• Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/17/2013

United Kingdom - Overseas territories to follow global tax transparency  

May 17:  All British Overseas Territories with significant financial centres have signed up to the UK government’s strategy on global tax transparency.

The Cayman Islands, Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands agreed to greater levels of transparency with the UK.

Gibraltar also made the same commitments.

The agreements mean that the UK will automatically be provided with much greater levels of information about bank accounts held by taxpayers in these jurisdictions—e.g., names, addresses, dates of birth, account numbers, account balances and details of payments made into those accounts.

The agreements also pertain to information on certain accounts held by entities, such as trusts.

HM Revenue & Customs announced last week an agreement to work with U.S. and Australian tax authorities on data which reveals extensive use of offshore structures to conceal assets by wealthy individuals and companies.

The KPMG report also discusses these topics:

  • Further guidance on real time information (RTI) issues
  • Supreme Court decision in Futter and Pitt
  • KPMG’s Benchmarking Survey on VAT/GST
  • Government announcements on pensions charging
  • Pension fund tax matters

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

Already a Subscriber? Login

Not a member? Subscribe now