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February 2014

The OECD releases Common Reporting Standard (CRS)


The Organisation for Economic Co-operation and Development (OECD) have released their common reporting standard (CRS) document setting out a framework for exchange of information on financial accounts globally as well as recommended common due diligence procedures.

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Information Exchange Update by Ian Bancroft (Managing Director, Isle of Man Office)


The FATCA/Information Exchange journey continues, and there may yet be a few unexpected twists on the road ahead. Read on for a quick history.

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December 2013

UK Capital Gains Tax to apply on sale of residential properties held by non-residents


In the recent Chancellor's Autumn statement, it was announced that a new tax charge would be applied against disposals of UK residential property by non-UK residents from April 2015.

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November 2013

United Kingdom and Cayman Islands Agreement to improve international tax compliance


On 5 November, 2013 the Government's of the United Kingdom and Cayman Islands signed the first intergovernmental agreement (IGA) between the UK and an Overseas Territory.

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July 2011

Implications for US Tax payers and Foreign Financial Institutions under FATCA


The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.

Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

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