Global

Details

  • Service: Tax, Global Indirect Tax, International Executive 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



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1801 K Street NW
Washington, DC 20006.

 

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