Tax Reporting Exchange

UK Tax Reporting Exchange

Countries around the world are currently addressing the issue of international tax compliance.

Following the introduction by the USA of the Foreign Account Tax Compliance Act (FATCA), which has been viewed as setting the new standard for international tax transparency, many other countries are applying purposely similar tax legislation in order to provide maximum global consistency.

In 2013, the governments of Jersey and the UK signed an inter-governmental agreement (IGA), the aim of which is to improve tax transparency between these two jurisdictions. This piece of legislation will broadly affect customers who are resident for tax purposes in the UK, whilst maintaining bank accounts in Jersey.

Further tax reporting legislation introduced in 2016, known as the Common Reporting Standards, increases the number of countries participating in such automatic tax reporting and over time will replace this UK specific legislation.

HSBC Expat, along with other financial institutions in Jersey (Channel Islands), are now required to identify and annually report all affected customers to the Jersey tax authority, who will then share the information with their counterparts in each relevant tax jurisdiction.

If our records show that you are impacted by this legislation, we will contact you in order to verify your tax status, prior to the first report being submitted. We don't have to report all customers to the Jersey tax authority in the first year, so if you have not received a letter, it is likely that you do not yet meet the relevant reporting requirements.

If you have concerns, you can ensure we hold your correct tax reporting details by completing and sending us the following Self Certification form.

For more information please read our Frequently Asked Questions.