Tax Information Exchange Agreement – Agreement between the UK and Guernsey signedMonday, February 2nd, 2009
A new Tax Information Exchange Agreement (TIEA) between the UK and Guernsey was signed in London on 20 January 2009. The agreement will enter into force as soon as both governments have completed the legislative procedures needed to give it effect.
This is the fourth comprehensive TIEA signed by the UK, the others being with Bermuda, the Isle of Man and the British Virgin Islands. The agreements allow governments to enforce their domestic tax laws by exchanging, on request, information relevant to a tax matter covered by the agreements.
Guernsey has previously signed TIEAs with the United States, the Netherlands, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden.
The governments have also agreed to amend the provisions of the 1952 Double Taxation Treaty, principally to add provisions on the taxation of income from pensions and a mutual agreement procedure.
Tax information exchange: Guernsey
The UK Payroll News is sponsored by HRD & Payroll Solutions