Jersey has signed an Inter-Governmental Agreement (IGA) with HM Treasury agreeing to a number of tax information exchange measures. The UK has now signed automatic tax information exchange agreements with the three Crown Dependencies – Guernsey, the Isle of Man and Jersey. The agreements are available on the HMRC FATCA site. http://www.hmrc.gov.uk/fatca/index.htm  

Introduction In May 2013 the government opened public consultations for a proposal on a comprehensive overhaul of the Swiss tax crime regime. Following the government’s February 2013 proposal to implement the Financial Action Task Force (FATF) Recommendations 2012 and redefine the criteria characterising tax offences under Swiss law, the new proposal takes a further significant […]

On 22 October 2013, a draft amendment to the Taxation (Exchange of Information with Third Countries) (Jersey) Regulations was lodged with the States of Jersey. The accompanying report states that the main objective of the amendments is to address: A number of perceived shortcomings with the current regime; and Jersey’s inclusion on the French list […]

Her Majesty’s Revenue and Customs (HMRC) has issued guidance on the implementation of the International Tax Compliance (United States of America) Regulations 2013, which come into force on 1 September 2013. The guidance is designed to assist businesses, their advisers and HMRC staff and applies, in particular to, UK financial institutions, UK entities that will […]

After publishing a list of 20 ‘most wanted’ tax evaders last year, HMRC admits it has so far caught just one – but adds ten new names to the list Ten new alleged tax-dodgers have been added to the Government’s most-wanted list, even though just one of the original 20 has been caught in the […]

The Regulations require Jersey financial institutions to contact clients who are resident in the United Kingdom for tax purposes to make them aware of the disclosure facility set out in Schedule 2 of the Memorandum of Understanding signed between Jersey and the United Kingdom in March 2013. The Regulations arose as a consequence of the […]

On Thursday, January 17, 2013, the U.S. Treasury Department and the Internal Revenue Service (IRS) released the long-awaited final regulations for the Foreign Account Tax Compliance Act (FATCA). FATCA, codified as Chapter 4 of the Internal Revenue Code, represents the Treasury Department’s efforts to prevent U.S. taxpayers who hold financial assets in non-U.S. financial institutions […]

Six-Month Extension of FATCA Deadlines and Other Guidance Regarding Implementation On July 12, 2013 in Notice 2013-43 (the “Notice”),  the Internal Revenue Service (the “IRS”) announced a six-month extension to key FATCA start dates including FATCA withholding and “grandfathering obligations,” which have both been extended to July 1, 2014.  Corresponding adjustments to various other timeframes, […]