Package will include an inter-governmental agreement that ‘closely follows’ the FATCA IGA
Jersey’s government has announced that it has agreed a package of tax measures with the UK, days after Guernsey announced that it is set to finalise a similar deal.
‘Following consultation with the island’s finance industry, Jersey has agreed a package of tax measures with the UK government that reflects the island’s special relationship with the UK and its long-standing commitment to join in the global action to combat tax evasion,’ said a statement on the States of Jersey website.
The package will include an inter-governmental agreement (IGA) that ‘closely follows’ the FATCA IGA being negotiated with the US; an ‘alternative reporting arrangement’ for UK-resident non-domiciled individuals; and a disclosure facility that will allow investors with assets in Jersey ‘to come forward and regularise their past tax affairs prior to information on their accounts being automatically exchanged’.
In addition, the UK government is reported to be ‘happy to consider a possible renegotiation of the current double taxation agreement between the UK and Jersey’.
Jersey’s chief minister Ian Gorst said: ‘We have a centuries-old special relationship with the UK and this package puts beyond doubt our long-held commitment to ensuring that the island is not used for tax evasion by UK resident taxpayers. Our internationally recognised reputation for being transparent and well regulated is a key strength of our financial services sector, and what we have now agreed with the UK will serve to further reinforce this message. It is also in the island’s long-term interests to keep in step with the global direction of travel towards greater transparency.’
Package will include an inter-governmental agreement that ‘closely follows’ the FATCA IGA
Jersey’s government has announced that it has agreed a package of tax measures with the UK, days after Guernsey announced that it is set to finalise a similar deal.
‘Following consultation with the island’s finance industry, Jersey has agreed a package of tax measures with the UK government that reflects the island’s special relationship with the UK and its long-standing commitment to join in the global action to combat tax evasion,’ said a statement on the States of Jersey website.
The package will include an inter-governmental agreement (IGA) that ‘closely follows’ the FATCA IGA being negotiated with the US; an ‘alternative reporting arrangement’ for UK-resident non-domiciled individuals; and a disclosure facility that will allow investors with assets in Jersey ‘to come forward and regularise their past tax affairs prior to information on their accounts being automatically exchanged’.
In addition, the UK government is reported to be ‘happy to consider a possible renegotiation of the current double taxation agreement between the UK and Jersey’.
Jersey’s chief minister Ian Gorst said: ‘We have a centuries-old special relationship with the UK and this package puts beyond doubt our long-held commitment to ensuring that the island is not used for tax evasion by UK resident taxpayers. Our internationally recognised reputation for being transparent and well regulated is a key strength of our financial services sector, and what we have now agreed with the UK will serve to further reinforce this message. It is also in the island’s long-term interests to keep in step with the global direction of travel towards greater transparency.’
