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Chancellor asked tax evasion question

The Isle of Man was featured during questions in the UK parliament, as a Liberal Democrat MP asked about tax evasion and the Crown dependencies.

Adrian Sanders, MP for Torbay, asked Chancellor of the Exchequer George Osborne what he was doing to encourage the Crown dependencies to share more information on potential tax evasion, and what effects that might have to recover unpaid tax.

In a written reply, financial secretary to the Her Majesty's Treasury Mark Hoban said the Crown dependencies exchanged information when asked under Tax Information Exchange Agreements.

But he added the Isle of Man and Guernsey would automatically exchange information under the EU Savings Directive by July 1 this year.

He told Mr Sanders that would help Revenue and Customs ensure tax was paid by UK residents with savings income from those jurisdictions.

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