On 13 March 2014, HMRC published the International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014, outlining the obligations of reporting Financial Institutions in relation to the UK agreements with the Isle of Man, Jersey, Guernsey and Gibraltar. The Regulations cover the definition of reporting financial institutions, reportable accounts, identification and reporting obligations, as well as penalties that may be applicable and which came into force on 31 March 2014.
The Crown Dependencies (Isle of Man, Guernsey and Jersey) and the British Overseas Territories (the Cayman Islands, the British Virgin Islands, Bermuda, Anguilla, Turks and Caicos Islands, Montserrat and Gibraltar) have all agreed to enter into automatic tax information exchange agreements with the UK.
HSBC expects that the agreements made under the Automatic Exchange of Information (AEOI) by the UK, the Crown Dependencies and the Overseas Territories will be replaced by the OECD’S Common Reporting Standards (CRS) Agreements from 1 January 2016.
Learn more about the UK Crown Dependencies and Overseas Territories (UKCD and OT) Regulations
Last updated: 8 April 2015