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Overview of HMRC’s latest offshore initiatives against evasion and avoidance
KEY POINTS
- Jersey and Guernsey have signed information agreements.
- Do not forget the Liechtenstein disclosure facility.
- A comparison of disclosure facility rules.
- The limitations on the use of the new agreements.
- Do the new schemes in effect promote the use of the Liechtenstein facility?
Budget Day saw the announcement that two further Crown dependencies Jersey and Guernsey had followed the Isle of Man in signing up to provide information on clients with UK links to the UK tax authorities.
This follows the so-called Son of FATCA rules whereby the UK authorities are effectively piggy-backing on the US requirements that foreign financial institutions provide details of US linked clients.
These developments should be seen in the context of the OECD’s drive towards the automatic exchange of information ...
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