America’s notorious tax-compliance law faces another challenge

Foreign Account Tax Compliance Act was passed by America’s Congress in 2010, it was overshadowed by the jobs bill into which it had been shoehorned as a revenue-raising provision. But of the two,packed the stronger punch. The law, designed to stop Americans stashing money abroad to evade tax, ushered in a global revolution in financial transparency. It forced banks worldwide to start coughing up, via their tax agencies, information on clients with links to America.

A woman known only as Jenny, represented by Mishcon de Reya, a British law firm, is trying to raise £50,000 on a crowdfunding site to challenge the right of, Britain’s tax authority, to pass her information on to America’s Internal Revenue Service .

’s objective—to catch tax evaders—because she earns less than $104,000 and thus qualifies for an income-tax exemption under American rules.. A group called the Association of Accidental Americans brought a case in France, but it was dismissed. An anti-lawsuit in America, backed by Rand Paul, a Republican senator, was tossed out in 2017 on the ground that America’s constitution provides no expectation of privacy regarding financial records.

Mr Noseda sees Jenny’s claim as an important test case which, if successful, could spawn others. Another client of Mishcon de Reya has complained to Britain’s data-protection regulator about. The law firm has also been instructed by a European company to look at ways of challenging national public registers of corporate ownership. With registers “it’s the same argument but more so, since the information is shared not just with tax authorities, but everyone,” says Mr Noseda.

Anti-corruption campaigners pooh-pooh such efforts, which they view as doomed rearguard actions by a tax-averse elite. But Mr Noseda insists it is about more than minimising tax bills: “There is a big tension between transparency and privacy, and we need to find the right balance.”section of the print edition under the headline

CrossBriton And that's probably why FATCA will be here to stay even in Europe, unles the GDPR rules bring it down and I am so hoping it will. Fuck the USG.

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