As the UK's tax collection agency, HM Revenue & Customs, is reported to be preparing to reach out to "hundreds" of customers of a bank located in Puerto Rico over possible tax irregularities, financial services industry observers have been pointing out that the bank in question is located in one of five U.S. territories that, like the United States itself, have not signed up to the OECD's Common Reporting Standard (CRS).

Lawyers acting on behalf of the U.S.-born FATCA complainant known as "Jenny", who had been considering whether to go ahead with a challenge to the UK’s Information Commissioner’s Office's May 29 decision not to uphold her crowd-funded complaint over the way her personal data has been sent to the U.S. by British entities in recent years, have formally requested that HM Revenue & Customs agree to waive any so-called "adverse party costs", in the event that Jenny were to go ahead with her challenge – and lose.

Americans who are tax-resident in the UK, and who have recently received Economic Impact Payments from the U.S. government (or who receive them in the weeks and months ahead), will not have to pay tax to HMRC, London-based U.S. tax expert David Treitel says.

A ruling last week by the UK's Supreme Court, in favor of a plaintiff who claimed that data protection laws had been broken in the transfer of her son's personal data to U.S. authorities, is being seen as potentially precedent-setting, as it is said to be the first such case involving questions about the legal transfer of personal data from Britain to the United States since the introduction of the GDPR across Europe in 2018.