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Automatic exchange of tax information 30/10/2014 The UK, alongside 50 other countries and jurisdictions from across the globe, has signed a new agreement to allow the automatic exchange of tax information

Automatic exchange of tax information

The UK, alongside 50 other countries and jurisdictions from across the globe, this week signed a new agreement at the Global Forum in Berlin to allow the automatic exchange of tax information. The move is part of an international effort to target tax evasion.

Under the agreement, unprecedented levels of information, including account balances, interest payments and beneficial ownership, will be shared with the UK from countries across the world.

This will increase the ability of HMRC to clamp down on tax evaders, providing HMRC with the details of billions of pounds of assets held overseas by UK taxpayers.

Together with France, Germany, Italy and Spain, the UK launched an initiative for early adoption of the new standard in April 2013. In total 57 countries and jurisdictions - known as the Early Adopters Group - have now committed to a common implementation timetable which will see the first exchange of information in 2017 in respect of accounts open at the end of 2015 and new accounts from 2016.

A further 34 countries have committed to implement the new global standard by 2018.

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