Further to our blog post on October 17, “Isle of Man Signs FATCA Type Agreement with UK”, the HMRC announced that Guernsey and Jersey also signed IGAs with the UK on the 22 October 2013 – the ‘UK-Guernsey Agreement to Improve International Tax Compliance’ and the ‘UK-Jersey Agreement to Improve International Tax Compliance’ – meaning that all the Crown Dependencies have now entered into automatic tax information exchange agreements with the UK.

Selected areas of draft guidance have been published by HMRC (below) alongside the Agreements to give clarity on the key differences in scope.  Further draft guidance relating to issues specific to the Agreements will be published in full, along with draft regulations, later this year.