Jersey Finance welcomees the New Disclosure Opportunity from HMRC and reassures Jersey’s clients that they have no cause for concern.
The strong existing regulations in Jersey legally require industry employees to report transactions which they strongly suspect involves tax evasion and to date there is no evidence to suggest that this is a significant problem within Jersey’s Finance Industry. In the rare instances of individuals who try to evade their tax obligations at home, Jersey actively co-operates with domestic tax authorities in their investigations of tax evasion or fraud.
Jersey’s Finance Industry also works with tax authorities in other ways, including an active and increasing Government programme of signing bi-lateral tax information exchange agreements with leading nations.
Geoff Cook CEO of Jersey Finance commented on this matter;
“We believe that this latest measure designed to encourage disclosure will demonstrate that clients using Jersey financial services are entirely legitimate and are fulfilling their tax obligations in their home jurisdiction. However, we also maintain that legitimate clients have the right to their financial information remaining confidential and should be reassured that this measure should have no impact on them.”
For further information, please contact:
Jersey Finance Limited
Telephone: +44 (0) 1534 836000
Telephone: +44 (0) 1534 618613