On 22 October 2013 the UK signed intergovernmental agreements (IGAs) with Guernsey and Jersey. These IGAs are very similar to the UK/Isle of Man IGA that was signed on 10 October and are therefore heavily based on the UK/US IGA to implement FATCA. The consistency between the agreements gives a number of distinct advantages:
The agreements with each of the Crown dependencies (CDs) are reciprocal and therefore financial institutions (FIs) based in the UK will need to identify and report through HMRC those customers who are resident in Guernsey Jersey and the Isle of Man. As the agreements are common they will be able to develop a consistent model for identifying and reporting customers who are resident in each of the CDs.
FIs that have a base in each of the CDs will likewise be able to adopt a common approach to identifying and...
