FATCA and the United Kingdom
Posts on The Isaac Brock Society website concerning
FATCA and the United Kingdom
For articles on other websites, see Media and Blog Articles
For general discussion of FATCA, see FATCA Discussion Thread
April 2019
02: Event: Congressman Holding, Proposed Changes for Taxation of Americans Abroad, London, UK, 24 April
September 2018
27: Interview with Solomon Yue & John Richardson in London UK Sept 2018
27: Legislation to help American expats imminent, London audience told
14: AmChan RO & DA September 2018 London Paris Frankfurt
10: Non-partisan discussion set for London on efforts to end U.S. citizen-based tax regime
August 2018
02: Update on UK Accidental Americans
July 2018
03: The Repatriation tax and the 962 Election for Americans with a U.K. corporation (9)
01: U.S., U.K., Canada, Australia and Netherlands form international tax enforcement group
August 2016
02: Reminder – Solving U.S. Citizenship Problems – LONDON UK Sunday, August 7, 2016
July 2016
16: Why Boris Johnson must relinquish US citizenship on the occasion of his appointment as British Foreign Minister
February 2016
24: Solving US Citizenship Problems-London UK Monday, February 29, 2016
June 2015
02: Boris Johnson: proud double-taxpaying supporter of the Anglo-American imperium
Mary 2015
29: The ISA, *exempt from FATCA Reporting* says UK Intergovernmental Agreement with the US…
March 2015
25: Eritreans in UK fight back against diaspora tax
February 2015
25: Reminder for London UK Information Session – Monday, March 2, 2015
15: Failure to launch for Boris Johnson
December 2014
04: About @MayorOfLondon Boris Johnson by Laura Saunders @Saunderswsj features familiar names
01: From ACA — To the Editor of Tax Notes — a Thank You to Boris Johnson
November 2014
August 2014
23: Non-US Accounts Being Reviewed in UK at the Expense of Non-US Persons
October 2013
02: BBC Article: Why I Gave Up US Citizenship
September 2013
30: BBC World Service: What it feels like to give up your American citizenship
26: Via @BBCNewsMagazine, Why are Americans Giving Up Their Citizenship? Simple Answer: #FATCA
14: Why people renounce citizenship: a view from London
August 2013
26: Britain condemned the diaspora tax
June 2013
13: Cameron continues to push Harper to signup to FATCA
08: UK PM Cameron pushing hard against US Congress to break Delaware secrecy
November 2012
19: UK Explanatory Memorandum on FATCA IGA
August 2012
28: British want their own version of FATCA
June 2012
30: Meet Accidental American Boris Johnson, Mayor of London
May 2012
08: U.K.'s Association of Investment Companies suggests members not comply with FATCA
February 2012
Okay, just when you think the FATCAbsurdity can’t go any further, now there are UK PTAs being sent FATCA forms by HSBC.
http://www.eastdulwichforum.co.uk/forum/read.php?29,1612066
Looks as if parent volunteers acting as treasurers were sent FATCA forms by HSBC:
One asks the question;
‘Any PTA Treasurers filled in FATCA form’
…………
“We’ve received a FATCA questionnaire form from HSBC for our piddling PTA account – I guess it’s just a technical requirement in the current climate. But as it’s all in US Tax-speak – and not in any way written with small charities in mind – I’m struggling to work out exactly what category we should tick. Equally I don’t want to tick the wrong one and end up causing ourselves headaches. HSBC state on the paperwork that you should consult a tax advisor with questions as they don’t give advice on this.
I suspect HSBC probably have sent these out to all their account holders so wondering if any of the other PTA’s out there have worked out what we are? Or any in financial services who could assist?”………………..
http://www.thisismoney.co.uk/money/experts/article-3456332/TONY-HETHERINGTON-son-like-Boris-accidental-American-caught-nasty-trap.html
‘TONY HETHERINGTON: Your son is like Boris . . . an ‘accidental American’ caught in a nasty trap’
Financial Mail on Sunday
Published: 23:59 GMT, 20 February 2016 | Updated: 23:59 GMT, 20 February 2016
Reader writes of FATCA related bank acct problems in UK
I see some of these issues were discussed here;
http://talk.uk-yankee.com/index.php?topic=86192.15
Brexit. A win for accidental American Boris Johnson.
https://twitter.com/JCDoubleTaxed/status/746295041807638528
@JC
There is no evidence that Boris has actually renounced. How would you feel about having a dual US/UK citizen as a UK prime minister?
