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Proposed U.K. ‘FATCA’ Law Likely to Face Tough Resistance from Banks
By Vanya Dragmanovich
printA plan by the United Kingdom's Parliament to make it obligatory for non-U.K. financial institutions to disclose data about their British clients is likely to face stiff resistance from the banking sector, say sources. In late August, the Parliament's International Development Committee proposed mandating a British counterpart to the U.S. Foreign Account Tax Compliance Act (FATCA), a 2010 law that will allow the United States to withhold up to 30 percent annually on non-participating transactions. Any such law should ultimately require non-U.K. tax authorities to automatically exchange data related to British entities, the committee said. What's more, the U.K. should...
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