form will have to be compliant with FATCA. In its response to an HMRC consultation on the legislation, the IMA said it is concerned not enough information on the impact of the rule change has been provided to UK financial institutions (UKFIs). "IMA shares...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA updates incident and third-party reporting rules with cyber-attacks on the up

FCA updates incident and third-party reporting rules with cyber-attacks on the up

Regulator realises attacks are becoming ‘more frequent and more sophisticated’

Isabel Baxter
clock 18 March 2026 • 2 min read
FCA publishes pensions regulatory priorities report

FCA publishes pensions regulatory priorities report

Regulator sets out key priorities amid significant industry transformation

Martin Richmond
clock 12 March 2026 • 4 min read
Treasury proposals spark AR liability fears

Treasury proposals spark AR liability fears

Not expected to have ‘material’ impact on PII market but creates more risk

Isabel Baxter
clock 11 March 2026 • 4 min read