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Isle of Man, Jersey & Guernsey Disclosure Facilities

Disclosure of tax information

The Crown Dependencies of the Isle of Man, Jersey and Guernsey have each entered into an Inter Governmental Agreement ("IGA") with the United Kingdom ("UK") which will allow for the automatic exchange of tax information from 2016 for UK taxpayers.

  • The agreements form a cornerstone of the UK's efforts to establish a new set of global standards in relation to tax transparency and were a key feature of the recent G8 conference in Northern Ireland earlier this year.
  • The automatic exchange of information is not scheduled to start until 2016 in order to give both Banks and Financial Intermediaries sufficient time to build and test the systems functionality to facilitate the exchange of information.
  • To supplement the IGAs each of the Crown Dependency governments has also signed a Memorandum of Understanding ("MOU") agreement with the Revenue and Customs ("HMRC") which will provide a disclosure facility for eligible UK taxpayers to regularise their tax affairs, if required, ahead of the automatic exchange of information starting.
  • As part of the agreement Banks and Financial Intermediaries are required to write to certain customers who might currently be or have been UK taxpayers to draw their attention to the presence of the disclosure facilities by 31 December 2013.
  • It is important to note that we are not suggesting that any particular customer needs to take action or indeed that their tax affairs are not in order. Instead, we are merely complying with our obligations to make certain UK related customers aware of the presence of the facility.

We are not tax advisors and cannot in any way provide any advice regarding your tax affairs. Many of our clients lead international lifestyles and will have complex financial arrangements - as such they should decide whether they need to seek professional advice in relation to their tax matters.

Isle of Man, Jersey & Guernsey Disclosure Facilities

Further information

For further assistance, you should contact HMRC directly or consider seeking professional advice.

You can contact HMRC for further information in two ways:

  • Online - www.hmrc.gov.uk/offshoredisclosure
  • Telephone - By calling the HMRC Disclosure Facility Helpdesk on +44 (0)300 123 1080 or if dialling from outside the British Isles +44(0)151 300 2714 (8.30am to 4.30pm GMT Monday to Friday).

Alternatively, you might wish to consider seeking professional advice from an accountant or tax advisor.

Isle of Man, Jersey & Guernsey Disclosure Facilities

Common questions

Why did I receive a letter about the Crown Dependency disclosure facilities?

The governments of Jersey, Guernsey and the Isle of Man require Banks and financial intermediaries to notify their UK customers about the existence of the HMRC Disclosure Facilities before the end of December 2013.

Are the Disclosure Facilities specifically aimed at me?

As many of our customer’s lead ever more international lives, their financial arrangements are growing more complex as well. We do not necessarily know your tax residence status as this is not essential to the products and services that we provide to you. Therefore, we have written to all of our customers with UK based addresses, so they can decide whether these Disclosure Facilities are relevant to them.

Why have the HMRC Disclosure Facilities been established?

The Jersey, Guernsey and the Isle of Man governments recently entered into Inter Governmental Agreements (IGAs) with the UK which will provide for the automatic exchange of detailed financial information from 2016. These agreements are intended to form the cornerstone of new standards in global tax transparency. Each of the governments in the Crown Dependencies has also signed a Memorandum of Understanding with HMRC which provide for HMRC to establish a set of Disclosure Facilities for use by eligible UK taxpayers up until 31 December 2015.

The Disclosure Facilities have been set up to provide a window of opportunity for eligible persons to bring their tax affairs up to date, in readiness for the commencement of automatic exchange of information in 2016.

Will you be sharing my information with the UK tax authorities under the Inter Governmental Agreements?

We intend to comply with all the regulatory and reporting requirements that are prescribed in relation to the IGAs in each of the jurisdictions in which we operate. In effect this will mean that in Jersey, Guernsey and the Isle of Man the required information with respect to relevant UK persons will be passed to the local tax authority in each island who will then exchange this information on a government to government basis with HMRC in the UK.

The first set of reports is due to be shared in 2016, for financial years 2014 and 2015 respectively. The notification of the Disclosure Facilities now, provides an opportunity, for those who need to, to attend to their tax affairs before the reporting begins.

Should I seek professional tax advice?

We are not able to provide advice to customers on tax related matters which includes the effect of these particular agreements on you or your bank accounts. You should consider whether you might need further professional advice in relation to your tax affairs.

Does this mean that I will pay UK tax as a result of this?

We are not able to comment on your own tax position however the underlying principle of these Disclosure Facilities is that UK taxpayers should ensure that their tax affairs are up to date, which includes the paying of appropriate levels of tax when due.