Serious doubts have been cast on an assertion in Mr Osborne’s Budget speech that £1 billion will be recovered from what he termed anti-avoidance agreements with the Crown dependencies.
But tax experts said they believed that figure had been ‘dreamt up’ by the UK Treasury, and Chief Minister Ian Gorst said that he did not recognise any such number.
Yesterday, Jersey announced that it was prepared to sign up to a new tax treaty under which Jersey will voluntarily remit interest and other payments to the UK and US governments from bank accounts held by UK and US citizens.
See Thursday’s JEP for full report and reactions
