Cayman Islands, Guernsey and Jersey announce intention to enter into FATCA agreements with the US and UK
The respective governments of the Cayman Islands, Guernsey and Jersey have recently made separate announcements concerning their intention to enhance existing tax information exchange arrangements with the UK by way of:
- a tax information exchange agreement based on the inter-governmental agreement (IGA) that is being negotiated with the US for FATCA purposes;
- a separate reporting regime for UK resident, non-domiciled individuals;
- a disclosure facility, for use in the event that UK taxpayers wish to regularise any outstanding tax matters.
In the case of Guernsey and Jersey, it is expected that discussions to renegotiate the existing double tax arrangements with the UK will also take place. Importantly, the governments of the Islands also intend to enter into an IGA with the United States in relation to FATCA in similar terms to the IGA already entered into between the UK and the US…
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