The UK taxman won’t have to rely on the jungle drums for news of taxpayers with connections in Belize. The UK signed a Tax Information Exchange Agreement (TIEA) today with Belize, to allow the sharing of tax-related information.
TIEAs allow tax authorities to pass over information relevant to tax matters. This TIEA with Belize provides for a comprehensive exchange of information, to the OECD and international tax standard, regarding taxes of every kind and description.
HMRC now has 16 TIEAs: including Jersey, Guernsey, the Isle of Man and Bermuda. More TIEAs are being negotiated. Since the G20 summit in April 2009, the UK has signed 22 further agreements for information exchange, including with Switzerland, Liechtenstein, the Cayman Islands and Gibraltar. The UK also exchanges information with over 100 countries worldwide under Double Taxation Agreements (DTAs); the provisions of EU Directives and Regulations; and through the Council of Europe/OECD Convention on mutual administrative assistance in tax matters.
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If you have assets or bank accounts outside the UK you may need specialist help. Lynam Tax enquiry experts have immense experience of tax investigations and tax disclosures relating to offshore assets.
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