Guernsey signs tax-sharing deal with UK

Tax information could automatically be exchanged between Guernsey and the UK in the future due to a new agreement.

It comes as the UK signs a similar deal with Jersey and agreed one with the Isle of Man earlier this month.

The States of Guernsey also expects to sign a similar agreement with the United States.

A States spokesman said the agreements showed the island's "commitment to tax transparency and meeting international standards on tax information exchange".

'Global reputation'

Both deals would need to be ratified by the States before they come into force.

The agreement is based on the Foreign Account Tax Compliance Act and was signed by Guernsey's Chief Minister Peter Harwood and the UK's Exchequer Secretary to the Treasury David Gauke.

Deputy Harwood said: "The two agreements with the UK and the US have been supported by our [finance] industry, being key to a sustainable future for the finance sector and securing our global reputation for tax transparency.

"[Our] approach to US and UK reporting will provide our industry with a very strong platform to compete on the world stage against weaker, less transparent jurisdictions."

Guidance for the industry on reporting tax information is due to be published once the deal with the US has been agreed.

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