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Other UK Agreements
All the crown dependencies and overseas territories have entered into automatic tax information exchange agreements with the UK.
The UK and the Isle of Man signed an intergovernmental agreement (IGA), the ‘UK-Isle of Man Agreement to Improve International Tax Compliance’ – on 10 October 2013. This was the first agreement of this type to be signed and published where neither party was the USA.
Guernsey and Jersey signed IGAs with the UK on 22 October 2013, the ‘UK-Guernsey Agreement to improve international tax compliance’ and the ‘UK-Jersey Agreement to improve international tax compliance’.
The British overseas territory of Gibraltar signed an IGA with the UK on 21 November 2013 – the ‘UK-Gibraltar Agreement to improve international tax compliance’.
These 4 agreements are reciprocal, meaning that UK financial institutions will have to provide data on financial accounts held by residents of these territories.
Following discussions with the crown dependencies and Gibraltar an amendment to Annex II has been prepared which means that there will be no obligation to report on the controlling persons of a not for profit non-financial foreign entity. This will allow UK financial institutions to treat non-financial not for profit organisations under the international tax compliance (crown dependencies and Gibraltar) Regulations 2014 the same way that they’re treated under the international tax compliance (United States of America) Regulations 2014. Details on how this amendment will operate can be found in section 3.2.3 at page 20 of the guidance for UK-CD/OT Agreements.
On the 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 (w/c 25 November) with Anguilla signing theirs on the 20 December.
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.
Previously published documents
Reporting to HMRC
Details on future agreements will be published on this page.