United States and United Kingdom sign first bilateral FATCA intergovernmental agreement

| September 2012

Overview

The United States (US) Department of the Treasury and United Kingdom's (UK's) HM Treasury on September 14 announced the signing of the first intergovernmental agreement (the US-UK IGA) under the Foreign Account Tax Compliance Act (FATCA). As anticipated, the agreement specifically identifies the UK institutions and products that are seen as presenting a low risk of being used to evade US tax and, therefore will be effectively exempt from FATCA requirements.

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