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Taxation: USA

Question for Treasury

UIN 206440, tabled on 8 January 2019

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.

Answered on

16 January 2019

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.

Answered by

Treasury