An Isle of Man Treasury working party will investigate whether automatic exchange of tax information should be introduced on the island. Currently tax information is shared only upon request.
The Isle of Man has signed 14 Tax Information Exchange Agreements (TIEAs), securing a place on the OECD's "white list" of cooperative jurisdictions. However, reports suggest Treasury minister Allan Bell believes there are signs the international agenda, including that of the European Union, is moving towards automatic exchange. Currently non-residents can pay a withholding tax of 20% on their savings interest which is remitted back to their home country, or choose to exchange tax information. The withholding tax will rocket to 35% in July 2011. Bell says: "That's quite a big jump and th...
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