Posts Tagged 'UK legislators'

FATCA: The operational impact of the final HMRC guidance

Following a consultation, HM Revenue & Customs published the regulations and guidance on the implementation of the U.S.-UK Foreign Account Tax Compliance Act intergovernmental agreement on May 31, 2013.

The IGA was designed to achieve FATCA’s aims (reducing tax evasion by U.S. citizens by requiring non-U.S. institutions to report information to the Internal Revenue Service (IRS)) while at the same time reducing the burden on UK companies (punitive withholding) and the risk of contravening the Data Protection Act 1998. Numerous companies, ...

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UK legislators seek British version of U.S. tax disclosure rules

A cross-party committee of British legislators has called on the government to introduce U.S.-style automatic disclosure of information on UK citizens by foreign institutions and tax authorities to help stem global cross-border tax evasion.

In a report published on Thursday, the International Development Committee said that if tax authorities are required to share information on UK individual taxpayers or corporations, it would help stop international tax evasion.

The proposed legislation takes as inspiration the new U.S. Foreign Account Tax Compliance Act (FATCA), ...

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