The FATCA IGA has been released by HM Treasury this morning. A couple of comments: This type of legislation being proposed to be enacted by the UK Government in Canada would be outright Charter violation. The UK admits to the agreement not being reciprocal and in fact the information UK will be getting from the US is basically the same as Canada is already receiving. David Cameron and George Osborne are also total losers.
Here is the quote from George Osborne:
Welcoming the publication of the model, George Osborne, Chancellor of the Exchequer, said:
“We need to be as tough on tax evasion abroad as we are at home. The Model Agreement constitutes an important step in tackling international tax evasion. We have achieved substantial changes to how FATCA will be implemented that will provide significant benefits to UK financial institutions while strengthening our ability to tackle the evasion of UK tax. I look forward to the prompt conclusion of our bilateral negotiations and the signing of our agreement with the United States.”