Guernsey Issues Bulletin To Update Draft Guidance Notes On FATCA-Based Reporting

INTRODUCTION

On 21 November the States of Guernsey Income Tax ("ITO") published bulletin 2014/1 to update the most recent iteration of the draft Guidance Notes issued jointly by the Crown Dependencies on 28 July 2014 regarding the implementation under domestic law of FATCA-based reporting. The bulletin provides clarification in response to specific questions and comments received from industry by inserting additional text into existing draft Guidance Notes. This briefing note provides a summary of the additional text provided in the bulletin, which covers:

• dual reporting for institutions that are treated as resident in a Crown Dependency and another jurisdiction for FATCA-based reporting;