Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

A very British FATCA

13 August 2013 / John Cassidy
Issue: 4415 / Categories: Comment & Analysis , Admin , Avoidance , Residence & domicile

The proposals for introducing the automatic exchange of information between UK sovereign tax havens and HMRC

KEY POINTS

  • British Crown Dependencies and Overseas Territories will exchange information with HMRC from 2016.
  • Details will include names addresses income and gains etc of those holding accounts and investments.
  • There will be a special regime for remittance-basis taxpayers but they will not completely escape.
  • A compliance follow-up can be expected similar to that proposed for the UK/Swiss agreement.
  • It may be better to come forward under the LDF now and clients who could benefit need to be identified.

Tax investigation practitioners have undertaken a vast amount of work for clients with Swiss or Liechtenstein investments in the past few years. The Liechtenstein disclosure facility (LDF) alone attracted 4 961 registrations by the end of June 2013.

The vast majority of LDF and...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

FIVE WAYS TO MAKE ACCOUNTS PRODUCTION AND TAX EASIER.
Download the exclusive Xero
free report here.

New queries
Please email any questions you might have
to: taxation@lexisnexis.co.uk.

back to top icon