Mercury Rising 鳯女

Politics, life, and other things that matter

Maybe Obama has been doing something during his time in Washington

Posted by Charles II on November 25, 2012

Jamie Doward, The Guardian:

Radical plans to force the UK’s tax havens to reveal the names behind hidden companies, account holders and trusts have been drawn up by the Treasury.

A leaked document reveals that the UK plans to impose its own version of the US Foreign Account Tax Compliance Act (Fatca) on the crown dependencies of Jersey, Guernsey and the Isle of Man, as well as its overseas territories, such as the Cayman Islands.

Fatca, which will come into force in the middle of next year, requires foreign banks to report American account holders to the US Inland Revenue Service. The draft UK equivalent, seen by the magazine International Tax Review, will require British tax havens to make similar disclosures about UK account holders to UK tax authorities.

So Romney loses an election, loses his tax havens. I bet the latter hurts a lot worse.

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2 Responses to “Maybe Obama has been doing something during his time in Washington”

  1. And I wouldn’t be surprised to find out that this is Obama’s doing. The article mentions that just last month, the UK government had rejected a proposal to create the British equivalent of FATCA — yet now a de facto FATCA is being planned. I suspect that some outside pressure was brought to bear. (And yes, the first if not only places we”ll hear about this in the US will be from hate-radio jocks and hatebloggers claiming that Obama forced this in order to attack his Republican foes. Which may well be true.)

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