Jersey agrees ‘UK Fatca’ tax measures

Jersey has agreed tax measures with the UK in the same style of those earlier agreed with Guernsey and the Isle of Man, describing them as a ‘UK Fatca’.

Heather Bestwick, Deputy CEO of Jersey Finance, said the deal was largely expected, and reflected the close political relationship between Jersey and the UK.

“The extensive consultation process that we ran on behalf of government with our member firms raised a number of points that will be important to capture in the detail of the final agreement and we are encouraged to see that there is reference to jurisdiction specific annexes forming part of the intergovernmental agreement (IGA).”

Bestwick (pictured) added: “One of the key benefits of this announcement is the degree of certainty that it offers the industry and our focus from this point forward will be to continue to work closely with government on the detail of each element of the agreed package and to support our members in quickly and clearly communicating these measures to Jersey’s global financial services client base.”

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