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Deloitte comments on Guernsey, Jersey, Isle of Man FATCA agreements

Islands’ governments announce plans to negotiate partnership agreements with US to implement FATCA

9 October 2012

Jo Huxtable, Deloitte tax partner, said:

“Today’s announcement is a clear public statement of the intention to comply with FATCA regulations through an Inter-Governmental Agreement. Many countries are likely to follow a similar path.  For Guernsey, Jersey and the Isle of Man this represents an exciting development in that they have achieved this agreement by working together and ahead of many other larger jurisdictions.

“On a practical level, this statement of intention will be welcomed by businesses in Guernsey, Jersey and Isle of Man because it provides clarity.  With the knowledge that the local agreements should closely follow the UK agreement in form, local organisations working towards FATCA compliance can now focus on the practical steps required to become compliant under an Inter-Governmental Agreement.

“At a government level, the next steps are for the islands to conclude their negotiations with the IRS and then for each island to implement the agreements into local law.”

Ends

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About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited

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