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British public footing a £1bn bill - to aid the US taxman
The Daily Telegraph (UK) ^ | 4 Jul 2014 | Richard Dyson

Posted on 07/04/2014 8:00:05 PM PDT by PotatoHeadMick

Your bank and investment provider are now officially working for the United States tax authorities – and you’re footing the £1bn bill.

On Tuesday July 1, new US tax legislation also clicked into place – US tax legislation that applies in Britain, that is. The US-originated laws require British financial institutions to investigate and report via HM Revenue & Customs any information that may be of interest to the Internal Revenue Service, the US equivalent.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Foreign Affairs; Government; United Kingdom
KEYWORDS: irs; tax
Oh, the irony, on July 4 a British newspaper reports that British subjects must now submit to the tax-collecting authorities of the United States. How times have changed.
1 posted on 07/04/2014 8:00:05 PM PDT by PotatoHeadMick
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To: PotatoHeadMick

Man bites dog.


2 posted on 07/04/2014 8:02:21 PM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: PotatoHeadMick

The IRS about to screw the British ,you better keep backups


3 posted on 07/04/2014 8:02:58 PM PDT by molson209 (Blank)
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To: PotatoHeadMick

Boycott the USA?


4 posted on 07/04/2014 8:05:59 PM PDT by I am Richard Brandon
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To: PotatoHeadMick



5 posted on 07/04/2014 8:08:30 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: PotatoHeadMick

Maybe the British persons will take their McHappy Meals and chuck `em in the Thames?
(”OK, now you’ve done it! The IRS, and you’re gonna have to answer to the Coca Cola company AND McDonalds.” Col Bat Guano)


6 posted on 07/04/2014 8:17:21 PM PDT by tumblindice (America's founding fathers: all armed conservatives)
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To: PotatoHeadMick

It’s reparations for the tea tax and revolutionary war.


7 posted on 07/04/2014 8:20:13 PM PDT by Greetings_Puny_Humans (I mostly come out at night... mostly.)
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To: PotatoHeadMick

It is much like a modern Stamp Act. Love the irony.


8 posted on 07/04/2014 8:26:05 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: PotatoHeadMick

I know a US Person who lost his bank account in the UK over the new FACTA law.

Land of the Free? Not any more.


9 posted on 07/04/2014 8:39:22 PM PDT by theBuckwheat
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To: theBuckwheat

The new FACTA law means that banks abroad do nir want US persons as customers. It is too expensive


10 posted on 07/04/2014 9:10:07 PM PDT by Cronos (Obama’s dislike of Assad is not based on Assad’s brutality but that he isn't a jihadi Moslem)
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To: PotatoHeadMick

Submit to the IRS, for they are lying, incompetent criminals.


11 posted on 07/04/2014 10:15:56 PM PDT by kiryandil (turning Americans into felons, one obnoxious drunk at a time (Zero Tolerance!!!))
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To: PotatoHeadMick

Why cant british banks tell the irs to take a hike with their newest regulations like we did to them a few centuries ago?


12 posted on 07/04/2014 10:44:29 PM PDT by lowbridge
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To: lowbridge

“Why cant british banks tell the irs to take a hike with their newest regulations like we did to them a few centuries ago?”

I’m just guessing here, but I’d say the banks most likely have (chartered) US branches or other US interests. Those interests could be closed down. In addition there are probably national treaties between the US and Britain which force Britain to make its banks comply with US law. The world is a complex place.

Because of NAFTA and GATT the US is subject to foreign courts. If we lose a decision (which, come on, is guaranteed) then our trading partners get to punish us until we comply. When Bush slapped a tariff on steel to get Pennsylvania votes we lost the decision and our trading partners walloped the heck out of businesses in districts where it would hurt Bush the most. (Very sophisticated, I might add.)


13 posted on 07/05/2014 4:08:41 AM PDT by Gen.Blather
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To: PotatoHeadMick

Relax, Britain - the IRS is sending the same bill to the Swiss, and pretty much everyone else.


14 posted on 07/05/2014 4:19:16 AM PDT by Jack Hammer
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To: PotatoHeadMick

I don’t know why foreign governments put up with this kind of American thug bullying.

It is now very difficult for foreign banks to transfer money to and from American banks. Foreign investment into the US has dropped off a cliff.


15 posted on 07/05/2014 6:33:59 AM PDT by stinkerpot65 (Global warming is a Marxist lie.)
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