British families billed £500 – to prevent Americans dodging tax

“Draconian legislation enacted in America – and aimed solely at helping American authorities collect tax from their overseas citizens – is translating into bills of hundreds of pounds for ordinary British families. The total cost to British businesses and individuals of abiding by the new US laws, which became effective here only last month, is put at £1bn. Most people will pay unknowingly through higher fees for their investments, banking and other services. But for some families the costs are more explicit. And the invoices are starting to land on their doormats. Tens of thousands of families are beginning to receive letters, and invoices, simply because they have established run-of-the-mill family trusts.”

http://www.telegraph.co.uk/finance/personalfinance/tax/11050777/British-families-billed-500-to-prevent-Americans-dodging-tax.html