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Guernsey, Jersey Sign Tax IGAs With UK

by Jason Gorringe,, London

25 October 2013

Guernsey and Jersey have both signed inter-governmental agreements with the UK to improve the automatic exchange of tax information between the jurisdictions.

Guernsey and the UK signed their inter-governmental agreement on October 22, 2013. Chief Minister of Guernsey, Peter Harwood, signed the agreement with the UK's Exchequer Secretary to the Treasury, David Gauke. Mr Harwood commented: "These measures are in line with the provisions of the agreement being negotiated with the US regarding FATCA, which we will be signing shortly. The two agreements with the UK and the US have been supported by our industry, being key to a sustainable future for the finance sector and securing our global reputation for tax transparency.

"When I announced this proposed agreement earlier this year, I emphasized that it was further illustration of Guernsey's commitment to combating tax evasion and the principle of automatic exchange. Our twin IGA approach to US and UK reporting will provide our industry with a very strong platform to compete on the world stage against weaker, less transparent jurisdictions."

The agreement has to be ratified by the States before it comes into force.

Jersey also signed an inter-governmental agreement on automatic exchange of tax information on the same day.

The territory's chief minister said: "This agreement once again demonstrates our long-held commitment to international cooperation on tax matters. It sends another clear signal that Jersey has no need or desire to tolerate tax evasion or aggressive tax avoidance.

"Our relationship with the UK has spanned many centuries and is greatly valued by the people and Government of Jersey. As well as our innumerable cultural, social and historical ties, the UK is our closest economic partner.

"In signing this agreement we are securing this vital relationship while reinforcing our international reputation as a transparent and well-regulated financial services center."

Earlier this month the Isle of Man became the first British Crown Dependency to sign an inter-governmental agreement with the UK on automatic tax information exchange.

TAGS: tax | tax avoidance | FATCA | financial services | Guernsey | Jersey | United Kingdom | agreements | services

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