George Osborne gave his mid term report on the Crown Dependencies today, saying: British overseas territories “need to do more” to end tax evasion. Asked about the future of tax havens such as Jersey or the Cayman Islands, he said he had already been very tough in his message to them but wanted to see more action. “Of course
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It’s been announced over night that, as expected, the so called G5 tax agreement – between the UK, France, Germany, Italy and Spain – is being extended to the British Overseas Territories including Cayman, Bermuda  the BVI, Gibraltar, Anguilla and the Turks & Caicos – tax havens all. The Isle of Man has already agreed. Jersey and Guernsey have already
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Jersey, Guernsey and the Isle of Man like to say there is no tax evasion in those places. Maybe they’d like to explain why HMRC thinks they’ll collect £1 billion or more from them in the next five years then? And this ignores cash that will have been moved, of course. And corporate tax abuse. Plus the
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We know now that the UK has been successful in persuading Jersey, Guernsey and the Isle of Man to sign what many call 'son of FATCA' agreements because they basically replicate the deal the USA has demanded from these countries under the Foreign Accounts Tax Compliance Act in that country. The UK has also said
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The budget says: Following the Autumn Statement 2012 announcement that the Government would look to conclude further agreements based on its groundbreaking agreement with the US, the Isle of Man, Guernsey and Jersey have agreed to enter automatic tax information exchange agreements with the UK. These agreements will significantly increase the amount of information on
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I have to note this: Yuri Bender @yuribender of the FT's Professional Wealth Management just tweeted “Channel Islands currently doing their best to attract Russian clients”. And I am sure it is true. Like vultures picking over a carcass the Channel Isalnds will be delighting at Cyprus' misfortune – which they themsves only avoided because
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Over the weekend the Treasury shut down an abusive tax scheme that was costing £100 million a year in lost UK national insurance. The scheme depended on employers being located in Sark and then claiming employer’s national insurance was not due as a result on agency payments to teaches, nurses and others. Tens of thousands of people have been involved in schemes
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In the light of the Chief Minister of Guernsey’s claim that the deal he has done with the UK is wholly voluntary and in the best interest of Guernsey the following statement issued only three months ago, a week after I drew attention to the UK’s plans is interesting: The following joint statement has been issued [on 7
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The BBC has reported: A tax loophole that allows firms to dodge £100m a year in National Insurance will be closed under a new scheme targeting offshore payroll services. Chief Secretary to the Treasury Danny Alexander said the loophole allowed UK companies to avoid paying tax for thousands of workers. Mr Alexander said British firms
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