Just before the start of the G8 summit today, the Prime Minister David Cameron announced Tax Information Exchange Agreements with all 10 of Britain’s Overseas Territories and Crown Dependencies: in the latest chapter in the clampdown on tax evasion, according to a report in CCH today.
Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Anguilla, Montserrat, Turks and Caicos Islands, Jersey, Guernsey and Isle of Man have all signed up to international protocols on information sharing. They are also planning a register of companies – making it easier to trace the true ownership of shell companies.
The UK is spearheading this new development – by introducing new rules requiring companies to obtain and hold information on who owns and controls them. This information will be held in a central registry maintained by Companies House, where it will be accessible to law enforcement agencies and HMRC.
Worried about an offshore bank account?
Lynam Tax Disclosure Experts have substantial experience of the key issues. We are helping many clients and their agents with the current tax amnesties.
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