UK-US FATCA agreement signed

On 12 September 2012, the United Kingdom and the United States governments signed a bilateral agreement to improve international tax compliance and implement the withholding tax and reporting of information provisions within the Foreign Account Tax Compliance Act (FATCA), which aims to combat cross-border tax evasion by US tax residents using foreign accounts. The agreement has been presented to the UK parliament for its ratification and, after a consultation, the draft legislati…