The Foreign Account Tax Compliance Act (“FATCA”) is US law designed to prevent US taxpayers from hiding their taxable income offshore. Effective 1 July 2014, this new law requires US brokers and other withholding agents to check the status of their counterparties when making certain payments (including certain (re)insurance premium payments), in order to ensure the transaction will not - whether inadvertently or intentionally - result in the payment of undeclared US taxable income. Companies and other non-natural entities are encouraged to use IRS Form W-8BEN-E to provide evidence of their FATCA status.
Hiscox is therefore making these forms available for those of its insurance carriers which may be in receipt of US sourced insurance premiums.
Should you have any queries, please contact:
In Bermuda: Suzanne Williams
+1 441 278 8529
In the UK: Clare Murray
+44 (0)20 7448 6000
In the US: Ron Lemp
+1 914 273 7468
The Foreign Account Tax Compliance Act (“FATCA”) is US law designed to prevent US taxpayers from hiding their taxable income offshore.