Rahman Ravelli
Rahman Ravelli Solicitors Logo
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539

About Us Expertise PEOPLE International Legal Articles News Events Contact Us
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
search
Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
search

British Islands Are To Share Information With Russian Tax Authorities Even Though An Agreement On Such Data Sharing Was Cancelled

Author: Nicola Sharp  28 January 2020

Nicola Sharp of business crime solicitors Rahman Ravelli believes more developments could be likely.

British offshore tax havens are to send information about Russian assets registered in their jurisdictions to Russian tax authorities, despite the cancellation of an agreement on the sharing of such data.

Jersey, Guernsey and the Isle of Man will disclose details about bank accounts, properties, investments and other assets owned by Russian citizens to the Russian Federal Tax Service this year.

Russia lifted restrictions on Russian citizens holding overseas bank accounts from the beginning of 2020 — providing the accounts are registered in a jurisdiction that takes part in automatic information sharing with the Russian tax authorities. 

In 2019, the UK and Russian governments excluded each other from a list of countries eligible to receive such information, less than nine months after Russia signed up to the international scheme. But the three islands have named Russia as one of the countries which they will automatically share asset information with for the 2019 and 2020 tax years. This is a departure from last year when the islands followed the UK’s refusal to share information.

With Russia having taken the major decision to lift its restrictions in relation to those countries that it has information-sharing agreements with, it remains to be seen what the implications are. It will be of particular interest to observe how other nations respond – and whether we will see more of them taking a decision to join the international data sharing scheme.

Nicola Sharp C 09983

Nicola Sharp

Partner

nicola.sharp@rahmanravelli.co.uk
+44 (0)203 910 4567 vCard

Download Profile PDF

View Profile

Nicola is known for her fraud, civil recovery and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.

Share this article on