Quoted from HM revenue and Customs:

“Jersey is to join other Crown Dependencies and Overseas Territories as a signatory to a Tax Information Exchange Agreement (TIEA) with the UK. TIEAs play a vital role in HM Revenue & Customs (HMRC) drive against offshore avoidance and evasion.

The Financial Secretary to the Treasury, the Rt. Hon Stephen Timms MP said:

“Exchange of information and transparency between countries and territories is vital in combating tax avoidance and evasion. Jersey’s decision to embrace this principle is very welcome and a crucial step in the right direction.

“More countries and territories must now follow Jersey’s example. In coming weeks we will be working with G20 partners to boost global co-operation to address tax evasion. I urge those who have not yet met international standards to think again and start work on the necessary reforms immediately”.

HMRC Permanent Secretary for Tax, Dave Hartnett said:

“The importance of this TIEA with Jersey should not be under-estimated. It will enable us to obtain the information we need to ensure that the days when putting assets off shore provided an unfair tax advantage are well and truly over.”

The text of the agreement is available  on the HMRC website at  http://www.hmrc.gov.uk/international/jersey-eol.pdf and will in due course be laid as Schedules to a draft Order in Council for consideration by the House of Commons.

This is the fifth TIEA signed by the UK and follows the OECD Model Agreement on Exchange of Information on Tax Matters. The UK already has a TIEA in place with Bermuda and signed TIEAs with the Isle of Man, the British Virgin Islands and Guernsey. Jersey has signed TIEAs with the United States, the Netherlands, Germany, Denmark, Finland, Greenland, Iceland, Norway, Sweden and the Faroes.

From a business researcher’s point of view, this doesn’t change the problems we have when looking for information on companies registered in Jersey or the other tax havens mentioned in the press release.