UK and Isle of Man will Sign Tax Information Exchange Agreement

UK and Isle of Man will Sign Tax Information Exchange Agreement

Currently the UK and the Isle of Man are developing a package of measures aimed on fight against tax evasion including an enhanced tax information exchange agreement.

According to that agreement, a range of additional information about potentially taxable income held in Isle of Man bank accounts to become available to the UK tax authority. The UK and the Isle of Man will automatically exchange a wide range of information on tax residents on mutual basis.

The new tax exchange information agreement follows the agreement between the UK and the US signed to implement Foreign Account Tax Compliance Act (FATCA). The timetable will be the same as in the agreement currently being negotiated by the Isle of Man and the US.

The agreement between the Isle of Man and the UK is expected to contribute into the UK’s crackdown on tax evasion. The government of Jersey and Guernsey last week confirmed that negotiations are to proceed between the Crown Dependencies and the UK for creating regulations similar to the US FATCA.

The Exchequer Secretary to the Treasury commenting the future signing of tax information exchange agreement said: “This agreement will significantly boost the UK’s ability to tackle cross-border tax evasion. Automatic information exchange is an important tool in boosting HMRC's ability to clamp down on those who seek to hide their money overseas. Our ground breaking agreement with the US sets a new standard in international tax transparency and the agreement between the UK and Isle of Man to move to much greater levels of automatic exchange is the next step in this process”.

The UK is looking to reach similar agreements with other jurisdictions. At present time the relevant negotiations with Jersey and Guernsey are being held.

As for the Isle of Man, its government finds essential to work together to achieve international standards of tax information exchange. The Isle of Man intends to work closely with the UK government to ensure implementation of the tax information exchange agreement. 

 

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