News
New tax information exchange agreement with San Marino
Posted on: 25 February 2010
The UK has entered into a new tax information exchange agreement (TIEA) with San Marino. The agreement will come into force after both countries have completed their Parliamentary procedures.This TIEA is another in a series of agreements which the UK has concluded in recent years. It covers all existing taxes, and is intended to help counter and prevent tax evasion and avoidance. Any information relating to the assessment and collection of tax can be requested and exchanged, including:
- Information held by banks and other financial institutions.
- Information on the ownership of companies, partnerships, trusts, foundations and other persons, including information on all persons in an ownership chain and, in the case of trusts, information on settlors, trustees, and beneficiaries.
Advisers can expect HMRC to use this agreement to pursue future enquiries into offshore structures to a greater extent than they could in the past.
Please contact Paul Bramall to discuss any tax information exchange agreement.
