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The Government has made its latest move to combat offshore tax avoidance and tax evasion by adding Jersey to its signatories of tax information exchange agreements (TIEAs).
The Channel Islands tax haven has joined other crown dependencies and overseas territories, including the Isle of Man, the British Virgin Islands and Guernsey, in sealing such an accord with the UK.
‘More countries and territories must now follow Jersey's example,’ said Financial secretary to the Treasury Stephen Timms. ‘In coming weeks, we will be working with G20 partners to boost global co-operation to address tax evasion.’
Mr Timms added: ‘I urge those who have not yet met international standards to think again and start work on the necessary reforms immediately’.
Dave Hartnett, HMRC’s permanent secretary for tax, remarked: ‘The importance of this TIEA with Jersey should not be underestimated. It will enable us to obtain the information we need to ensure that the days when putting assets offshore provided an unfair tax advantage are well and truly over.’
