Guernsey signs TIEAs with UK
Guernsey signed, on 20 January 2009, a new tax information exchange agreement with the UK, which broadly follows the OECD model agreement.
The agreement allows HM Revenue & Customs to request the bank account details of any company that could be liable for income tax, corporation tax, capital gains tax, inheritance tax or VAT in the UK.
The existing tax treaty between the UK and Guernsey has also been revised such that UK pensions paid to Guernsey residents will no longer be taxed in the UK.
In February 2002 Guernsey entered into political commitments to support an OECD tax initiative on transparency and information exchange through the negotiation of TIEAs with each of the OECD Member States.
Guernsey has now entered into 10 TIEAs; eight with OECD countries - Denmark, Finland, Iceland, the Netherlands, Norway, Sweden, the UK and the US - and two with non OECD jurisdictions - the Faroe Islands and Greenland.
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