GUERNSEY has been ranked ahead of Jersey in a new penalty regime introduced by HM Revenue & Customs.

It means Guernsey has been viewed by the UK authorities as a more cooperative and transparent jurisdiction.

Under the new regime, which takes effect from 6 April, British taxpayers who evade HM Revenue & Customs by sheltering their money offshore could face penalties of up to 200%.

However, the penalties have been divided into three groups depending on which jurisdiction they are linked to and Guernsey is in category one with a penalty risk of 100%, while Jersey is in category two with a penalty risk of 150%.

In July, Chief Minister Lyndon Trott (pictured) announced that the Policy Council would recommend moving to automatic exchange of information in its application of the European Union Savings Directive from 1 January and no later than 1 July.

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