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UK seals IGAs with Gibraltar and Bermuda

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Gibraltar and Bermuda have become the second and third British overseas territories (after the Cayman Islands) to sign a FATCA-style intergovernmental agreement (IGA) with the UK for automatic exchange of information for tax purposes. Although the text of the agreement with Bermuda is not yet available, it is likely that both agreements will come into force when each party has notified the other in writing that it has completed the ‘necessary internal procedures’. Agreements have already been signed with the UK’s Crown dependencies: Jersey, Guernsey and the Isle of Man.

In addition, Bermuda initialled an IGA (based on model 2) with the US in relation to the main FATCA regime on 4 August 2013. It is expected that, in light of Bermuda signing its agreement with the UK, the US IGA will now be signed.

Also, San Marino has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, bringing the number of signatories up to 63.

The UK has also deposited declarations extending the territorial scope of the Convention to cover the following jurisdictions: Isle of Man (Crown dependency) and Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Montserrat, and Turks & Caicos (overseas territories).]

Issue: 1195
Categories: News , International taxes