Summary
1.Section 222 gives HM Treasury a power to make regulations for the purpose of, or in connection with, giving effect to the agreement between the Government of the United Kingdom and the Government of the United States of America to improve international tax compliance and to implement FATCA. FATCA means the United States’ provisions commonly known as the Foreign Account Tax Compliance Act contained within the Hiring Incentives to Restore Employment Act. The power also enables HM Treasury to make regulations in respect of agreements or arrangements entered into for the exchange of tax information which are corresponding or substantially similar.
