Law firm Carey Olsen has published an explanatory brief on the implications of the draft intergovernmental agreement (IGA) Guernsey is in the process of finalising with the UK covering a tax package of three initiatives.
Guernsey's Chief Minister, Peter Harwood, has announced that the finalised terms and details of the UK IGA will be subject to an industry-wide consultation. Also confirmed is the intention that both the UK IGA and the US IGA will be published concurrently. Covering the possible impact of the UK IGA on Guernsey financial institutions, Carey Olsen explains that financial institutions are likely to have to report detailed information on accounts, property and financial holdings (‘reportable accounts’) in which those who fall within a defined or specified class have an interest. “The specifi...
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