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Jersey service providers now required to report UK DOTAS schemes

With effect from 1 October 2014 the Jersey Financial Services Commission will require service providers to identify any new business connected with a scheme registered under DOTAS in the UK.

In addition Jersey has already signed an automatic information exchange agreement with the UK. Jersey is also one of the 40 countries that have committed to early adoption of the OECD common reporting standard.

Senator Gorst and the treasury minister Senator Philip Ozouf jointly issued the following statement:

‘We support fair tax competition and view legitimate tax planning as an appropriate response to operating cross-border. We do not support that which goes beyond legitimate tax planning for commercial purposes nor do we want our service providers to host abusive tax schemes designed to frustrate the will of national parliaments.’

‘In parallel with the work the UK has been undertaking we have been working with...

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