August 20, 2010: Association of British Insurers (ABI)
Global FATCA Development
The Association of British Insurers (ABI) submitted in-depth comments to the Internal Revenue Service (IRS) asking for limitations to the current scope of FATCA.
The ABI said that U.K. insurance companies should be excluded from FATCA as they believe they pose little risk of U.S. tax evasion and that their policies are inherently unattractive for those seeking to avoid U.K. or U.S. taxes. The ABI also notes the serious systems limitations and effective date of FATCA which “make it impossible for U.K. insurers to be able to fully comply with the FATCA requirements.”
A copy of the letter, as originally published by Tax Analysts, is attached.
Contact FATCA Leader for further information.