Definitions and interpretation

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In this Act —

"Authority" means the Tax Information Authority designated under section 4;

"automatic exchange of information" means the systematic and periodic exchange of information for tax purposes between parties to a scheduled Agreement in the manner and to the specifications agreed between the parties or their competent authorities;

"electronic" means relating to technology having electrical, magnetic, optical, electromagnetic, or similar capabilities, whether digital, analogue or otherwise;

"electronic record" means a record processed and maintained by electronic means;

"information" means any fact, statement, document or record in whatever form; and includes —

any fact, statement, document or record held by banks, other financial institutions, or any persons, including nominees and trustees, acting in an agency or fiduciary capacity; and

any fact, statement, document or record regarding the beneficial ownership of companies, partnerships and other persons, including —

in the case of collective investment funds, information on shares, units and other interests; and

in the case of trusts, information on settlors, trustees and beneficiaries;

"Judge" means the Chief Justice acting alone and in an administrative capacity, or any other judge of the Grand Court so acting and designated under subsection (3);

"Party" means a party to a scheduled Agreement;

"proceedings" means civil or criminal proceedings;

"request" means a request made by one of the Parties to the other Party, under a scheduled Agreement;

"requesting Party" means a Party making a request;

"scheduled Agreement" means an agreement for the provision of information for tax purposes, being an agreement which has legal effect in the Islands and which is more particularly set out in a relevant Schedule to this Act; and

"tax purposes" means any tax purpose for which information may be provided under a scheduled Agreement or matters incidental thereto;

Repealed by section 2(b) of the Tax Information Authority (Amendment) (No. 2) Act, 2014 [Law 12 of 2014].

The Chief Justice may, in writing, designate any judge of the Grand Court to act on that person's behalf under this Act.

Defined Terms

Authorityautomatic exchange of informationelectronicelectronic recordinformationJudgePartyproceedingsrequestrequesting Partyscheduled Agreementtax purposes

Cross References

Section 4 of Tax Information Authority Actexternal
Authority designation

Tax Information Authority Act

4 Parts