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According to Treasury Department News Release TDNR TG-1711 (September 14, 2012), the United Kingdom and the United States have entered into an agreement to implement the information reporting and withholding tax provisions known as the Foreign Account Tax Compliance Act (FATCA) (enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010 (P.L. 111-147).
The agreement defines numerous terms, enumerates the parties' obligations to obtain and exchange information with respect to reportable accounts, discusses the time and manner of the exchange of information, and addresses the application of FATCA to U.K. financial institutions.
This agreement targets noncompliance by U.S. taxpayers using foreign accounts. The U.K is the first nation to sign such an agreement with the U.S., and marks an important step in combatting tax evasion based on the automatic exchange of information.
The United States plans to enter into similar agreements with other nations, and the Treasury Department and the IRS are working toward finalizing regulations to implement FATCA.
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