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: #funfridays #taxrelief #tax #transferpricing http://t.co/f4A37Zp3E2

Apr 17 2015 02:16 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Welcome to our new followers - @StephensonSmart @didacvs @GregoryC1998 @FinanceInd2day- hope you all have a good weekend!

Apr 17 2015 08:51 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @AislingTax: Really don't know where I stand on tax "planning" v "avoidance" language. To my mind qualitative difference between Ramsay …

Apr 16 2015 08:18 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Unashamedly piggybacking off a non-tax issue, @Vestager was one of our #globaltax50 in 2014 #google #competition http://t.co/zfUDhwZxvB

Apr 16 2015 11:45 ·  reply ·  retweet ·  favourite
International Tax Review Profile

OECD looks for comments on evidence for base erosion and profit shifting, how large it is & how to measure it #BEPS https://t.co/h5PQ0mS6c2

Apr 16 2015 11:30 ·  reply ·  retweet ·  favourite
International Correspondents

After the Irish budget, what would make you more likely to put more substance into Ireland?