We are replacing the EUSD retention tax regime with automatic exchange of information. This move follows the signing of inter-governmental agreements with the USA and the UK.
Automatic exchange of information is compulsory with effect from 1 January 2015.
If you are resident in the EU and hold a bank account in Jersey, you have either paid retention tax on your interest, or you have opted to disclose those interest payments to the tax authority where you live.
Jersey is committed to the international standards on tax transparency. We have signed agreements on automatic exchange with the USA and the UK, and we are an early adopter of the Common Reporting Standard (CRS). The retention tax regime no longer is in accord with our statement of support for the automatic exchange of information.
Automatic exchange of information
Our EUSD regulations make automatic exchange mandatory from 1 January 2015. The regulations also give paying agents the choice to put in place automatic exchange ahead of 1 January 2015.