On 21 June 2012, the Chief Minister, Senator Ian Gorst, issued a statement clarifying that Jersey has no wish, or need, to engage with those who seek to involve the Island in aggressive tax planning schemes to avoid UK tax.
- With effect from 1st of October 2014, we expect service providers to ensure that they identify if any new business they take on will facilitate the use by their client of a tax avoidance scheme registered under DOTAS,
- or are of the view that they are involved in a transaction which forms part of a scheme which has a DOTAS reference number, and
- document this accordingly (including confirmation of compliance with DOTAS reporting requirements) as part of their business take-on procedures.
- We are pleased the JFSC will monitor this as part of its assessment of service providers’ compliance with the regulatory requirement to organise and control their affairs effectively and to maintain adequate risk management systems.
Read the Whole Statement: http://bit.ly/2dezwc4
JFSC statement: http://bit.ly/2dZFCzF
This follows 21 June 2012 Statement on aggressive tax planning where the Chief Minister, Senator Ian Gorst, has issued the following statement:
- “Jersey has held the view for many years that our reputation as a successful international finance centre should be built on the range and quality of the financial services offered to the world at large, alongside a firm political commitment to comply fully with all relevant international standards. There is no wish or need to accommodate or give encouragement to those who seek to involve Jersey in aggressive tax planning schemes to avoid UK tax.
- Whilst it is of course for the UK to decide what steps it wishes to take to limit the ability of UK residents to engage in tax avoidance, we will continue to be clear that Jersey does not need nor does it wish to be associated with aggressive tax planning schemes of the kind to which recent publicity has been given in the UK press.
- I have every intention of ensuring to the best of my ability that this message is received, understood and acted upon by all concerned.”
UK HMRC guidance – Disclosure of tax avoidance schemes
Find out about the rules for disclosure of tax avoidance schemes for VAT, direct taxes and National Insurance contributions and penalties for non-disclosure: http://bit.ly/1UhDijw
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