UK welcomes progress by Isle of Man on tax information exchange
The UK government welcomed, on 30 April 2009, the Isle of Man's recognition by the OECD as a jurisdiction that has substantially implemented the internationally agreed standard on exchange of information in tax matters and on its ongoing progress in signing Tax Information Exchange Agreements (TIEAs).
Financial Secretary to the Treasury Stephen Timms said: "I warmly welcome the Isle of Man's progress in agreeing Tax Information Exchange Agreements, with 14 signed so far. The Isle of Man's firm commitment to enhanced transparency and exchange of information in tax matters is very encouraging, and I call on others to heed their example."
The TIEA between the Isle of Man and the UK, signed in Douglas on 29 September 2008 together with an Arrangement to amend the 1955 Isle of Man-UK double tax treaty, came into force on 2 April 2009.
The provisions of the Arrangement will take effect in the Isle of Man from 6 April 2009 and in the UK from 1 April 2010 for the purposes of corporation tax, and from 6 April 2009 for income tax purposes.
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