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Press Release

Wednesday 19 September 2012

IMA CONTINUES TO WORK WITH UK GOVERNMENT TO ENSURE SMOOTH IMPLEMENTATION OF FATCA

IMA welcomes HM Revenue and Customs’ consultation on implementation of FATCA in the UK, published following last week’s signing of the Intergovernmental Agreement on the US Foreign Account Tax Compliance Act (FATCA).

Julie Patterson, IMA Director of Authorised Funds and Tax said:

“The consultation demonstrates the UK Government’s continued commitment to ensuring the US FATCA requirements are translated into practical rules for UK firms and fund investors.

“IMA’s Asset Management Survey illustrates the grave concern that uncoordinated, extra-territorial regulations such as FATCA are causing; senior industry figures interviewed for the survey said that such protectionist regulations risked hindering global markets and limiting investors’ choice and returns.

"IMA has lobbied for final amendments to the US requirements, in addition to undertaking considerable work with the UK Government towards limiting the impact of FATCA implementation in the UK.  We will continue to remain fully engaged in the interests of all investors (US and non-US) in UK funds.”

-ENDS-

For further information please contact:

Mona Patel, Head of Communications
mpatel@investmentuk.org
020 7831 0898 or 07834 089332

Christina Bridge, Press Assistant
cbridge@investmentuk.org
020 7831 0898
 
About the Investment Management Association

  • The IMA is the trade body for the UK's £4.2 trillion asset management industry (retail and institutional) which is one of the world's leading investment management centres.
  • Our role is to represent the interests of the asset management industry to government and regulators both in the UK and internationally.
  • The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.

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