Effective July 1st, 2014. Also known as the U.K. FACTA.
Key Facts
UK Financial institutions within UK territories are obligated to release data on financial accounts held by residents to the HMRC. Four of these agreements are reciprocal – the UK in turn will be obligated to provide data on residents of these territories.
Who it affects
Financial institutions (Custodians, Depositories, Investment Entities, and Specified Insurance Companies) within the UK territories of Guernsey, Gibraltar, Montserrat, Bermuda, Turks & Caicos, British Virgin Islands, Cayman Islands, Anguilla, and the Isle of Man.