Someone has to ask him his citizenship status.
Yes, he should have to prove he’s no longer a US citizen.
@heidi – As Boris Johnson called US Birthplace taxation “Outrageous” I am quite happy for him to be UK Prime Minister. Which other major global political figure said this? Answer, none.
He might say that the US made it financial suicide to renounce. I would believe him.
He might feel more compelled to cross the US to show his US citizenship does not make him a puppet of the US. I think this would be a good idea for him.
It’s hard to imagine any modern British Prime Minister not kneeling down in front of the imperial USA. Look at the strange bedfellows in recent memory: Blair was practically W’s girlfriend, then Cameron like the playground weakling all goo-goo-eyed toward popular kid Obama. That list will inevitably include Johnson, if he becomes PM. With the UK out of the EU, no British government would want to go full isolationist. That means sucking up to the USA more than ever, and putting aside whatever personal grudge someone like Boris may harbor.
Boris was a dual from birth, he would be excused the exit tax. As a US citizen he would have to declare to the US any financial accounts he had signature over, God help us if he is made Chancellor!
As a US citizen, he could be subject to any kind of persuasion from the US. It is untenable for him to have divided loyalties. Boris ‘outragious’ was a lot of hot air. He did not speak out for others in his situation. He is an opportunist, time will bear that out.
I fear there will be even greater ties to the US now the UK has voted to leave.
Heidi that is my fear too.
Further, Boris never responded to my letter in which I told him I knew how it felt.
I wish I had heard more about the UK’s sovereignty concerns than it being played out as more anti-immigration based, as in “us” versus “them’.
Will be interesting to see how this unfolds. Just hope the markets settle down. Our CAD is low enough.
@Ginny
I am not surprised you heard nothing.
Boris was only outraged for himself, after he got his tax sorted he declined to discuss the CBT/ fatca matter further.
If Boris does become the new PM, he may inherit a poisoned challis as few conservatives wanted Brexit and could make his job difficult when gov consensus is needed.
@ heidi
Perhaps Boris struck a deal with the USG, while they continue to come after us, the minnows. He certainly has never come out and said he renounced, so we may have to conclude he is compliant. I assume UK voters are aware of his POB; will that be an issue to any? Or is it just old news?
At any rate, I conclude the UK is now as politically divided as their former colony and Trump will/is making the best of this. I will be closely following what Scotland will now do. And Hilary for that matter. We do live in interesting times. I confess I am far more interested in UK politics than US. Mainly because I have a better familiarity and understanding of the parliamentary system. I will never grasp super delegates, primaries etc. Not that our system doesn’t have its own flaws of course.
@Ginny
One does wonder why such a vocal man suddenly became so silent after his tax situation was sorted.
The telegraph newspaper had an article about him clearing the decks to renounce, so I think most UK citizens who know of his problems think this has happened.
Yes, I too prefer the parliamentary system than the US presidential extravaganza.
Interesting times….but not the best of times. As a child of the 60’s, I think I am fortunate to have already had those. 🙂
@ Canadian Ginny
“Perhaps Boris struck a deal with the USG, while they continue to come after us, the minnows.”
That’s what I have thought all along. I think BJ had to pay the capital gains tax on the home he sold but the USG waived all penalties in lieu of his political position. They certainly didn’t want Boris with his verbal prowess and his political pulpit attracting attention to the FATCA minnow traps they are laying down all over the world. Those traps are set to extort penalties because there’s just not much in the way of taxes owed to squeeze out of minnows.
@heidi I don’t enjoy the perspective of Boris Johnson of someone who lives in the UK.
However, consider this:
I see my role and the role of many here as an Instigator(s). How does one instigate change? In regards to Brexit and Boris Johnson, I may suggest that one “plays up” facts and positions advantageous to our cause of Liberty and Justice for all United States persons abroad.
This involves highlight of Boris Johnson’s accidental American status, his “run in” with the IRS for UK assets paid for from UK income, and his public announcement that he felt that the US laws were “Outrageous!” Another good aspect to highlight is (cr. @EmBee): did he get a deal from the US because of his position, while the rest of us minnows get the full brunt of the law?
