THE TRANSATLANTIC MAGAZINE
THE TRANSATLANTIC MAGAZINE
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FATCA Question Follow up in UK Parliament
The UK Government responds to a second question on FATCA
Mid-December, The American reported on a written question asked in the House of Commons relating to FATCA and its application in the United Kingdom.
The Government has now responded to a second question from Labour MP, Preet Kaur Gill, the Shadow Minister for International Department.
Submitted on January 8, Ms Gill wrote to the Chancellor of the Exchequer asking:
"To ask the Chancellor of the Exchequer, pursuant to the Answer of 10 December 2018 to Question 200664, what assessment he has made of the potential administrative and financial burdens placed on accidental Americans resident in the UK by the US Foreign Account Tax Compliance Act."
Responding on behalf of the Chancellor was Mel Stride MP, Financial Secretary to the Treasury.
Mr Stride responded stating:
"In 2013 the UK introduced regulations to support the exchange of information, in line with a UK-US intergovernmental agreement regarding the US Foreign Account Tax Compliance Act (FATCA). Before introducing these regulations, the government carried out an impact assessment in line with the usual tax policy making process.
As set out in the answer to Question 200664, the government continues to engage with the US Treasury and Internal Revenue Service regarding the impact and implementation of FATCA.
With the continued coverage of the scenarios faced by Americans residing abroad, culminating in a proposed bill in the United States to end Citizenship Based Taxation, Ms Gill's question is another interesting example of developments from advocacy groups bearing fruit in the Political systems in the United States, the United Kingdom and beyond.
Watch this space ...
You can see the Written Question on the UK Parliament website.
