Jersey Disclosure Facility – JDF
Well that didn’t take long did it? First we had the Manx Disclosure Facility (MDF) then the Guernsey Disclosure Facility (GDF) and now we have the Jersey Disclosure Facility (JDF). Perhaps we should refer to them collectively as the Crown Dependencies Disclosure Facilities (CDDFs) which is probably appropriate since it is the Islands’ relationships with the Crown as Dependencies which has given the UK the leverage to extract these agreements.
Details of the JDF are scant but like the GDF we anticipate that they detail will follow the MDF. We’ve blogged about the detail of the MDF before so we won’t repeat it here and we await further announcements.
One interesting part of the States of Jersey press release is the possibility of renegotiating the UK-Jersey Double Tax Treaty. The current treaties in place for all three Crown Dependencies date from sometime in the 50’s/60’s and are all pre-OECD model convention and to be frank are of limited use.
Updating these treaties should be a welcome step forward for the Islands and we expect that if Jersey renegotiates, then the others will follow suit.
Anyone with irregular tax affairs involving the Isle of Man, Guernsey or Jersey is well advised to seek professional advice immediately.
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