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Tax agreement reached with the UK

Wed, 20 Feb 2013

An agreement has been reached between the Isle of Man and UK authorities that aims to clamp down on offshore tax evasion.

It now means UK taxpayers with accounts here will have their details passed on automatically to HM Revenue and Customs, with a disclosure facility meaning they can come forward prior to this happening and settle their affairs.

Chancellor George Osborne has praised the development, saying it will greatly enhance their ability to seek out those hiding money offshore.

Treasury Minister Eddie Teare describes it as a highly positive step forward, saying it’s the culmination of three months of intense negotiation.

As it stands the Island has been the only one of the crown dependencies to implement the agreement.

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