Isle of Man Signs FATCA Type Agreement with UK
As a result of an intergovernmental agreement signed in London on October 10 by Chief Minister Allan Bell and HM Treasury Exchequer Secretary David Gauke, the Isle of Man became the first British dependent territory to sign an agreement with the United Kingdom extending the automatic disclosure of tax information.
The agreement is based on the requirements of the Foreign Account Tax Compliance Act (FATCA) introduced by the United States to increase the tax compliance of its citizens with international interests.
The two Governments have agreed to start exchanging additional information from 2016.
The UK is looking to agree similar deals with both Guernsey and Jersey.
The Isle of Man already shares information automatically on personal savings income with the UK and other European Union countries, having been the first non-EU jurisdiction to make a public commitment to this under the EU Savings Directive in June 2009. The Island was also the first to commit, in December last year, to the FATCA-style agreement with the UK extending the scope of automatic disclosure to include, for example, companies and trusts.
Source: BBC News – “Isle of Man first to ‘set in stone’ UK tax agreement”
Related: Isle of Man Disclosure Facility