iomtoday 07 Dec 12: Isle of Man will adopt tax information sharing agreements with the UK

THE Manx Government today announced it would adopt tax information sharing arrangements with the UK.

They will follow closely the FATCA intergovernmental agreement currently being negotiated with the United States.

The Isle of Man Government will work together with the UK government on concluding a number of measures which will enhance tax transparency to fight tax evasion and financial crime.

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

The Manx government said today that to minimise the burden on financial institutions, the approach would follow as closely as practicable the Model Intergovernmental Agreement reached between the UK and the United States of America and would be concluded to the same timetable as the agreement between the Isle of Man and the United States.

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