UK- Turks and Caicos Islands Tax arrangement
A new Tax Information Exchange Arrangement (TIEA) between the UK and the Turks and Caicos Islands was recently signed in London.
The new TIEA will allow for the exchange of tax-related information. It is expected this new TIEA will help combat tax avoidance and money laundering involving both countries. The arrangement will apply to taxpayers who are resident in either the UK, the Turks and Caicos Islands or both jurisdictions. In the UK the agreement will apply to income tax, corporation tax, capital gains tax, inheritance tax and VAT.
The exchange of information provisions meets the OECD standards and is the first TIEA to be signed by the Government of the Turks and Caicos Islands.
The TIEA will take effect once both countries have finalised the legislative procedures needed to give the arrangement the force of law in both countries.