This week, there are two notable updates which I will cover. Firstly relating to how the Foreign Account Tax Compliance Act (“FATCA”) provisions affect Solicitors Client Accounts.
Our in-house expert, Chris Richardson, recently published a blog post providing a general update and overview of FATCA.
Back in April I highlighted the Foreign Account Tax Compliance Act provisions (better known as FATCA) as introduced by the US, and the far reaching impact on financial institutions in the UK. It’s fair to say since then we have seen much professional debate coupled with a degree of inertia with some hoping the whole thing will go away.
The Charity Commission’s website includes reports on recent casework, to act as cautionary tales for trustees and encourage better practice. These reports commonly include governance failings that they feel have led to improperly handled conflicts of interest. To encourage trustees to improve in this area, the Commission have reissued CC29: Conflicts of Interest – a guide for Charity Trustees with a tougher tone.
Recent years have seen a raft of agreements between the UK and other countries which involve the sharing of information. Many in the UK were affected by the UK and Switzerland agreement in 2011 which enables HMRC to receive information about bank accounts held in Switzerland by UK taxpayers.
The USA has taken a similar approach by introducing the Foreign Account Tax Compliance Act provisions (better known as FATCA).