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 ...
Man bites dog.
The IRS about to screw the British ,you better keep backups
Boycott the USA?
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)
It’s reparations for the tea tax and revolutionary war.
It is much like a modern Stamp Act. Love the irony.
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.
The new FACTA law means that banks abroad do nir want US persons as customers. It is too expensive
Submit to the IRS, for they are lying, incompetent criminals.
Why cant british banks tell the irs to take a hike with their newest regulations like we did to them a few centuries ago?
“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.)
Relax, Britain - the IRS is sending the same bill to the Swiss, and pretty much everyone else.
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.
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