Tax Rebates & Refunds

Guernsey teams up with UK to tackle tax evasion

March 26, 2013
Posted in Other Tax — Written by Chris

Guernsey has reportedly agreed to team up with the UK to share information which could help to catch tax evaders. It follows the example of the Isle of Man, which also agreed an information exchange deal with the UK.

The exchange deal will mean a higher degree of financial transparency between Guernsey and the UK’s HMRC, the department responsible for catching tax evaders as well as calculating income tax and tax rebates. The British Crown dependency will share information relating to savings and investment accounts held by UK residents in Guernsey, with the aim that anyone avoiding paying their fair share of tax by ‘hiding’ their earnings in offshore accounts will be caught.

Peter Harwood, Guernsey’s Chief Minister, said that the new deal will:

“…reinforce Guernsey’s commitment to tax transparency and its status as a leading and respected mainstream international finance centre.”

Although the exact details of the deal and the account holders it will affect have not yet been finalised and released to the public, tax experts such as Tony Mancini from KPMG Guernsey have said:

“These agreements are unlikely to affect British expatriates holding savings and investments here. UK non-domiciled residents will only be affected if they remit funds to the UK.”

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