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News - 10 May 2013

British territories sign deal on tax information

The Treasury have announced new measures designed to track down banking clients who escape paying taxes by hiding their money overseas. It comes amid an international drive against tax evasion and the use of tax havens.

Bermuda, the British Virgin Islands, the Cayman Islands, Anguilla, Montserrat and the Turks and Caicos Islands, all with financial centres have signed agreements on sharing tax information with the Treasury. This move follows similar recent deals with Jersey, Guernsey and the Isle of Man.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“In theory the move should boost tax income for the Treasury. The British overseas territories involved will pass on bank account details, such as names, addresses, dates of birth, account numbers, account balances and payment details to the UK tax authorities and those in France, Germany, Italy and Spain.”

If you need any help and advice for your business on Corporation Tax or personal tax, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
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