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 MOU signed with the UK in March 2013, and require Jersey financial institutions to contact relevant clients to make them aware of the tax disclosure facility set up by HMRC before 31 December 2013 with a reminder to follow in the 6 month period ending 30 September 2016.

In addition to complying with the notification requirements set out above, the process of identifying those clients to be contacted will be a challenge: the criteria relates to beneficial ownership of “relevant property” and UK tax residence after 6 April 1999.

“Relevant Property” includes
• accounts,
• annuity/ insurance contacts or
• entities administered in Jersey.