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.