"Foreign Tax"

[UncleEbenezer]

What's this all about?

I have this morning received three letters from Computershare, asking me to "complete and return a tax self-certification form". This is required "for the company to comply with the tax reporting regulations set out in the Foreign Account Tax Compliance Act and/or the Common Reporting Standard ..."

It goes on to say that if I fail to report, the company may have to report details to the relevant tax authority.

These are VCT holdings. Explicitly exempt from tax, and from reporting in my tax returns. Why on Earth would it bother me if the companies (have to) report my holdings and dividends to HMRC?

[SteelCamel]

Why on Earth would it bother me if the companies (have to) report my holdings and dividends to HMRC?

The "relevant tax authority" isn't HMRC - it's the IRS!

FATCA is a USA law, and you need to fill in the form basically to prove that you're not American. Otherwise they are required to assume that you are in fact a US citizen, and charge US taxes on your account.

[XFool]

What's this all about?

I have this morning received three letters from Computershare, asking me to "complete and return a tax self-certification form". This is required "for the company to comply with the tax reporting regulations set out in the Foreign Account Tax Compliance Act and/or the Common Reporting Standard ..."

It goes on to say that if I fail to report, the company may have to report details to the relevant tax authority.

...Been there done that (as several other TMF/LMF posters have). Just fill in, register online whatever, then forget about it.

[XFool]

Why on Earth would it bother me if the companies (have to) report my holdings and dividends to HMRC?

The "relevant tax authority" isn't HMRC - it's the IRS!

FATCA is a USA law, and you need to fill in the form basically to prove that you're not American. Otherwise they are required to assume that you are in fact a US citizen, and charge US taxes on your account.

It's more likely to do with International Reporting Standards (on tax), whatever.