Global

Details

  • Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/25/2013

United Kingdom - FATCA-like information agreements signed with Jersey, Guernsey 

October 25: Representatives of the governments of the United Kingdom and Jersey and of the United Kingdom and Guernsey, on 22 October 2013, signed  tax information sharing agreements, intended to address tax evasion and avoidance. *

These agreements are part of a growing trend for automatic exchange of information, and follow the conclusion a similar agreement between the United Kingdom and the Isle of Man, signed earlier in October. See TaxNewsFlash-Europe: United Kingdom - FATCA-like agreement signed with Isle of Man


Financial institutions will need to determine that their operations in the Crown Dependencies have the systems and procedures in place to capture and report the necessary data.


In conjunction with the agreements, HM Revenue & Customs (HMRC) established the Jersey disclosure facility and the Guernsey disclosure facility (as well as the Isle of Man disclosure facility). These allow for the disclosure and settlement of outstanding tax liabilities before information is exchanged with HMRC.


Read an October 2013 report [PDF 795 KB] prepared by the KPMG member firm in the United Kingdom: Weekly Tax Matters (25 October 2013)


Also included in the report are the following topics:


  • Channel Islands Stock Exchange Listings - update
  • UK patent box - code of conduct working group assessment
  • AG’s opinion in Felixstowe Dock and Railway Co consortium relief case
  • High Court decision in CFC and Dividend Group Litigation
  • Research & Development expenditure credit draft guidance
  • UKUT 517 – Loughborough Students’ Union
  • Pensions liberation – changes to HMRC registration procedures
  • Offshore employment intermediaries – the non-oil and gas industries
  • Offshore Employment Intermediaries – oil and gas industries
  • National Insurance and entertainers
  • HMRC withholding income tax repayment claims

*March 17: The Channel Islands authorities have issued draft guidance notes following the signing of intergovernmental agreements between each crown dependency and the United Kingdom and between each crown dependency and the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




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now