Jersey prepares ground in event of Brexit vote
Jersey is working hard behind the scenes to shore up its position with the UK and European Union in the event of a vote in favour of Brexit at the UK referendum on 23 June.
Jersey
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Crown dependency DTA change ends property developer loophole
The UK’s double tax agreements (DTA) with Guernsey, Jersey, and the Isle of Man have been amended so that non-UK resident property developers will no longer be able to avoid paying income or corporation tax in the UK.
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PEOPLE MOVES: Aviva, Deutsche Bank, PwC…
Aviva has announced two changes in its General Insurance division; while Deutsche Bank has appointed a chief country officer for Luxembourg. PwC has named a new global chairman, with Jersey Finance establishing a greater London presence.
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Liechtenstein’s AAA rating affirmed
While other offshore financial centers have suffered ratings downgrades of late, Lichtenstein has had its AAA rating affirmed by Standard & Poor’s.
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Jersey signs MoU with Abu Dhabi financial regulator
The Jersey Financial Services Commission (JFSC) signed a landmark memorandum of understanding (MoU) with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) on Wednesday.
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Blame for Jersey and Guernsey downgrades pinned on Brexit
Jersey and Guernsey have both blamed a possible ‘Brexit’ for Standard & Poor’s recent ratings downgrade despite S&P pointing to the G10’s rising focus on low-tax regimes and the impact that may have on their financial services sectors as the driving force behind its decision.
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PEOPLE MOVES: BlueBay AM, Ascot Lloyd, Knadel…
BlueBay Asset Management has strengthened its high yield team; while Ascot Lloyd has nabbed the former chief executive of Cofunds for a non-executive role. Knadel and the JFSC announced board appointments and Barclays named a new chief operating officer.
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Swiss sign ‘FATCA on steroids’ deals with Crown dependencies
Switzerland has signed joint declarations on the automatic exchange of information (AEOI), described as “FATCA on steroids”, with Jersey, Guernsey, and the Isle of Man.
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Jersey and Guernsey removed from Italian blacklist
Jersey and Guernsey will no longer appear on Italy’s tax blacklist, after the Italian parliament revised provisions in the country’s tax code relating to blacklists on corporate taxation and controlled foreign companies (CFC) rules.
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JFSC’s structure changes, trust company fees set to rise
The Jersey Financial Services Commission (JFSC) has announced changes to the structure, processes, and systems it uses to regulate the island’s international financial services industry.
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HMRC targeting HSBC Jersey clients for voluntary disclosure
HM Revenue & Customs said it has sent letters to customers of HSBC Jersey advising them to sign a declaration that they do not owe any UK tax on their offshore assets, placing some customers between the proverbial rock and the hard place.
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Jersey and Spain sign tax information exchange agreement
As early adopters of the new global standard for the automatic exchange of information; Jersey and Spain signed a tax information exchange agreement (TIEA) on Tuesday.