Jersey: UK FATCA – Frequently Asked Questions
1. I am a ‘relevant person’ under the Jersey/UK MOU but am fully UK tax compliant. Do I need to take any action?
No. The JDF is only relevant to persons who are not UK tax compliant and need to make a disclosure for past tax liabilities.
2. I believe I may not be UK tax compliant for the past in relation to assets or interests in Jersey. What should I do?
We recommend that you take specialist advice as soon as possible. Moore Stephens Tax Investigations and Disputes team based in London specialises in making disclosures under the JDF and other HMRC disclosure facilities. A factsheet on the JDF is enclosed with this letter. Further information can be obtained at http://www.moorestephens.co.uk/tax-investigations.aspx.
A 24 hour helpline is also available on
+44 (0) 20 7651 1400.
3. Should I provide a copy of this letter to my accountant/UK tax adviser?
Yes, we recommend that you send a copy of this letter to your accountant/UK tax adviser.
4. Will Moore Stephens inform HMRC that this letter has been sent to me?
No, Moore Stephens has no current obligation to inform HMRC that this letter has been sent to you.
5. Will Moore Stephens be providing details of my interests in Jersey to HMRC in the future?
We will comply with regulatory and reporting obligations. This will mean in Jersey, with respect to relevant persons, details will be passed to the island tax authority. It will exchange the information received on a government to government basis with HMRC.
6. I am no longer UK tax resident. Why has this letter been sent to me?
A ‘relevant person’ under the MOU includes any person that has been resident in the UK at any point between 6 April 1999 and 31 December 2013.To ensure we do not inadvertently exclude ‘relevant persons’ from the notification, we have taken the decision to inform all of our clients of this facility although we appreciate that this may not necessarily be applicable to everyone.
7. I have received this letter in my capacity as a director of a UK incorporated or UK tax resident company and not as an individual. Why is this?
The MOU defines a ‘relevant person’ to include both natural and legal persons such as companies. Our records indicate that your company is or has been UK resident after 1 April 1999. Companies are also entitled to use the JDF providing they meet the eligibility criteria. To ensure we do not inadvertently exclude ‘relevant persons’ from the notification, we have taken the decision to inform all of our clients of this facility although we appreciate that this may not necessarily be applicable to everyone.