The Tax Information Exchange Agreement (Taxes on Income) (Jersey) Order 2005

2Declaration about exchange of information

PART 1AGREEMENT ON THE TAXATION OF SAVINGS INCOME BETWEEN JERSEY AND THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND

1Article 17 of Directive 2003/48/EEC (“the Directive”) of the Council...

2The relationship of Jersey with the EU is determined by...

3Jersey notes that, while it is the ultimate aim of...

4The “withholding tax” referred to in the Directive will be...

5Jersey has agreed to apply a retention tax with effect...

6Jersey has agreed to apply automatic exchange of information in...

7Jersey has legislation relating to undertakings for collective investment that...

Article 1Retention of Tax by Paying Agents

Interest payments as defined in Article 8 of this Agreement...

Article 2Reporting of Information by Paying Agents

(1) Where interest payments, as defined in Article 8 of...

Article 3Exceptions to the Retention Tax Procedure

(1) Jersey when levying a retention tax in accordance with...

Article 4Basis of assessment for retention tax

(1) A paying agent established in Jersey shall levy retention...

Article 5Definition of beneficial owner

(1) For the purposes of this Agreement, “beneficial owner” shall...

Article 6Identity and residence of beneficial owners

(1) Each Party shall, within its territory, adopt and ensure...

Article 7Definition of paying agent

(1) For the purposes of this Agreement, “paying agent” means...

Article 8Definition of interest payment

(1) For the purposes of this Agreement “interest payment” shall...

Article 9Retention Tax Revenue sharing

(1) Jersey shall retain 25% of the retention tax deducted...

Article 10Elimination of double taxation

(1) A contracting party in which the beneficial owner is...

Article 11Transitional provisions for negotiable debt securities

(1) During the transitional period referred to in Article 14...

Article 12Mutual agreement procedure

Where difficulties or doubts arise between the parties regarding the...

Article 13Confidentiality

(1) All information provided and received by the competent authority...

Article 14Transitional Period

At the end of the transitional period as defined in...

Article 15Entry into force

Subject to the provisions of Article 17 of this Agreement,...

Article 16Termination

(1) This Agreement shall remain in force until terminated by...

Article 17Application and suspension of application

(1) The application of this Agreement shall be conditional on...

Annex:List of related entities referred to in Article 11

For the purposes of Article 11 of this Agreement, the...

ENTITIES WITHIN THE EUROPEAN UNION:

INTERNATIONAL ENTITIES: European Bank for Reconstruction and Development European Investment...

The provisions of Article 11 are without prejudice to any...

ENTITIES IN THIRD COUNTRIES:

CONDITIONS FOR AMENDING THE PRESENT ANNEX:

PART IIExchange of Notes

Note from Her Majesty’s Government

Dear Senator Walker,

I have the honour to refer to the texts of...

In view of the above mentioned agreed texts, and respecting...

I have the honour to propose that, if the above...

Please accept, Sir, the assurance of our highest consideration,

Note from the States of Jersey

I have the honour to acknowledge receipt of your letter...

I am able to confirm that Jersey has agreed to...

Please accept, Sir, the assurance of my highest consideration.

2005 No. 1261

INCOME TAX

The Tax Information Exchange Agreement (Taxes on Income) (Jersey) Order 2005

Made7th May 2005

At the Court at Buckingham Palace, the 7th day of May 2005

Present,

The Queen’s Most Excellent Majesty in Council

In accordance with section 815C(3) of the Income and Corporation Taxes Act 19881 a draft of this Order was laid before, and approved by a resolution of, the House of Commons;

Accordingly Her Majesty, in exercise of the power conferred upon Her by section 815C of the Act of 1988, and of all other powers enabling Her in that behalf, is pleased, by and with the advice of Her Privy Council, to order as follows: