Guernsey to Follow the Isle of Man UK FATCA

CHIEF Minister Allan Bell MHK has welcomed today’s announcement by the government of Guernsey that it intends to follow the Isle of Man in agreeing FATCA-style automatic exchange of tax information with the United Kingdom.

The Isle of Man became the first jurisdiction to commit to UK FATCA when the Chief Minister made an announcement to that effect on December 7 last year.

Mr Bell commented:

‘Guernsey’s announcement is not surprising but it is significant. It confirms our view that FATCA is becoming the new global standard and that other jurisdictions will inevitably have to follow the Isle of Man’s lead on this issue.

‘Guernsey’s proposed agreement with the UK seems to mirror ours, but by making our announcement three months ago we have given our finance sector an additional period of clarity and certainty about our direction of travel. I hope today’s news will provide reassurance for local business that the Isle of Man is doing the right thing and that once again we have shown leadership on an important international issue.’

Statment issued by Chief Secretary’s Office