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Automatic exchange of information will this affect you?

Fiduciary Wealth Team

Earlier this year the G5 countries of UK, Spain, France, Germany and Italy signed an agreement to pilot an automatic exchange of information system very similar to the US FATCA regime. This is a concerted attempt by these member states to eradicate financial secrecy and ensure that information passes between tax authorities on a consistent basis. Anyone who thinks that UK HMRC do not speak to Hacienda in Spain and of course vice versa should take a reality check. Twelve other member states are ready to sign up to this agreement apparently. If you are worried this might affect you please call…