Guidance on FATCA

FATCA (the Foreign Account Tax Compliance Act) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act in 2010. The purpose of the FATCA legislation is to ensure that US taxpayers have fully disclosed to the US Internal Revenue Service (IRS) their foreign assets.

This note sets out the effects and impacts of FATCA, and provides guidance on how it applies to trust structures.