UK- Jersey Tax agreement
A new tax information exchange agreement (TIEA) between the Governments of the UK and Jersey entered force on 27 November 2009. The provisions of the Arrangement will be in place in the UK from 6 April 2010 for income tax, from 1 April 2010 for Corporation Tax and from 1 January 2010 in Jersey.
The signing of a TIEA allows the exchange of tax information between countries so as to enable them to enforce domestic tax law. The main benefit of these agreements is to ensure that those with assets offshore do not have an unfair tax advantage.
As part of this process the UK and Jersey will also amend their 1952 double taxation agreement to add provisions relating to pensions and a mutual agreement procedure.