New DTA shows Jersey's close ties with the UK

A new Double Taxation Agreement (DTA) signed between Jersey and the UK has been welcomed by Jersey Finance as a further demonstration of the island’s commitment to international standards.


Jersey has had a DTA in place with the UK since 1952, however recent moves in the international regulatory environment mean that an update is very timely as the new DTA meets current standards set by the Organisation for Economic Cooperation and Development (OECD).


DTAs are vital to the international finance sector as they prevent double taxation on corporate and personal incomes, which is of benefit to many internationally focused clients, as well as providing exchange of information on request between two jurisdictions.


Geoff Cook, Jersey Finance CEO said of the agreement, which was signed on the 2nd July: “Our government does an excellent job of representing Jersey interests and this latest positive step enhances the close ties and symbiotic relationship we have with the UK, especially as we march forward towards Brexit.”


Angus Taylor, CEO of Moore Stephens in Jersey said: “A new DTA with the UK is a significant advantage for Jersey. Enabling clients to simply manage their tax affairs in such a way as to prevent double taxation is important, especially given the many close ties between Jersey and the UK.


“Meeting international standards, as this DTA does, is also vital for the island’s reputation as a well-run and responsible international finance centre.”


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