Questions and Answers about FATCA
This page provides you with an overview of the Foreign Account Tax Compliance Act (commonly known as FATCA), which are contained in the US HIRE Act 2010 and the potential impact on Quilter Investors and all its UK and Irish domiciled funds, as Financial Institutions and their investors.
For more information on FATCA please visit www.gov.uk/government/publications/uk-us-automatic-exchange-of-information-agreement.
The FATCA is a piece of US legislation within the US HIRE Act 2010 that is aimed at reducing tax evasion by US citizens.
The law affects non-US Financial Institutions (also known as “Foreign Financial Institutions” or “FFIs”) in that it requires them to introduce measures to identify and report US taxpayers who have accounts, which includes any direct customer of Quilter Investors or any investor in any of Quilter Investors’ funds to the US tax authorities, the Internal Revenue Service (“IRS”). A 30% withholding tax is imposed on the US source income of any Financial Institution that fails to comply with this requirement.