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Tax expert urges Channel Islands not to follow Isle of Man on compliance deal

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A TAX expert has urged Jersey and Guernsey not to accept the same tax deal with the UK that the Isle of Man signed up to this week.

John Riva of KPMG has warned against the adoption of an automatic exchange of tax information on the same terms as the other Crown dependency.

The UK government wants all three territories to sign up to a US-style Foreign Account Tax Compliance Act agreement being promoted as a new international standard.

The UK and Isle of Man's version of Fatca will, like the US rules, allow for the sharing of information across borders.

Chief Minister Ian Gorst said that discussions were continuing with the UK government and added that Jersey remained committed to complying fully with all relevant international standards.

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