Government Signs Up Jersey in Tax Agreement

Jersey is to join other Crown Dependencies and Overseas Territories as a signatory to a Tax Information Exchange Agreement (TIEA) with the UK. TIEAs play a vital role in HM Revenue & Customs (HMRC) drive against offshore avoidance and evasion.

The Financial Secretary to the Treasury, the Rt. Hon Stephen Timms MP said:

“Exchange of information and transparency between countries and territories is vital in combating tax avoidance and evasion. Jersey’s decision to embrace this principle is very welcome and a crucial step in the right direction.

“More countries and territories must now follow Jersey’s example. In coming weeks we will be working with G20 partners to boost global co-operation to address tax evasion. I urge those who have not yet met international standards to think again and start work on the necessary reforms immediately”.

HMRC Permanent Secretary for Tax, Dave Hartnett said:

“The importance of this TIEA with Jersey should not be under-estimated. It will enable us to obtain the information we need to ensure that the days when putting assets off shore provided an unfair tax advantage are well and truly over.”

The text of the agreement will be accessible on the HMRC website by following the link below: http://www.hmrc.gov.uk/international/jersey-eol.pdf and will in due course be laid as Schedules to a draft Order in Council for consideration by the House of Commons. It will then also be available from the Stationery Office.

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