HM Revenue & Customs (HMRC) has published updated guidance notes that reflect contributions from UK businesses and advisors on the HMRC webpage for the implementation of the International Tax Compliance (United States of America) Regulations 2013.
The updated guidance notes supersede the version published on 14 August 2013. Further amendments and additions to this guidance will be required as a result of the changes to the US Regulations that were issued on 20 February 2014.
The revised guidance provides detailed definitions of:
· investment entities which are subject to the rules
· investment advisers and investment managers that may fall within the definition of a Financial Institution.
The guidance also explains the parameters when entities that carry on activities as a holding company or as a treasury centre will be Financial Institutions
The next updated guidance will be published in August 2014.