New UK Information Exchange Rules Will Help Jersey

by Jason Gorringe, Tax-News.com, London

21 September 2001

Speaking at a one day conference on the island, CEO of the Association of Private Client Investment Managers and Stockbrokers, Angela Knight, said that the forthcoming tax evasion and money laundering information exchange rules which the UK government plans to implement in April 2002 will put more business Jersey's way.

Mrs Knight said that the government in the United Kingdom was in the process of compiling a list of fully reporting countries, and that information on assets belonging to resident citizens of those countries housed or managed in the UK would have to be given to the government, and could then in turn be passed on to the authorities in their home countries.

Although the changes, when they are first implemented, will only apply to interest earned from non-resident bank accounts, they will in time extend to income from securities, and the fear that their country may end up on the list is already driving individuals and businesses towards Jersey, according to Mrs Knight.

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