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STATES OF JERSEY
APPROVAL OF THE MEMORANDUM OF UNDERSTANDING BETWEEN THE GOVERNMENT OF JERSEY AND HER MAJESTY'S REVENUE AND CUSTOMS OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND RELATING TO CO-OPERATION
IN TAX MATTERS
Lodged au Greffe on 30th April 2013 by the Chief Minister
STATES GREFFE
2013 Price code: C P.55
PROPOSITION
THE STATES are asked to decide whether they are of opinion
to approve the Memorandum of Understanding between the Government of Jersey and Her Majesty's Revenue and Customs of the United Kingdom of Great Britain and Northern Ireland relating to co-operation in tax matters, as set out in the Appendix to the report of the Chief Minister dated 18th April 2013.
CHIEF MINISTER
REPORT
On Wednesday 20th March 2013 it was announced that Jersey had agreed a package of tax measures with the UK Government that reflected both the Island's special relationship with the UK and the longstanding commitment to engage in the global action to combat tax evasion. Included in the package is a Disclosure Facility which gives relevant UK residents an opportunity to come forward voluntarily to regularise their tax affairs prior to information on their accounts in Jersey being subject to automatic exchange under the provisions of an intergovernmental agreement which is also to be part of the package.
A Memorandum of Understanding has been signed by tax officials in Jersey and the UK, to which the details of the Disclosure Facility are attached. It includes the agreement of the Jersey authorities that they will require financial intermediaries in Jersey to contact their current clients who are relevant persons to advise them of the Facility, and to remind them of the Facility in the 6 months prior to its withdrawal in September 2016.
Under the Taxation (Implementation) (Jersey) Law 2004, Regulations to implement a tax agreement or obligation can only be made if the States have approved the agreement or obligation concerned. If the Memorandum of Understanding attached as an Appendix to this report is approved, the States will be asked immediately thereafter to adopt the necessary Regulations (see P.56/2013).
There is no other requirement placed on the Jersey authorities. How the financial intermediaries contact their current clients will be for each intermediary to decide and each of the clients contacted will decide for themselves whether to take advantage of the Facility.
Financial and manpower implications
There are no financial or manpower implications for the States arising from the approval and implementation of the Memorandum of Understanding.
18th April 2013
APPENDIX