HM Treasury: UK sets out approach to US anti tax evasion legislation, FATCA

08 February 2012

The UK government has issued a joint statement with the governments of France, Germany, Italy, Spain and the United States, setting out an agreed approach to the US "FATCA" legislation, which aims to combat cross-border tax evasion.

This focuses on an intergovernmental approach to information exchange, which addresses certain legal difficulties and compliance burdens that would otherwise arise for financial institutions affected by FATCA.

Welcoming the joint statement, David Gauke, Exchequer Secretary to the Treasury, said: “The Government is committed to tackling tax evasion, wherever it takes place. This joint statement builds on the close cooperation of all the countries involved, and of the European Commission, in tackling cross-border tax evasion and provides a practical way forward that should reduce the burdens on the financial sector." 

Press release

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