The agreement between the UK Government and Guernsey authorities to disclose details of Guernsey based accounts denotes the "aggressiveness" with which it is attacking the tax evaders, according to PKF Accountants & business advisers.
Commenting on Guernsey’s move, Paul Clarke, tax partner at PKF, said: "The forthcoming Guernsey agreement stems from the FATCA deal that has been struck with the USA. I’d be surprised if a similar deal with Jersey is not announced shortly. The FATCA has given the UK authorities considerable leverage with former ‘tax havens’ – there are very few places left to tax evaders to hide.
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"If, as we expect, there is a disclosure facility for UK-based Guernsey account holders to run alongside this agreement, it will be very interesting to see the exact terms. The recent Isle of Man disclosure facility does not offer immunity from prosecution so it may not be as attractive to account holders as the existing Liechtenstein disclosure facility," he added.
Clarke further added: "Individuals who think they will be affected by the Guernsey agreement should act now and take advice on putting their affairs in order in the most cost-effective way. You normally cannot take part in disclosure facilities if you are already under investigation.
"HMRC investigators have an incentive to raise enquiries into Guernsey account holders before the agreement comes into effect, and experience shows that they will do if they have any suspicions of wrongdoing."
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