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| Version 4 | Version 5 |
|---|---|
| Isle of Man to help Britain tackle tax evasion | Isle of Man to help Britain tackle tax evasion |
| (4 months later) | |
| The government has signed a tax information sharing agreement with the Isle of Man in an attempt to clamp down on tax evasion. | The government has signed a tax information sharing agreement with the Isle of Man in an attempt to clamp down on tax evasion. |
| It follows a similar agreement with the US through the foreign account tax compliance act and was described by John Cassidy, a tax investigations partner at PKF accountants, as a "major coup" for the government. | It follows a similar agreement with the US through the foreign account tax compliance act and was described by John Cassidy, a tax investigations partner at PKF accountants, as a "major coup" for the government. |
| The Isle of Man's chief minister, Allan Bell, said: "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 co-operation." | The Isle of Man's chief minister, Allan Bell, said: "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 co-operation." |
| More details of how this is to work in practice will be announced but Bell said the two governments would adopt "new enhanced reciprocal tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis". | More details of how this is to work in practice will be announced but Bell said the two governments would adopt "new enhanced reciprocal tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis". |
| David Gauke, the exchequer secretary to the Treasury, said the agreement would "significantly boost the UK's ability to tackle cross-border tax evasion". | David Gauke, the exchequer secretary to the Treasury, said the agreement would "significantly boost the UK's ability to tackle cross-border tax evasion". |
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