1. GENERAL NEWS
1.1. Model Intergovernmental Agreement for the implementation
of FATCA
The Government has issued a joint statement with the governments
of France, Germany, Italy, Spain and the United States, announcing
the publication of the Model Intergovernmental Agreement to Improve
Tax Compliance and to Implement FATCA. This is a key step towards
delivering on the commitment to an intergovernmental approach to
implementing the US Foreign Account Tax Compliance Act (FATCA) made
by the same countries in their joint statement published on 8
February 2012.
As set out in the 8 February joint statement, the UK Government
aims to address the legal barriers to complying with FATCA, ensure
the burdens imposed on financial institutions are proportionate to
the goal of combating tax evasion and establish a reciprocal
approach to FATCA implementation.
