UK FATCA update
The UK government announced late last year that it would seek to make arrangements for the automatic exchange of information with its overseas territories. The UK’s legislation is modelled after and applies similar information sharing techniques to those incorporated in the US Foreign Account Tax Compliance Act (FATCA); such arrangements have come to be known as ‘UK FATCA’ or ‘son of FATCA’.
The Cayman Islands government has announced that it has now signed a FATCA-type intergovernmental agreement (IGA) with the UK. Cayman’s premier, the Hon Alden McLaughlin, noted that the agreement ‘strongly indicates our mutual support for a single, global standard for the automatic exchange of information’.
The UK and Cayman Islands governments intend to monitor the effects of the IGA to ensure it creates an appropriate balance — not creating undue hardship on financial institutions while constituting an effective tool in the ongoing global efforts to fight tax evasion…
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Cayman Islands Law Update: the Exempted Limited Partnership Bill and the Contracts (Rights of Third Parties) Bill
Following extensive consultation in both the public and private sectors, the Exempted Limited Partnership Bill 2014 was gazetted on 21 February 2014.
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.