Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of what additional compliance requirements the US Foreign Account Tax Compliance Act will place on UK-based companies over and above the requirements of the UK system with which they are already compliant.
An assessment of the administrative and financial impact on UK industry of the implementation of the US Foreign Account Tax Compliance Act (FATCA) in the UK, including compliance costs, was published alongside The International Tax Compliance (United States of America) Regulations 2013 which gave effect to FATCA.