Jersey finance firms asked for views on Fatca

Finance companies in Jersey are being asked whether they should share more information about their clients with the UK taxman.

Firms are being asked what they think of the UK plans to introduce a Foreign Account Tax Compliance Act (Fatca) law.

It is a tax compliance law which allows the UK to access its residents' Jersey-based accounts.

Firms are being asked if Jersey should sign a Fatca agreement with the UK Government or explore other options.

Jersey's government has asked Jersey Finance, which represents the industry, to consult its members.

A Jersey States spokesman said they were committed to tackling tax evasion and helping international efforts to do so.

Geoff Cook, the chief executive officer of Jersey Finance, said more work was needed to find a way to keep the UK authorities happy and protect Jersey's interests.

He said: "It is our view that considerable work is still required to find a solution that meets the long-term needs of the UK, while at the same time avoiding the very real risks of disproportionate costs in terms of implementation and compliance."

He said he was also concerned about it harming the competitiveness of Jersey and other Crown Dependencies and Overseas Territories.