UK and Guernsey sign tax info exchange

TIEAs allow governments to enforce their domestic tax laws by exchanging information relevant to a tax matter on request. The governments have also agreed to adjust the requirements of the 1952 arrangement to avoid double taxation on income and will add provisions on the taxation of income from pensions plus a mutual agreement procedure. "This new tax information exchange agreement represents a significant step in our efforts to counter and prevent tax evasion and avoidance," said the financial secretary to the Treasury, the Rt. Hon Stephen Timms MP. The agreement will enter into forc...