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Treasury may gain from tax info exchange

Up to £1 million benefit possible

It's been revealed the Isle of Man Treasury could see around £1 million from a formal exchange of information with the UK - which took place last Friday (30 September).  

The Association of Corporate Service Providers says Treasury is also searching through transfer information for signs of Manx tax owed.

That includes UK bank and investment management accounts, hedge funds, private equity funds, offshore trusts and insurance policies.

Between 2013 and now, HMRC dropped the collection estimate for the Isle of Man and the Channel Islands from £1 billion to £270 million.

According to the ACSP, the Island has been transparent for years and the disclosure's main function will only serve to prove this.

Industry handed over the information to government at the end of June - chairman Mark Denton says the Isle of Man could yet see a substantial benefit:

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