Isle of Man to Share Tax Information with UK Government
In a bid to promote greater financial transparency, the Isle of Man is to share tax information with the UK Government. Financial institutions in the Isle of Man will disclose information about the investments of UK residents to relevant tax authorities. The agreement has been modelled on the Foreign Account Tax Compliance Act, known as FATCA, which was introduced by the USA to help promote tax compliance for US citizens who held investments offshore. The island is the first crown dependency to sign such an agreement, which will come into force from 2016 onwards. The news further illustrates the commitment of Governments in a number of locations to do more to eradicate tax evasion.