HMRC has finalised its 145-page final guidance notes on the Foreign Account Tax Compliance Act (FATCA) following consultation with stakeholders such as the Investment Management Association.
IMA head of tax Jorge Morley-Smith, said: "Most tax information exchange happens on a request basis, Fatca makes this automatic.
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"It is now being used as a model for automatic exchange around the world. The G8 are considering adopting Fatca for automatic exchange on a multilateral basis – countries are waiting to see what the UK does," Morley-Smith added.
According to the 10 May 2013 report, HM Revenue and Customs (HMRC) launched a fresh crackdown on offshore tax evasion after analysing new data on individuals and companies.
Also, the guidance note that is pipped to set the standard for global tax exchange gives greater attention to due diligence requirements and operational standards.
On 31, May 2013, HMRC won GBP190 million tax tribunal against Jersey-based NT Advisors (NTA) over a tax avoidance scheme.
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