More financial centres are believed to be on the verge of signing an exchange of information agreement with the UK. Guernsey is the latest to announce it's intention to finalise a draft agreement on a proposed tax package with the UK which comprises an agreement in principle to enhanced reporting of tax information along Foreign Account Tax Compliant Act (FATCA) principles through an Intergovernmental Agreement (IGA) with the UK.
The agreement includes alternative reporting arrangements for non-domiciled UK tax residents (non-doms); agreement to negotiate a revised Double Taxation Agreement; and agreement on a disclosure facility. Fiona Le Poidevin, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry, said: “Guernsey’s statement of intent to finalise agreement on a tax package with the UK is another clear demonstration of the Island’s position as a well regulated and compliant international finance centre and of our strong relationship, as a Crown Dependency, with the U...
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