We don’t know Johnson’s current US status. What I do know is many here and on the web who felt forced to renounce/relinquish US citizenship, don’t go away and say finally it is all over and don’t think about it again. They remain angry at it all. Very angry.
So, I believe it a good assumption that as Boris Johnson once found it all “outrageous” he still thinks it “outrageous” today. Double plus he just led his country on an historic vote and outcome for UK Sovereignty to exclude extraterritorial laws (EU laws) from UK soil. The trend is our friend in Johnson’s views on extraterritorial laws. He wold even be in a better position to exclude and highlight disadvantageous extraterritorial law (including US law) when he becomes PM.
Not considering Boris Johnson, the Brexit shows anger at and highlight over extraterritorial law. The outcome shows that perhaps not all extraterritorial law is good law or should not be questioned (as in “the law is the law”), but it shows that nations must proceed with a higher level of caution and questioning of extraterritorial law. One need only look at the volatility and uncertainty caused by Brexit as the huge potential costs of rubber stamping extraterritorial law, which includes laws such as FATCA, FBAR, and CBT. Nations had better mitigate risks and question more. Hopefully this message get across to the Canadian government. We may instigate to help get the message through.
The Brits may just make sovereignty fashionable again.
@EmBee
I believe that Boris paid the capital gain tax on the sale of his London home too, but any waiving of penalties would not have anything to do with his political position – Streamlined would, as it did for me.
I also agree with JC that Boris probably finds CBT just as “outrageous” as he did the day he said it – but realized he’d only make his situation worse by continuing to make a target of himself at that point. Boris will probably die on a much bigger hill. Maybe it will be Brexit.
@ JC and Bubblebustin
Boris Johnson may soon have a bigger bullhorn if he takes over for the departing David Cameron. I would hope he’d blow a few anti-FATCA toots with that bullhorn but it remains to be seen what he’ll do. At the very least this BREXIT win should force him to straight out acknowledge whether or not he is still American and if he is still American will he or will he not renounce. His main focus now will be how to extricate the UK from the EU with the least amount of turmoil. I wish him and all the people of the UK a smooth transition and pray there will not be any effective interference from The Powers That Should Not Be.
@ George
I’m happy you’re happy. 🙂
@JC
I would agree with you except for the fact that he continues to be an American, why, when as a dual from birth he could do it with very ittle pain. As an american, uncle Sam could continue to have a hold on him.
I doubt that we will get any change from Politicians but only from brave people like Gwen and Ginny.
Time will tell with Boris, IF he can manage to gain and hold the PM position and to quell the bad feeling that must exist now within his political party, most of whom wanted remain.
A new article that gives reference to Johnsons’s US citizenship, claiming he renounced his US citizenship by giving reference to the same article where he says he intends to renounce. Whether he has or not will now become of increasing importance now that he intends to lead the UK out of the EU.
http://www.theguardian.com/politics/2016/jun/25/who-is-boris-johnson-brexit-referendum-uk-prime-minister#comment-77245115
Are you a Yank or not, BoJo?
@bubbles
Interesting, the Guardian was the only UK newspaper who supported remain.
Maybe Boris claimed a relinquishment based on his being an MP and maybe as we suspected relinquishments do not appear on the name and gain list. I doubt he has done the deed, as surely he would broadcast it. I hope the powers that be press him on this.
I think he faces an uphill struggle for the PMship, there is a growing oopposition.
@ heidi
Funny you should mention that as I am at this moment reading this article as to UK newspaper’s positions.
http://www.inkermagazine.com/what-the-papers-are-saying/
@ heidi
except for the fact that he continues to be an American, why, when as a dual from birth he could do it with very ittle pain. As an american, uncle Sam could continue to have a hold on him.
++
Since Boris hasn’t really stated what decision he came to tax wise or renouncing, I’d like to think he rejects US citizenship as Gwen and I do.
But I disagree he could renounce with little pain just because he is a dual. There is still financial pain; there is still the pain of being considered property of a foreign country in which one spent little time.
But because he is a politician he is incapable of being open and transparent as Gwen and I have been. I would say once again to him that birth plus five years residency is such an insignificant amount of time that it bears paying no attention to.
@ heidi
My husband relinquished and his name appeared on the list. Eric’s posts are a testament as to how screwed up (and politicized) that registry is. [sigh] It’s garbage in, garbage out, for the registry computers … assuming they use computers and aren’t making entries with quill pens on paper by candlelight.