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FATCA complications

FATCA complications

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Curious to know how many AccountingWEB members are encountering situations like the one New York-born London mayor Boris Johnson faced when the IRS pursued him for tax on the proceeds from the sale of his London home. (He was initially defiant but agreed to pay up last month).

The Foreign Account Tax Compliance Act (FATCA) has been stirring up a lot of anxiety elsewhere, to judge from a rash of recent questions on our UK sister site. One questioner was a US citizen because his father is American. He had only visited the US twice for short breaks and earns all his income in the UK - but had never filed a tax return in the US.

Have you encountered any similar situations among your clients, or made use of the streamlined  compliance filing procedures introduced last year? AccountingWEB is interested to see how significant a complication FATCA is likely to be this tax season.

If there is a lot of concern, we will follow up by gathering together experiences and practical advice to address the most troublesome issues.

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By Ben Heald
Jun 25th 2015 20:12 EDT

I was sent a letter by my accountant saying that I was caught by the FATCA regulations in respect of two family trusts both UK based. And that it was going to cost me £1,300 per year to complete the necessary returns. I challenged them saying that my understanding was that as I was not a US citizen it couldn't possibly affect me. The accountant hasn't chased me since. So I assume that they've realised I'm not caught by the regulations. I think there's still great uncertainty over FACTA.

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