Statutory Instruments
2018 No. 518
Taxes
The International Tax Enforcement (Bermuda) Order 2018
Made
24th April 2018
At the Court at Windsor Castle, the 24th day of April 2018
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) 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 (Bermuda) Order 2018.
International tax enforcement arrangements to have effect
2.—(1) It is declared that—
(a)the arrangements specified in the Exchange of Letters set out in the Schedule to this Order replace the arrangements set out in the Schedule to the International Tax Enforcement (Bermuda) Order 2008(2);
(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, and debts relating to the taxes, covered by the arrangements; and
(c)it is expedient that those arrangements should have effect.
(2) Accordingly, those arrangements have effect immediately after this Order is made.
Revocation
3. The International Tax Enforcement (Bermuda) Order 2008 is revoked.
Richard Tilbrook
Clerk of the Privy Council
Article 2
SCHEDULE
EXPLANATORY NOTE
(This note is not part of the Order)
An arrangement comprising an Exchange of Letters dealing with the exchange of information for tax purposes between the United Kingdom and the British Overseas Territory of Bermuda (“the 2017 Arrangement”) is set out in the Schedule to the Order.
A previous arrangement dealing with exchange of information for tax purposes between the United Kingdom and the British Overseas Territory of Bermuda was signed on 4 December 2007 (“the 2007 Arrangement”), and was set out in the Schedule to the International Tax Enforcement (Bermuda) Order 2008 (S.I. 2008 No.1789).
The 2017 Arrangement replaces the 2007 Arrangement and makes provision for automatic exchange of tax information, which was not provided for in the 2007 Arrangement.
The 2017 Arrangement was concluded on 27 June 2017 on the date of signature of the responding letter from Bermuda. The 2007 Arrangement was replaced on that date.
Article 2 makes a declaration that it is expedient that the 2017 Arrangement should have effect and provides that it has effect.
Article 3 revokes the International Tax Enforcement (Bermuda) Order 2008.
A Tax Information and Impact Note has not been produced as Tax Information Exchange Arrangements/Agreements (TIEAs) impose no obligations on taxpayers.