On Air The Morning Show Marc Tyley | 9:30am - Noon

Tax crackdown on offshores

The Island and its fellow crown dependencies could have another tax battle on their hands.

According to UK press reports, the UK Government intends to force crown dependencies to reveal the names behind hidden companies, account holders and trusts.

The news has delighted tax justice campaigners, who predict that the move, which is expected to be unveiled in the chancellor's autumn statement and come into force in 2014, will have major consequences for those trying to hide their money offshore.

However, Island tax expert Phil Dearden says any concern would only be felt by those who try and avoid tax rules.

Clip 1

More from Isle of Man Business