The UK government has announced that four overseas territories
have signed intergovernmental agreements (IGAs) to improve
international tax compliance.
On 5 November the UK and the Cayman Islands signed the first IGA
between the UK and an Overseas Territory - the 'UK-Cayman
Agreement to Improve International Tax Compliance'. Bermuda,
Montserrat, the Turks and Caicos Islands and the British Virgin
Islands all signed IGAs with the UK in London during the week of
the Joint Ministerial Council. The agreements with these
territories are non-reciprocal, meaning that UK financial
institutions will not have any reporting obligations under the
terms of the agreements.
The texts of the Intergovernmental Agreements can be found here. HM Revenue & Customs have also released preliminary sections of the guidance and final versions are expected shortly.
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