Taxation: USA

(asked on 10th December 2018) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions he has had with his counterpart in the US Department of the Treasury on creation of accidental Americans through the US Foreign Account Tax Compliance Act.


Answered by
Mel Stride Portrait
Mel Stride
Shadow Chancellor of the Exchequer
This question was answered on 18th December 2018

The government has engaged with the US Treasury and the IRS on a number of occasions regarding the US Foreign Account Tax Compliance Act (FATCA). The government recognises that FATCA is a particular concern for those who were unaware of the obligations associated with their US citizenship.

However, to clarify, FATCA does not create new accidental Americans. Rather, FATCA created a mechanism for the financial accounts of overseas US citizens to be reported to the US.

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