U.K HM Treasury & IOM Treasury Discuss Measures Against Tax-Avoidance & Evasion Schemes

Ace Business Desk – The Exchequer Secretary to the Treasury and the Isle of Man Treasury Minister agree to work together to crack down on promoters of tax avoidance schemes.

UK and Isle of Man discuss measures against tax avoidance and evasion

Isle of Man Treasury Minister Dr Alex Allinson MHK held a virtual meeting with the UK Exchequer Secretary to the Treasury James Murray MP earlier today (27 May).

Following the meeting, they issued this joint statement:

The UK and the Isle of Man have a long-standing history of collaboration in the fight against tax avoidance and evasion, and in our successful cooperative efforts to promote transparency while ensuring that our tax systems are robust and fair. 

The UK and the Isle of Man were amongst the early adopters of the Common Reporting Standard, which facilitates the automatic exchange of financial account information between jurisdictions, and are both working on the Crypto-Asset Reporting Framework which will see the automatic exchange of information on crypto-assets. Both jurisdictions have also recently implemented measures in relation to the Global Base Erosion Rules under the OECD’s Pillar 2 Global Minimum Tax.

Both governments are committed to taking robust action to deter and disrupt the activities of those who seek to promote marketed tax avoidance schemes that threaten our tax systems and the reputations of our well-established and globally-attractive service sectors. This proactive stance safeguards tax revenues and ensures fairness for all taxpayers. 

Recognising the need to go further, and noting the UK Government’s ongoing consultation on steps to crack down on promoters of marketed tax avoidance schemes, we are pleased that we have been able to agree today to explore ways to further enhance information flows, joint working and other ways in which tangible benefits for both jurisdictions can be achieved.  

We look forward to continuing our partnership and achieving tangible results in our shared objective of combatting tax avoidance and evasion.

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