Copying and distributing are prohibited without permission of the publisher

UK says no to son of FATCA but David Cameron puts tax evasion on G8’s agenda

21 November 2012

Ralph Cunningham - ITR

The UK government may be eager to help financial institutions comply with the Foreign Tax Compliance Act (FATCA) but it has rejected a call to introduce its own version of the US law. At the same time, the UK said the G8, of which it is the president in 2013, would focus on tax evasion.

The International Development Committee (IDC) of the House of Commons called on the UK to legislate for automatic exchange of information between tax authorities about UK citizens and corporations. The committee also urged the UK to use its influence in international organisations such as the OECD to encourage other jurisdictions to do the same.

However, the government, responding to an IDC report, Tax in Developing Countries: Increasing Resources for Development, said there were other ways, apart from legislation, to tackle tax evasion.

"The UK approach is to work in partnership with other governments, including those in developing countries, to increase tax transparency and exchange of information," the government said. "The government works closely with the G20, EU and...



This article is locked content, available to current subscribers or trialists.

  • Current subscribers or trialists - Please log in to view this article in full.
  • New users - Please take a free 7 day trial.
  • Expired subscribers or trialists - Please subscribe to gain immediate full access.

If you think you've received this message in error, please contact your account manager, Nick Burroughs:
Email: nburroughs@euromoneyplc.com, Tel: +44 (0)207 779 8379

Subscribe now

Subscribe today to gain full access to International Tax Review.

Subscribe

Free trial

Take a free trial now and gain 7 days of full access to International Tax Review.

Free trial





International Tax Review Profile

RT @TPWeek: BREAKING: EC rules #Apple received up to €13 billion in illegal tax benefits from Ireland. https://t.co/A2bHdXsjCl' target='blank'>https://t.co/A2bHdXsjCl https://t.co

Aug 30 2016 10:15 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Japan and Panama signed a #TIEA on August 25.

Aug 29 2016 08:34 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Will the State Aid ruling on Apple cause tension between the US Treasury & Brussels at a precarious time for the EU?

Aug 29 2016 08:31 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @TPWeek: FT report that Apple face multibillion tax bill in EU State Aid ruling. https://t.co/I54GvcWWQf

Aug 29 2016 07:15 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @OECDtax: #Andorra #SaintKittsandNevis & #Senegal also further strengthen intl #tax co-operation today https://t.co/sjFP29nEQM https://t…

Aug 26 2016 08:47 ·  reply ·  retweet ·  favourite
International Correspondents