On 16 March 2016, the United Kingdom entered into protocols through the exchange of letters that amend the 1952 tax arrangements with Guernsey, the 1955 tax arrangement with the Isle of Man and the 1952 tax arrangement with Jersey. The tax arrangements are amended to close a loophole that may have allowed non-UK resident property developers to avoid income tax or corporation tax in the UK in certain circumstances.
The protocols will enter into force after the ratification instruments are exc…