Jersey ‘will have to share data with UK’
Friday 30th November 2012, 2:50PM GMT.
JERSEY will have little choice but to hand over information to the UK tax man about UK residents who have bank accounts here, says the Island’s leading adviser on international affairs.
Colin Powell was in London on Wednesday to speak to UK officials about a rift that has developed between the Island and Westminster over the provision of tax data.
Mr Powell said the UK had ‘unsurprisingly jumped on the bandwagon’, after the Island indicated it would sign up to an agreement with the USA designed to prevent American citizens evade tax.
The decision by the Island to sign an ‘inter-governmental agreement’ with the US on the Foreign Accountant Tax Compliance Act (Fatca) prompted the UK to act to secure the same type of agreement.
The UK’s move came out of the blue but it would appear that the Island will have little choice but to agree.