Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/18/2013

United Kingdom - FATCA-like agreement signed with Isle of Man 

October 18:  Representatives of the governments of the United Kingdom and the Isle of Man on 10 October 2013 signed a tax information sharing agreement, intended to address tax evasion and avoidance. Similar agreements with the rest of the UK Crown Dependencies and the Overseas Territories are expected to follow.*

The agreement [PDF 209 KB] is the first of this type to be signed and published for which neither party is the United States.


Similar to the intergovernmental agreement (IGA) between the UK and the United States, the agreement with the Isle of Man is a reciprocal agreement (i.e., a range of financial information on UK taxpayers with accounts in the Isle of Man will now be reported to HM Revenue & Customs automatically each year, and vice versa).


HMRC also published draft guidance [PDF 44 KB] along with the agreement, and is expected to issue additional draft guidance and draft regulations, later this year.


Read an October 2013 report [PDF 682 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (18 October 2013)


Also included in the report are discussions of the following:


  • OECD memorandum on country-by-country reporting
  • Restructuring of Channel Islands Stock Exchange (CISX)
  • Bank code of practice consultation response
  • Commission consultation on VAT legislation for public bodies
  • Insurance premium tax – KPMG’s EU IPT survey
  • Granton Advertising – Advocate General’s Opinion to be delivered 24 October
  • Updates to HMRC employment related securities manual

*March 17: The Channel Islands authorities each have issued draft guidance notes following the signing of intergovernmental agreements between each crown dependency and the United Kingdom and between each crown dependency and the United States in late 2013. Read a March 2014 report prepared by the KPMG member firm in Gibraltar: Crown Dependencies issue draft IGA Guidance Notes




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