The United Kingdom signed a Tax Information Exchange Agreement (TIEA) with Gibraltar yesterday, which will help to ensure that those liable to tax in the UK pay the right tax on investments in Gibraltar and on supplies of goods and services into and out of the UK.
The TIEA was signed by the Financial Services Secretary to the Treasury, Lord Myners, and the Chief Minister of Gibraltar, Peter Caruana QC.
Welcoming the signatures, the Financial Secretary to the Treasury, the Rt Hon Stephen Timms MP, said:
“I am very grateful to the Government of Gibraltar for their constructive approach to this agreement and I welcome the fact that Gibraltar has now joined the rapidly growing number of jurisdictions making good on their commitments to apply high standards of transparency and exchange of information in tax matters.
“Today’s agreement is in line with the OECD’s standards of transparency and the implementation of these standards is very much in the interests of all those taxpayers who comply with the spirit and letter of the law.”
The text of the TIEA can be accessed on the internet at: www.hmrc.gov.uk/international/gibraltar-eol.pdf
The text will shortly be laid as a Schedule to a draft Order in Council for consideration by the House of Commons. It will then also be available from the Stationery Office. The Arrangement will come into effect as soon as each government has completed the necessary procedures to give effect to it under its domestic laws.