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'Non-doms' kept out of tax information deal with UK

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GUERNSEY is set to agree a tax information reporting agreement with the UK along the lines of the US Foreign Account Tax Compliance Act.

GUERNSEY is set to agree a tax information reporting agreement with the UK along the lines of the US Foreign Account Tax Compliance Act.

The island will exchange individuals' financial information with the UK on UK taxpayers, but has managed to carve out separate arrangements for so-called 'non-doms', who live in the UK but do not pay tax there.

Negotiations have been under way for some months following the UK's agreement of an inter-governmental agreement with the US over the original Fatca.

The UK suggested that the Crown Dependencies should secure their own agreements – which means that information will be reported to the local tax office rather than direct to the US – and then proposed a similar Fatca arrangement with the UK and the islands.

Fine detail of the Guernsey deal has still to be confirmed – the States will go out to consultation on its proposals – and deputies will have to approve both US and UK Fatca agreements, likely to be later this year.

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