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Foreign Account Tax Compliance Act and Common Reporting Standard

The US Foreign Account Tax Compliance Act (FATCA), the Crown Dependencies and Overseas Territories (CDOT) rules and the Common Reporting Standard (CRS) are now in force.

These require funds and, potentially, other entities within a fund structure, to obtain certain information about their investors.


Representations

The BVCA has been monitoring developments in the area of agreements on exchange of information with a view to tackling tax evasion since introduction of FATCA. We have been working with HMRC on the implementation of these agreements and further detail on specific matters are covered in the Technical Bulletins in the links below.


Model documents

The BVCA has produced model documents for use in obtaining the information required under FATCA and CRS, together with some notes to assist investors in completing the forms.

Individuals will require only the individual form but entities will require both the entity and controlling persons forms.

All investors should be sent the notes. These forms will enable funds to comply with the relevant regimes as implemented in the UK. It should be noted that fund entities in other jurisdictions may need to provide different or modified forms depending upon domestic law in the country in question. Local advice will be required on this.


Controlling Person Form

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Entity Form

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Individual Form

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Key Definitions

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