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Where Taxpayers and Advisers Meet

FATCA and US Shares

rossfe
Posts:7
Joined:Fri Jan 31, 2014 5:43 am
FATCA and US Shares

Postby rossfe » Sun Mar 08, 2020 11:01 am

UK resident.
US discount broker.
US shares value greater than USD 50,000.
Shares on NYSE.
Shares purchased before 2010 and no trading since.
No dividends just an unrealized capital gain.
Question:
Is information about shares reported from US to the UK under FATCA?

Thank you,

rossfe
Posts:7
Joined:Fri Jan 31, 2014 5:43 am

Re: FATCA and US Shares

Postby rossfe » Mon Mar 09, 2020 12:58 am

I just wanted to add that of course I will fully comply but just would like to know if information about shares is reported from US to the UK under FATCA?

Thanks

rossfe
Posts:7
Joined:Fri Jan 31, 2014 5:43 am

Re: FATCA and US Shares

Postby rossfe » Mon Mar 09, 2020 9:00 am

I forgot to mention that I am a non US person.
Thanks again

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: FATCA and US Shares

Postby AGoodman » Mon Mar 09, 2020 6:07 pm

I doubt anybody on here will know off the top of their head (I could of course be proved wrong).

It's too painful to look up given its a combination of US legislation, UK legislation and the Intergovernmental agreement

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: FATCA and US Shares

Postby maths » Mon Mar 09, 2020 7:58 pm

Am by no means a FATCA expert but at its simplest it is concerned with the IRS seeking to identify USA taxpayers holding financial assets outside the United States ie attempting to preclude USA person from avoiding/evading US tax on foreign situs financial assets.

You state you are not a US taxpayer.

Information the US IRS may gather about non-US persons (eg UK resident taxpayers) holding US situs assets may well be supplied to the UK HMRC under the UK/USA double tax agreement.


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