The UK to get tough with tax havens | CML Blog ? Financial Services ...

It has recently been revealed that the UK is planning to impose its own version of the US Foreign Account Tax Compliance Act (FATCA) on its Crown Dependencies and Overseas Territories. FATCA? requires foreign banks to find any American account holders and disclose their balances, receipts, and withdrawals to the US Internal Revenue Service (IRS).

It has been reported that the UK government has already drafted FATCA legislation which it will impose on its Crown Dependencies and Overseas Territories. These include some of the world?s most well known tax havens such as the Channel Islands, the Isle of Man and of course, the Cayman Islands.

The draft agreement, seen by International Tax Review, will apparently require the automatic exchange of information for each reportable account of each reporting financial institution. According to ITR, that will include full details of all beneficial owners of the account, including those whose identities might otherwise be hidden by trusts or companies.

How will this affect Cayman Business? More than likely not very much, as advocates for the finance industry consistently deny that the Cayman Islands are used to evade taxes. ?Cayman is not a bank secrecy jurisdiction and has long since established co-operation arrangements with tax authorities and regulators in many countries,? Cayman Finance says on its blog: ?Our banks will welcome your business, but you will have to prove your identity, and you can?t hide your assets here to avoid taxation back home.?

??Read more here.

Source: http://www.cmlor.com/blog/the-uk-to-get-tough-with-tax-havens/

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