Jersey: not the tax-haven it once was
The House of Lords once described Jersey as "one of the most secretive tax havens in the world", but not any more after the island announced a FATCA-esque agreement with the government which will see all bank accounts, assets and balances reported to HMRC automatically.
Terrible news for incredibly wealthy people who don't like paying tax.
Heather Bestwick, Deputy CEO of Jersey Finance, the people responsible for the development of the finance industry in Jersey said: "The extensive consultation process that we ran on behalf of government with our member firms raised a number of points that will be important to capture in the detail of the final agreement and we are encouraged to see that there is reference to jurisdiction specific annexes forming part of the intergovernmental agreement (IGA)."
Heather Bestwick there, completely unable to talk like a normal human being.
These new tax measures see Jersey determined to stay cosy with the UK, and the hottest topic in recent years has been tax evasion.
With the Isle of Man, Guernsey and the Cayman Islands already signing up for one of these FATCA style agreements, Jersey is the latest to try and help the government recoup some money that's been havened away... and probably coming up with some loophole that means wealthy residents don't leave.