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States of Jersey agrees ‘FATCA style’ package of tax measures with UK

The States of Jersey has agreed a “FATCA-style” package of tax measures with the UK government.

This package, which is consistent with those agreed with Guernsey and the Isle of Man, reflects Jersey’s political objective to remain closely aligned to the UK and to act as a leading participant in the development of standards to combat tax evasion.
Heather Bestwick (pictured), deputy chief executive of Jersey Finance, the body responsible for the promotion and development of the finance industry in Jersey, says: “The outline package agreed between Jersey and the UK is largely as expected and as noted by the Chief Minister, Senator Gorst, reflects Jersey’s strong relationship with the UK and the island’s international reputation for high standards of regulation. 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).
“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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