The Governments of Guernsey, Jersey and the Isle of Man released draft FATCA guidance notes on 31 January 2014 for both US and UK FATCA Intergovernmental Agreements (IGAs) as part of a consultation process. Comments are invited on the document until 14 March 2014, with guidance expected to be issued shortly thereafter.
The guidance notes have been issued jointly for all the Crown Dependencies and are the same across the three jurisdictions, unless specifically identified otherwise. One of the differences to note is regarding the definitions referenced in the Annexes of each IGA with the UK and US.
The draft regulations for each jurisdiction have not been issued during this consultation process but we expect regulations to be issued in due course.
Further information regarding the consultation process can be found here and the draft guidance notes can be accessed here.
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.
