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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


  • 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...

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