This publication is available under The exchange of information between HMRC and tax authorities in other areas is an essential instrument to enable public authorities to manage and enforce their own taxes and to combat tax prevention and avoidance. The importance of effective exchange of information has increased over the years, due to the reduction of international trade barriers and the increase in capital. Details of future agreements will be published on this page. To enact DCRs, the Tax Matters Act 2003 was amended in 2015 and 2018. The exchange takes place within the framework of the multilateral agreement on multilateral authority. The ITA, within the framework of the GWG, is required to publish annually a list of participating jurisconsultations and a list of jurisconsultations. The standard provides for the annual automatic exchange of financial account information between governments, including balances, interest, dividends and proceeds from the sale of financial assets reported to governments by financial institutions and covering the accounts of individuals and companies, including trusts and foundations. It defines the information on the financial accounts to be exchanged, the financial institutions that are required to report, the different types of accounts and the registered taxpayers, as well as common due diligence procedures for financial institutions.

To subscribe to this content, simply call 0800 231 5199 For more information on the standard, see the fact sheet. The agreements and agreements concluded by the Government of the Virgin Islands, which allow for the automatic exchange of information, provide that the Government (with France, Germany, Italy and Spain) and, with the support of the European Commission, have participated in joint discussions with the UNITED States Government to explore an intergovernmental approach to Fatca (Foreign Account Tax Compliance Act). support the overall objective of combating tax evasion while reducing the risks and burdens on financial institutions. A model intergovernmental agreement (IGA) was developed and published in July 2012. In September 2012, the United Kingdom and the United States signed an IGA – the “UK-US Agreement to Improve International Tax Compliance and to Implement FATCA” (see the “Current Documents” section below). Annex II of the IGA was the subject of an exchange of notes between the two Governments from 3 June to 7 June. June 2013 modified (see “Current Documents” section below). If we have identified third-party copyright information, you must obtain permission from the relevant copyright holders. The AIA is the automatic transmission of information relating to the financial account without any request for information being made.

In order to automatically exchange such information, the Government of the Virgin Islands is required to enact legislation to ensure that its financial institutions collect and maintain the necessary due diligence and financial account reporting obligations for customers and, as such, notify all relevant reportable accounts to the Government of the Virgin Islands, and the Government, as part of its obligations under an agreement or understanding, to the Government of the jurisdiction or jurisdictions concerned on an annual basis. . . .