UK:
UK FATCA: Additional Automatic Exchange Of Information Agreement Signed
06 December 2013
Deloitte
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The UK government has announced that four overseas territories
have signed intergovernmental agreements (IGAs) to improve
international tax compliance.
On 5 November the UK and the Cayman Islands signed the first IGA
between the UK and an Overseas Territory - the 'UK-Cayman
Agreement to Improve International Tax Compliance'. Bermuda,
Montserrat, the Turks and Caicos Islands and the British Virgin
Islands all signed IGAs with the UK in London during the week of
the Joint Ministerial Council. The agreements with these
territories are non-reciprocal, meaning that UK financial
institutions will not have any reporting obligations under the
terms of the agreements.
The texts of the Intergovernmental Agreements can be found
here. HM Revenue & Customs have also released preliminary
sections of the guidance and final versions are expected
shortly.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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