Policy Council statement on taxation
Thursday 21 June 2012
In response to enquiries from Guernsey-based media arising from recent coverage in the UK national media in relation to taxation, the Chief Minister, Deputy Peter Harwood, has issued the following statement, on behalf of the Policy Council
Statement by the Chief Minister, Deputy Peter Harwood, on behalf of the Policy Council, concerning taxation:
"The Policy Council is aware that the UK Coalition government has, over a period of time, been considering the implementation of a General Anti-Avoidance Rule. This is a matter for the UK Government. However, Guernsey already has its own GAAR in place, and has done since the 1970s.
Guernsey regularly discusses taxation issues with counterparts in the UK, the EU, the US and with supranational bodies such as the OECD. These discussions will continue.
Guernsey has the highest possible category ('category A') of tax information exchange with HMRC; has implemented automatic tax information exchange with the UK and all other EU Member States that meets the standard of the EU Savings Directive; and late last year the G20's Financial Stability Board confirmed that Guernsey was a jurisdiction that was 'already demonstrating sufficiently strong adherence to regulatory and supervisory standards on cooperation and information exchange'."
External Affairs Officer