FATCA — FAQs
The Hiring Incentives to Restore Employment Act, signed into US law in March 2010, includes provisions generally known as FATCA. These provisions are intended to obtain information on assets held by US persons outside the US. To that end, FATCA requires financial institutions (which include UK funds) outside the US holding assets on behalf of US investors to report information to the US Internal Revenue Service (IRS).
Where a non-US financial institution invests directly or indirectly into the US, payments of US-source income (after 1 July 2014) and proceeds of sales of US property including stock in a US corporation (after 1 January 2017) will be subject to 30 per cent withholding tax unless the financial institution complies with the requirements of FATCA.
Regulations have been implemented in the UK to enable UK financial institutions to meet their FATCA obligations without entering into a direct agreement with the IRS…
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News from The Lawyer
Briefings from Macfarlanes
M&A Weekly Update: forced sale of shares does not qualify as ‘an offer to the public’ requiring publication of prospectus; and more
Macfarlanes has released its M&A Weekly Update for the period 27 June to 3 July 2014.
Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more
Macfarlanes has released the 4 July 2014 issue of its Investment Management Update.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.