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The UK and the Isle of Man have entered into a new tax information exchange (TIE) agreement.
The accord was signed in Douglas by Michael Wills, minister of state for constitutional renewal, and Tony Brown, chief minister of the Isle of Man.
The two governments have also agreed to amend the provisions of their 1955 arrangement 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.
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 be available from HMRC's Stationery Office.
Financial secretary to the Treasury Jane Kennedy said the new TIE agreement 'represents a significant step in our efforts to counter and prevent tax evasion and avoidance'.
She added: 'I welcome the… Isle of Man's willingness to implement [the] high standards of transparency and exchange of information, and acknowledge [its] commitment'.
The agreement will enter into force as soon as both governments have completed the legislative procedures needed to give it effect.
