Taxation

The UK agrees a pilot with France, Germany, Italy and Spain On 9 April 2013 HM Treasury announced that the UK had agreed with France, Germany, Italy and Spain to pilot a multilateral tax information exchange, along the lines of the FATCA agreements with the United States, to provide better and automatic exchange of information between countries to help combat tax evasion. The Finance Ministers of the five countries wrote to Commissioner Semeta who is in charge of tax at the European Commission setting out what they intend to do which will aid and complement the recently announced action plan of the Commission to strengthen the fight against tax fraud and tax evasion. The intention is to bring more countries into the pilot and use this as a model. At the same time the UK announced that it would be introducing automatic exchange of information with the three dependent territories Isle of Man, Guernsey and Jersey from 2016 and was putting into immediate effect an Offshore Disclosure Facility from April 2013, lasting until September 2016, to encourage taxpayers who had previously not paid the right amount of tax in respect of overseas income and investments to regularise their tax position.

John Stobbart FCA

Stobbart & Associates Jstobbart2005@yahoo.fr