UK Changes To Have Impact On Crown Dependencies

November 29, 2012

Hot on the back of the Panorama program it seems that the UK are set to introduce more legislation that will have a negative impact on the Crown Dependencies.

According to UK press reports the UK government is intending on introducing new legislation that will force the crown dependencies to reveal the ownership details behind companies, bank accounts and trust structures held offshore. There have always been legitimiate and non legitimate reasons for privacy but any changes in this area will whitewash over both.

The move which is expected to come into force in 2014 should only impact those looking to avoid paying taxes, then again legal tax avoidance is what the Crown Dependencies are all about isn’t it? Even if the actual impact on the groud would be minimal it is unsure yet how such legislation would impact on the competitiveness of places like the Isle of Man and the Channel Islands when it comes to attracting new business.

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