Gibraltar Preparing Firms For UK 'Son Of FATCA' Deal
by Jason Gorringe, Lowtax.net, London
11 November, 2015
The Government of Gibraltar is to publish new regulations on November 12 to bring into effect the "son of FATCA" intergovernmental agreement (IGA) that the jurisdiction signed with the United Kingdom in November 2013.
The regulations will confirm what information must be gathered by financial institutions in Gibraltar, and will set a timetable for that information to be automatically exchanged with UK authorities from September 2016 and thereafter.
Information exchange with the UK will be reciprocal, to boost both territories' tax enforcement efforts.
The UK deal is modelled on the United States's Foreign Account Tax Compliance Act (FATCA), under which information was first automatically exchanged in September 2015.
Gilbert Licudi, Gibraltar's Minister with responsibility for International Exchange of Tax Information, said: "our Government takes its international obligations and commitments extremely seriously. Hence, I am delighted to be able to announce that legislation enabling the automatic exchange of information with the United Kingdom is being brought into effect."
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