Isle Of Man / Ellan Vannin

Isle of Man must find 'fairer' way of doing business

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Media captionBBC North West Tonight investigate the tax row

The Isle of Man must find a "fairer and more just" way of doing business, the UK's shadow exchequer secretary to the Treasury said.

Owen Smith joined calls from UK Labour leader Ed Miliband for tax reforms in Jersey, Guernsey and the Isle of Man.

Mr Smith said the UK could be losing as much as £2.4bn because of the current tax systems in the Crown Dependencies.

The Isle of Man's Chief Minister Allan Bell dismissed the UK Labour Party remarks as "ill informed".

He said: "Contrary to what Mr Miliband said in the UK media at the weekend, the true position is that the Isle of Man was placed on the OECD White List of co-operative countries in 2009 and has received several robust endorsements of its approach since then.

"It is disappointing that the Isle of Man's work in meeting international tax standards and its contribution to their ongoing development has not been recognised by the leader of the opposition, as it has been by others.

He added: "We will continue to work towards being a model of political stability, transparency and financial supervision."

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