Jersey agrees tax package with the UK and US

20 Mar 2013

Summary

The States of Jersey have announced an agreement to a package of tax measures with the UK Government that reflects the Island's special relationship with the UK and its long-standing commitment to join in the global action to combat tax evasion.

The States of Jersey's intention is to adopt an Intergovernmental Agreement (IGA) that closely follows the US Foreign Account Tax Compliance Act (FATCA) IGA being negotiated with the US.

Action Recommendation

At Bedell we have already begun planning the system requirements that will be needed to comply with these initiatives. This will be greatly assisted by our new leading edge administration software platforms we implemented in early 2012.

No immediate action is required. Bedell will continue to review FATCA developments. Further information will follow as Jersey's IGAs are finalised.

Timeline

Final negotiations on the mechanisms for exchange with the UK and the US will be concluded quickly.

Please click on the links below for further information:

Bedell Trust Briefing - UK FATCA

Bedell Trust Briefing - US FATCA