The International Tax Enforcement (British Virgin Islands) Order 2014

Made27th May 2014

At the Court at Buckingham Palace, the 27th day of May 2014

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 20061 and approved by a resolution of that House.

Accordingly, Her Majesty, in exercise of the powers conferred upon Her by section 173(1) to (3) of the Finance Act 2006, by and with the advice of Her Privy Council, orders as follows—

Citation1

This Order may be cited as the International Tax Enforcement (British Virgin Islands) Order 2014.

International tax enforcement arrangements to have effect2

It is declared that—

a

the arrangements specified in the Exchange of Letters set out in Part 1 of the Schedule to this Order and in the Arrangement set out in Part 2 of that Schedule, which amend the arrangements set out in Parts 1 and 2 of the Schedule to the Double Taxation Relief and International Tax Enforcement (Virgin Islands) Order 20092 have been made with the Government of the British Virgin Islands;

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 Arrangement; and

c

it is expedient that those arrangements should have effect.

Ceri KingDeputy Clerk of the Privy Council

SCHEDULE 1

Article 2

PART 1

PART 2

EXPLANATORY NOTE

(This note is not part of the Order)

The Schedule to this Order contains arrangements comprising an Exchange of Letters and an Arrangement (“the Arrangements”) amending the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Virgin Islands for the exchange of information relating to taxes (“the 2008 Agreement”). The 2008 Agreement was scheduled to the Double Taxation Relief and International Tax Enforcement (Virgin Islands) Order 2009 (S.I. 2009/3013). This Order brings the Arrangements into effect.

Article 2 makes a declaration that it is expedient that the Arrangements should have effect.

The Arrangements relate to the exchange of information in tax matters and add new Articles 5A and 5B to the Agreement to allow for the automatic and spontaneous exchange of information.

The Arrangements will enter into force on the date of the later of the notifications by each territory of the completion of its legislative procedures and take effect for information exchanged on or after that date.

The date of entry into force will, in due course, be published in the London, Edinburgh and Belfast Gazettes.

A Tax Information and Impact Note has not been produced for this Order as it gives effect to a previously announced policy to enact a tax information exchange agreement.