Bermuda and Montserrat latest in tax information deals
Two more overseas territories sign up to automatic tax information exchanges with the UK
BERMUDA AND MONTSERRAT are the latest overseas territories to sign up to tax information-sharing arrangements with the UK.
They join the Cayman Islands, the Isle of Man, Jersey and Guernsey in agreeing to automatically supply HM Revenue & Customs with additional information, with data relating to companies and trusts to be shared after 2016.
On the current timetable, UK residents with assets concealed on the island will have until September 2016 to disclose details to the taxman and pay any tax owed to the HMRC, as well as a fine between 10% and 20%. While in most cases, the deal will see evaders escape prosecution, HMRC offers no guarantees.
Chancellor George Osborne said on Twitter the move represents “another step in our efforts to clamp down on tax evasion”.