Where there is a UK discretionary trust with a USA resident beneficiary, there is an understanding that FATCA returns need to be submitted. Where no payments are made, nil returns are required. However, when a deed of appointment is made from the discretionary trust appointing funds to the USA beneficiary, when is the payment made to the beneficiary? | Legal Guidance

Where there is a UK discretionary trust with a USA resident beneficiary, there is an understanding that FATCA returns need to be submitted. Where no payments are made, nil returns are required. However, when a deed of appointment is made from the discretionary trust appointing funds to the USA beneficiary, when is the payment made to the beneficiary? Is it on the date of the deed of appointment or when funds are transferred to the beneficiary?

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Published by a ��Ӱ�� Private Client expert

Published on: 15 April 2024

We have not been able to find any information which directly answers the query. However, we would make the following observations:

The UK has enacted its obligations under the FATCA in the International Tax Compliance Regulations 2015 (2015 Regulations), SI 2015/878.

2015 Regulations, SI 2015/878, reg 6(5)(c) provides that 'references to paying an amount include crediting

Jurisdiction(s):

United Kingdom