The Isle of Man government has signed a tax information sharing agreement with the UK government to help combat tax evasion. Under the agreement, the Isle of Man and UK will automatically exchange a wide range of information on tax residents, on a reciprocal basis.

It should be emphasised that evasion isn’t avoidance and there are many perfectly legal reasons why residents of one country should hold assets, including bank accounts, in another.

The Isle of Man’s Chief Minister, Allan Bell, described the move as a “major repositioning of the Isle of Man for the future” and David Gauke, the UK Exchequer Secretary said the agreement would “significantly boost the UK’s ability to tackle cross-border tax evasion”.

He said: “Automatic information exchange is an important tool in boosting our ability to clamp down on those who seek to hide their money overseas.

“For years people said this couldn’t be done, so I welcome the progress we have made with the Isle of Man.”

Mr Bell said: “The Isle of Man has worked hard to co-operate with the international community for some 15 years to develop new standards of transparency to oversee the international financial services industry.”

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