The topic of FATCA is to be discussed in this month’s STEP seminar, following the United States’ desire to boost tax revenues. FACTA is intended to encourage a vast range of non-US financial institutions, including trustees, to implement new client identification requirements.
“The importance of FATCA has significant reach and Jersey businesses should not under-estimate the considerable preparation required by service providers to comply with its requirements, regardless of whether or not they have implemented their own policy with respect to refusing US persons as clients, says Collas Crill trust expert, David Dorgan.
Mr Dorgan, a Senior Associate at Collas Crill explains why. ‘This is likely to be of wider relevance as the UK plans to introduce its own version of FACTA in the near future. Jersey businesses should ensure they know and understand the full extent of FACTA’s requirements and have procedures in place to meet its anticipated introduction in July 2013’.
STEP Jersey members will hear more about FATCA at STEP’s February lecture.
The event takes place on Thursday 21st February 2013 at the Pomme d’Or Hotel, with registration at 3.15pm.
Speakers Alex Jones and Paul Woodman from Deloitte will review the current status of the US FATCA rules and UK/Channel Islands Intergovernmental Agreements, with a particular focus on the impact on trusts, beneficiaries and trust companies.
The discussion will consider the state of play with the US draft/final regulations, the US interpretation of the terminology in a trust context, as well as the differential application of the rules for trusts under the Intergovernmental Agreements.
Alex Jones is a Director in International Assignment Services and co-leads the Deloitte US/UK High Net Worth practice in the UK, which delivers bespoke international tax planning solutions to CEOs, other high level executives and entrepreneurs. Alex has over 24 years of experience working in both US and UK personal tax.
Paul Woodman is a Director who leads Deloitte’s Jersey tax practice. Paul is a member of Deloitte’s global FATCA team and has worked on FATCA projects with a variety of clients in the international financial services sector. Paul also sits on Jersey Finance’s FATCA working party, which liaises between industry and Government on FATCA issues.
Category: Finance & Business