Isle of Man first to 'set in stone' UK tax agreement

Related Stories

The Isle of Man has become the first British crown dependency to sign a tax information-sharing agreement with the UK to combat tax evasion.

Under the accord, the island and the UK will automatically exchange a wide range of information on residents' tax issues, on a reciprocal basis.

It has been signed by Manx Chief Minister, Allan Bell and HM Treasury Exchequer Secretary, David Gauke.

The UK is looking to agree similar deals with both Guernsey and Jersey.

It follows the introduction of the Foreign Account Tax Compliance Act (FATCA) in the United States.

'Clear commitment'

FATCA was implemented by the US government to clamp down on the growing number of US citizens who were discovered trying to evade tax by holding bank and wealth accounts overseas.

Mr Bell said: "In signing this historic agreement with the United Kingdom, we are underlining the message to our neighbours and the wider world that our island is a responsible centre for top quality international business.

"The Isle of Man was the first to strike this agreement with the UK and we are now the first to sign, demonstrating the clear commitment of both countries to the development of a new global standard in automatic exchange."

The signed agreement will see the two governments adopt new enhanced reciprocal tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

BBC Isle of Man

Weather

Douglas

Min. Night 9 °C

Features & Analysis

  • French luxury Tea House, Mariage Freres display of tea pots Tea for tu

    France falls back in love with tea - but don't expect a British cuppa


  • Woman in swimming pool Green stuff

    The element that makes a familiar smell when mixed with urine


  • People take part in an egg-cracking contest in the village of Mokrin, 120km (75 miles) north of Belgrade, Serbia on 20 April 2014In pictures

    Images from around the world as Christians mark Easter Sunday


  • Female model's bottom in leopard skin trousers as she walks up the catwalkBum deal

    Why budget buttock ops can be bad for your health


Elsewhere on the BBC

  • ITChild's play

    It's never been easier for small businesses to get their message out to the world

Programmes

  • An aerial shot shows the Olympic Stadium, which is closed for repair works on its roof, in Rio de Janeiro March 28, 2014.Extra Time Watch

    Will Rio be ready in time to host the Olympics in 2016? The IOC president gives his verdict

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.