This Newsbrief provides an update and background information on the agreement.
On October 11, 2013 the Chancellor announced that the UK and Isle of Man had signed an automatic tax information exchange agreement based on FATCA (the US Foreign Account Tax Compliance Act). This is the first agreement of this type to be signed between two parties of which neither are the US. The signing took place on 10th October 2013.
The intention to enter this agreement had been previously announced on 7 December 2012. This is the first of a series of agreements that the UK will enter into with its Crown Dependencies and Overseas Territories in 2013. We await publication of this agreement itself and the accompanying legislation and guidance.