The UK Government has signed an agreement with the United States to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA) provisions. The agreement aims to address the legal concerns of UK financial institutions around complying with FATCA, and to reduce the burdens imposed on them.
HMRC has also launched a consultation on the implementation of the UK-US FATCA Agreement. Click to access more information about the agreement and the consultation.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.