In September 2012 the UK became the first jurisdiction to sign
an enhanced automatic tax information exchange agreement with the
United States. This new model intergovernmental agreement was based
on the US FATCA legislation.
The UK Government has recently published a discussion document
together with a draft model "FATCA"-type agreement that
it wishes to conclude with the British Crown Dependencies (Jersey,
Guernsey and the Isle of Man) and the Offshore Territories with
financial centres (Anguilla, Bermuda, the British Virgin Islands,
the Cayman Islands, Gibraltar, Montserrat and the Turks and Caicos
Islands).
The agreements that the UK is negotiating with the British Crown
Dependencies will be fully reciprocal, meaning that information
will flow from the UK to the Crown Dependencies and from the Crown
Dependencies to the UK. Those with the Overseas Territories will
only require one-way information sharing from those Territories to
the UK.
