UK released draft of FATCA-type Model Agreement with Crown Dependencies and Overseas Territories

Public discussions will be held until 06 September 2013

HM Revenue & Customs has published a Discussion on the UK-CD/OT model Agreement for automatic exchange of information to be entered into between the UK and Crown Dependencies/Overseas Territories to improve international tax compliance.

According to HMRC, the first step towards new international standard is to conclude agreements between the UK and the British Crown Dependencies (Isle of Man, Guernsey and Jersey) and those Overseas Territories with financial centres (Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Montserrat and the Turks and Caicos Islands).

The proposals will be reviewed in light of the responses, with the view to introducing regulations and guidance in autumn 2013.