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Isle of Man and United Kingdom Consolidate Tax Cooperation Arrangements

Posted on in IQE Isle of Man

The Isle of Man Government has announced that it will adopt tax information sharing arrangements with the United Kingdom. It is expected that the agreement will be closely based on the FATCA intergovernmental agreement which the Island is currently negotiating with the United States.

Chief Minister Allan Bell, MHK, said "The nature of tax cooperation is changing and, as I made clear in my Agenda for Change speech to Tynwald in October, automatic exchange is becoming the global standard.  The Island already shares tax information automatically under the EU Savings Directive and has recently announced that it will do so on a wider basis with the USA.  This decision is a well-considered next step in the Island's long-established policy of commitment to being at the forefront of tax transparency and international cooperation.  The Isle of Man has achieved global recognition for its proven record of compliance with current international standards of tax co-operation, with the OECD reporting to the G20 last year that the Island was one of only a few jurisdictions with all the elements of effective tax information exchange in place.  At the same time the Financial Stability Board placed the Isle of Man in the highest category of cooperative jurisdictions strongly adhering to international standards of co-operation and information exchange.  Continuing with this approach, it is logical for the Isle of Man to embrace new forms of tax cooperation with our largest trading partner, the UK."

"As a small International Business Centre, the Isle of Man seeks to work in partnership with our key economic allies to compete for global business.  It is therefore essential that we also work together to achieve international standards of regulation.  By clarifying our intentions, we can give business confidence about our direction of travel, so that together we can build a sustainable future for the Island's economy.  We will be working closely with our Isle of Man based businesses and the UK Government to ensure measured and cost-effective implementation of this agreement."

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