Islands head for vital talks on UK’s new line on tax
Tuesday 27th November 2012, 8:30AM GMT.
GUERNSEY officials will fly to the UK this week for crucial talks about HM Treasury’s plans to demand more tax information from the island.
They will be joined by representatives from Jersey and the Isle of Man in the wake of reports that the UK government will block a key agreement with the US unless the islands act.
Treasury reportedly wants the Crown Dependencies to introduce a similar agreement that the islands are working on with the US.
It would mean that account details of UK citizens would be automatically shared with the UK tax authorities.
‘Good progress continues to be made with the negotiation of an intergovernmental agreement with the US for the application of Fatca [the Foreign Account Tax Compliance Act],’ a Policy Council spokesman said.
Jersey’s chief minister, Senator Ian Gorst, pictured, said the island was always happy to sign up to international standards – but it did not like to do so unless there was a level playing field with its competitors.