British Overseas Territories evasion agreements

The British Overseas Territories of Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands have agreed to greater levels of transparency with tax collections, agreeing to pilot the automatic exchange of information bilaterally with the UK and multilaterally with the G5 (UK, France, Germany, Italy and Spain).

The agreement means that the UK, along with other countries involved in the pilot, will be automatically provided with information about bank accounts held by their taxpayers such as names, addresses, dates of birth, account numbers, account balances and details of payments made into those accounts.

This also includes information on certain accounts held by entities, such as trusts.

The Isle of Man - the first non-US jurisdiction to agree to greater exchange of information with the UK - has also agreed to join the multilateral initiative.

Gibraltar, which already operates the relevant transparency directives as part of the EU, has also made the same commitments.

Earlier this year, prime minister David Cameron identified tax transparency as a key priority for the G8 summit.

Meanwhile, chancellor George Osborne urged others to join the initiative: 'This represents a significant step forward in tackling illicit finance and sets the global standard in the fight against tax evasion.

'I now hope others follow these governments' lead and enter into similar commitments to this new level of transparency, removing the hiding places for those who seek to evade tax and hide their assets'.

The agreements build on those the UK reached with the Isle of Man, Guernsey and Jersey to exchange tax information automatically based on our groundbreaking automatic information exchange agreement with the US to implement the US FATCA law to tackle tax evasion.

0
Be the first to vote

Rate this article

Related Articles
Subscribe