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HMRC FATCA guidance notes 31 May 2013
HMRC guidance notes issued 31 May 2013.
Pensions are exempted. Extract as follows:
Any pension scheme or other retirement arrangement established in the UK and described in Article 3 (General Definitions) of the UK/US Double Tax Convention (2001) will have no reporting obligations and Reporting UK Financial Institutions will not be required to review or report on accounts held by such pension schemes or other retirement arrangements. This exemption includes separate nominee companies of exempt pension schemes.
Under the UK/US Double Taxation Agreement a â€œpension schemeâ€ is defined as any plan, scheme, Fund, Trust or other arrangement established in the UK which is:
generally exempt from income taxation in the UK; and
operated principally to administer or provide pension or retirement benefits or to earn income for the benefit of one or more such arrangements.
This will include all UK registered pension schemes including those deemed registered by HMRC, and pension funds or pension schemes covered by IRS Announcement 2005-30, 2005-1 C.B. 988, on the Mutual Agreement on UK Pension Agreements. (http://www.irs.gov/irb/2005-18_IRB/ar10.html#d0e1440)