Tax Information Exchange: Isle of Man

A new tax information exchange agreement between the governments of the United Kingdom and the Isle of Man was signed in Douglas, Isle of Man on 29 September 2008 by Michael Wills MP, Minister of State for Constitutional Renewal and Tony Brown, Chief Minister of the Isle of Man. The governments have also agreed to amend the provisions of the 1955 arrangement between the two governments for the avoidance of double taxation with respect to taxes on income, notably to add provisions on the taxation of income from pensions and a mutual agreement procedure.

Please see the agreement (PDF 80K)

The text will in due course be laid as Schedules to a draft Order in Council for consideration by the House of Commons. It will then also be available from the Stationery Office.

Welcoming signature, the Financial Secretary to the Treasury, the Rt. Hon Jane Kennedy MP said: "This new tax information exchange agreement represents a significant step in our efforts to counter and prevent tax evasion and avoidance. I welcome the Government of the Isle of Man's willingness to implement these high standards of transparency and exchange of information and acknowledge their commitment."

Endorsing the sentiment, Michael Wills, Minister of State responsible for the Crown Dependencies said: "We all benefit from greater openness. I welcome this agreement as an example of effective co-operation between the two jurisdictions.”

The agreement will enter into force as soon as both governments have completed the legislative procedures needed to give it effect.

Notes for editors

1. Tax information exchange arrangements (TIEAs) allow governments to enforce their domestic tax laws by exchanging, on request, information relevant to a tax matter covered by the arrangements. The text of this TIEA broadly follows the OECD Model Agreement on Exchange of Information on Tax Matters.

2. This is the second comprehensive TIEA signed by the UK. The United Kingdom already has a TIEA in place with Bermuda. The Isle of Man has previously signed TIEAs with the United States, the Netherlands, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden and the Republic of Ireland.

Issued by HM Revenue & Customs Press Office

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Tax Information Exchange Agreements (TIEAs) - signed/not in force