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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