The Guernsey Disclosure Facility (GDF)
In the UK Budget 2015, it was announced that the UK would be terminating their current ongoing disclosure facilities, including the Guernsey Disclosure Facility (GDF) at the end of 2015 (instead of 30 September 2016 as was originally intended).
Under the GDF, Guernsey undertook to require financial intermediaries to notify clients, in March 2016, that the GDF was coming to an end on 30 September 2016.
If the GDF is to terminate, in December 2015, this obligation will fall away.
It will be for individual financial institutions to decide, therefore, whether, for their own operational reasons, they wish to notify clients that the GDF will terminate at the end of 2015.
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If you have previously indicated that you wished to receive updates relating to the exchange of information,
including the IGAs (incorporating FATCA) and the Common Reporting Standard ( CRS) you will have recently received a message from Alexis Morgan, Tax Office.Click here
to see the Bulletin 2015/1 that was attached to the message which reminds any Guernsey Financial Institution which anticipates it will have reporting responsibilities under the US IGA (for 2014 data) to ensure adequate time has been left to obtain GIIN(s) from the IRS and register with the Information Gateway Online Reporter ( IGOR) . The final date is anticipated to be 11 May 2015, or earlier.
The document is available at http://www.gov.gg/article/109356/Intergovernmental-Agreements-FATCA
, which also contains further information concerning both the US and UK IGAs.