The International Tax Enforcement (Turks and Caicos Islands) Order 2014

Draft Order in Council laid before the House of Commons under section 173(7) of the Finance Act 2006 for approval by resolution of that House.

Draft Statutory Instruments

2014 No. 0000

Capital Gains Tax

Corporation Tax

Income Tax

Inheritance Tax

Value Added Tax

The International Tax Enforcement (Turks and Caicos Islands) Order 2014

Made

***

At the Court at Buckingham Palace, the *** day of ***

Present,

The Queen’s Most Excellent Majesty in Council

A draft of this Order was laid before the House of Commons in accordance with section 173(7) of the Finance Act 2006(1) and approved by a resolution of that House.

Accordingly, Her Majesty, in exercise of the powers conferred upon Her by section 173(1) to (3) of the Finance Act 2006, by and with the advice of Her Privy Council, orders as follows—

Citation

1.  This Order may be cited as the International Tax Enforcement (Turks and Caicos Islands) Order 2014.

International tax enforcement arrangements to have effect

2.  It is declared that—

(a) the arrangements specified in the Exchange of Letters set out in Part 1 of the Schedule to this Order and in the Arrangement set out in Part 2 of that Schedule, which amend the arrangements set out in Parts 1 and 2 of the Schedule to the International Tax Enforcement (Turks and Caicos Islands) Order 2010(2), have been made with the Government of the Turks and Caicos Islands;

(b) the arrangements have been made with a view to the exchange of information foreseeably relevant to the administration or enforcement or recovery of the taxes covered by the arrangements; and

(c) it is expedient that those arrangements should have effect.

Name

Clerk of the Privy Council

Article 2

SCHEDULE

PART 1

PART 2

EXPLANATORY NOTE

(This note is not part of the Order)

The Schedule to this Order contains arrangements comprising an Exchange of Letters and an Arrangement (“the Arrangements”) amending the Arrangement between the United Kingdom and the Turks and Caicos Islands for the exchange of information relating to tax matters (“the 2009 Arrangement”). The 2009 Arrangement was scheduled to the International Tax Enforcement (Turks and Caicos Islands) Order 2010 (S.I. 2010/2679). This Order gives effect to the Arrangements.

Article 2 makes a declaration that it is expedient that the Arrangements should have effect.

The Arrangements relate to the exchange of information in tax matters and add new Paragraphs 5A and 5B to the 2009 Arrangement to allow for the automatic and spontaneous exchange of information.

The Arrangements will enter into force on the date of the later of the notifications by each territory of the completion of its legislative procedures and take effect for information exchanged on or after that date.

The date of entry into force will, in due course, be published in the London, Edinburgh and Belfast Gazettes.

A Tax Information and Impact Note has not been produced for this Order as it gives effect to a previously announced policy to enact a tax information exchange agreement.

(1)

2006 c. 25.

(2)

S.I. 2010/2679.