Tax plans ‘will have limited impact’
Monday 29th June 2009, 2:59PM BST.
A TAX expert at RBC Wealth Management says that the promised increase in tax information exchange on the part of the Crown Dependencies ‘will not make a huge difference’ to a majority of high net worth taxpayers.
The Isle of Man announced last week that by July 2011 it will move to system of automatic disclosure of tax information. Jersey quickly responded by saying that this was already on the Island’s agenda, and that it hoped to make the same change by January 2011.
But RBC Wealth Management tax director Louise Somerset has said: ‘The proposed change will make no difference to the huge majority of taxpayers who are already correctly disclosing their offshore income to their revenue authority.
‘It will, however, enhance the chances of Her Majesty’s Revenue and Customs – and other EU revenue authorities – of identifying taxpayers who have not yet disclosed their offshore accounts.’
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