UK FATCA: Additional Automatic Exchange Of Information Agreement Signed

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.