Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

2347

Jersey to sign tax information exchange agreement with UK

RELATED TOPICS​

Jersey is to sign a tax information exchange agreement with the UK as part of the island’s commitment to exchange of information in criminal tax matters that began with its first TIEA,

Jersey is to sign a tax information exchange agreement with the UK as part of the island’s commitment to exchange of information in criminal tax matters that began with its first TIEA, signed with the US in 2002.

The new agreement is due to be signed on Wednesday by Jersey’s chief minister, Senator Terry Le Sueur (pictured), and the UK’s financial secretary to the Treasury, Stephen Timms, and must be ratified by the UK and Jersey parliaments before it comes into force.

‘Our continuing programme of signing agreements with jurisdictions across the globe confirms our commitment to the OECD standards of tax information exchange, and demonstrates our willingness to comply with international standards of financial regulation, anti-money laundering, and combating the financing of terrorism,’ Le Sueur says.

‘We are particularly pleased to have Jersey recognised by the UK as a member of the community of jurisdictions committed to international co-operation and information exchange on tax matters, and to have their assurance that Jersey will be treated as such by the UK authorities.’

As well as the US, Jersey has already signed tax information exchange agreements with the Netherlands in 2007, and with the seven Nordic countries and territories of Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden as well as Germany in 2008.

‘Last year the OECD secretary-general referred to the fact that Jersey has signed a number of tax information exchange agreements, and called for clear political recognition for those offshore financial centres that have made this kind of progress,’ Le Sueur says.

‘We hope to see this reflected in the outcome of the G20 summit in London on April 2 and that there will greater pressure put on those countries, including some OECD members, who have not yet shared Jersey’s commitment to transparency and co-operation.’

Jersey is due to sign a TIEA with France later this week, and subsequently with Ireland. Negotiations are well advanced with Australia and New Zealand and discussions are also underway with Spain and Italy. Jersey says it is ready to extend such agreements to all other jurisdictions, including OECD countries.

Latest News

Irish domiciled funds surpassed EUR4.3 trillion AuM (Assets under Management) at end-March 2024, a 15..
New analysis by London-based Nickel Digital Asset Management reveals 38 listed companies with a combined..
Bloomberg has announced that for the first time, its proprietary Bloomberg Second Measure (BSM) transaction..

Related Articles

Global ESG Investing
On May 15 Florida’s Republican Governor Ron DeSantis signed legislation that furthers his ongoing campaign to oppose the role of climate change and ESG factors in state policymaking...
On May 15 Florida’s Republican Governor Ron DeSantis signed legislation that furthers his ongoing campaign to oppose the role of..
Trends
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100 million deals announced this month alone...
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100..
Different flavours
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led, multi-boutique global asset manager with over USD20 billion under management, recently undertook a survey with 204 UK investment professionals, seeking insights into their perceptions and attitudes towards boutique asset managers...
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led,..
UK map
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be worth billions of pounds in the coming years...
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by