Dec 2012 | Ireland and the US FATCA

Budget 2013 announced that Ireland has concluded an Intergovernmental Agreement with the US to implement their legislation known as FATCA (Foreign Account Tax Compliance Act).

This controversial US legislation is designed to protect the US from its citizens not reporting their non US taxes however its wide remit has caused a lot of concern particularly insofar as there may be considerable compliance issues for financial institutions and other bodies holding funds where investors are US citizens.

The detail of how Irish holders of investments is expected in Finance Bill 2013. It remains to be seen how this will affect the likes of trustees holding trust funds where some of the potential beneficiaries may have US connections.

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Aileen Keogan | Solicitor & Tax Consultant | 21 The Avenue | Louisa Valley | Leixlip | Co. Kildare | Ireland

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