Tuesday, 16 October 2012

UK and US sign FATCA agreement

On 12 September 2012, the UK and US governments signed the agreement to implement the reporting and withholding provisions enacted in the Foreign Account Tax Compliance Act.  This will enable the US authorities to obtain information on accounts held by US citizens or Greencard holders at Foreign Financial Institutions (FFIs).

The agreement is reciprocal so non-resident holders of US accounts will exchange information with the UK authorities.

Other jurisdictions such as France, Italy, Germany and Spain are involved in discussions with the US regarding similar agreements.  

Contact PetersonSims at:
UK +44 (0)1626 572100
France +33 (0)533520933