{"id":18539,"date":"2012-12-11T19:39:30","date_gmt":"2012-12-11T19:39:30","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=18539"},"modified":"2012-12-12T09:19:31","modified_gmt":"2012-12-12T09:19:31","slug":"panic-in-jersey-as-they-realise-theyre-far-up-the-creek-without-a-paddle-in-sight","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/12\/11\/panic-in-jersey-as-they-realise-theyre-far-up-the-creek-without-a-paddle-in-sight\/","title":{"rendered":"Panic in Jersey as they realise they’re far up the creek without a paddle in sight"},"content":{"rendered":"

News has reached me of complete panic having broken out in the upper\u00a0echelons\u00a0of the Jersey\u00a0government\u00a0as a result of the decision by the Isle of Man to sign up to full information\u00a0exchange\u00a0with the UK<\/a>.<\/p>\n

Now I can't name sources, of course, but the suggestion is that Jersey was banking on the Overseas Territories backing their position intended to perpetuate the policy \u00a0of non-cooperation with UK that has \u00a0always been intended to help tax evaders using the isalnd's sservices. My\u00a0understanding\u00a0is that the approach to the UK from St Helier has been, shall we say, as\u00a0obstructive\u00a0as possible on this issue.<\/p>\n

But, as ever, they forgot the ability of the Isle \u00a0Man to out-\u00a0manoeuvre\u00a0them. Douglas did\u00a0that\u00a0on zero-ten, it did it on the EU Savings Directive and it's doing it again now. I've little doubt that much of this can be out down to the\u00a0strategic\u00a0thinking of Malcolm Couch, the\u00a0Comptroller\u00a0of Income Tax in the Isle of Man. Jersey has never had anyone to match him.<\/p>\n

And with the Isle of Man now agreeing to cooperate on tax with the UK Jersey is left high and dry. What can it do? Refuse to\u00a0cooperate\u00a0and not comply with FATCA? It will be left\u00a0with\u00a0a massive\u00a0hemorrhage\u00a0of clean money (and yes, there is some, of course) to Douglass and it will get all the crooks in\u00a0exchange. That's game over for Jersey, but\u00a0co-operation\u00a0may have the same result. If, as the Isle of Man\u00a0obviously\u00a0thinks it has already cleaned up its act already then Jersey, which clearly has not, also loses by signing\u00a0with\u00a0the UK.<\/p>\n

Whichever way it turns business is walking out of the door. If only they'd listened to John Christensen many years ago instead of sending him into exile and the Tax Justice Network.<\/p>\n

If only they'd\u00a0listened\u00a0to what we in the Tax Justice Network had to say.<\/p>\n

But now, they've made their bed. And I suspect they're going to have to sign the agreement\u00a0with\u00a0the UK, as are all the Overseas Territories, like it or not. And if the UK has to lend\u00a0some\u00a0financial support whilst those places go through a period of cold turkey as they wean\u00a0off\u00a0dirty money as a result it will be a price well worth paying.<\/p>\n","protected":false},"excerpt":{"rendered":"

News has reached me of complete panic having broken out in the upper\u00a0echelons\u00a0of the Jersey\u00a0government\u00a0as a result of the decision by the Isle of Man
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7,1],"tags":[],"class_list":["post-18539","post","type-post","status-publish","format-standard","hentry","category-isle-of-man","category-jersey","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/18539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=18539"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/18539\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=18539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=18539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=18539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}