The Governments of the Crown Dependencies have today issued draft FATCA guidance as part of a consultation process. Comments are invited on the draft guidance document by 14 March 2014. It is expected that final FATCA guidance to be issued shortly thereafter.

The guidance notes are the same across Jersey, Guernsey and the Isle of Man, apart from where specifically identified otherwise.

The primary difference is in the definitions included in respect of the Annexes to the US and UK Inter-Governmental Agreements for each jurisdiction.

The draft regulations in each jurisdiction have not been issued during this consultation process but we expect regulations to be issued in due course.

Further information regarding the consultation process can be found here.http://www.gov.gg/CHttpHandler.ashx?id=86124&p=0