Financial services businesses in the Crown dependencies and British overseas territories are subject to a new information reporting regime, following intergovernmental agreements signed with the UK. Jason Collins and Reg Day review what needs to be reported by such businesses in respect of family trusts and private investment companies, in light of new draft guidance
Automatic exchange of information is barrelling down the track at lightning speed. Driven by the US Foreign Account Tax Compliance Act (FATCA) legislation the UK has signed intergovernmental agreements (IGAs) with the governments of the Crown dependencies and British overseas territories (CDOTs).
These IGAs will ensure that wide ranging data about offshore assets held by UK residents will be disclosed to HMRC.
The regime will apply...
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