This week’s meeting of the Crown Dependencies calling for an offshore level playing field for disclosure under the European Union Savings Ta...

This week’s meeting of the Crown Dependencies calling for an offshore level playing field for disclosure under the European Union Savings Tax Directive has produced a swift response from the government of Gibraltar. It points out that the offshore jurisdiction is fully compliant with the terms of the directive.

In a statment, the Gibralter goverment said: "The Government of Gibraltar notes statements in the Channel Islands which refer to a 'last minute problem' and 'an initial difference of views between the UK and Gibraltar' in the implementation of the Taxation of Savings Directives between the UK and Gibraltar and demanding a 'quick resolution to the problem'".

The statement added: "There have even been calls for UK to 'force' Gibraltar to comply with the directive."

It continues: "These remarks are based on lack of familiarity with the facts. Gibraltar already is within the ambit of and complies with the Savings Directive. There has been no 'last minute problem', nor any difference of views. Nor, as has been said has 'Gibraltar signed up to the directive'. The directive applies, and has always applied to Gibraltar as of right and obligation because Gibraltar is an integral part of the EU. However, as was stated jointly by the Gibraltar government and the UK Government in a joint press statement the directive does not apply as between the UK and Gibraltar because we are not separate member states in relation to each other."

A highly placed spokesman for the Gibraltar government told WealthBriefing early in July that they wanted to resolve the anomaly as soon as possible although they could not place a time limit on its resolution. However, WealthBriefing understands that the time limit that the Crown Dependencies have put on resolution is the end of this calendar year.