The Isle of Man has become the first British dependency to sign an agreement with the UK which extends an automatic disclosure of tax information.
The agreement is based on the requirements of the Foreign Account Tax Compliance Act, or FATCA, which was introduced by the United States to ensure the tax compliance of its citizens who have international interests.
It was signed in London yesterday by Chief Minister Allan Bell and UK Treasury Secretary David Gauke MP.
The deal was announced in Washington DC at around 6pm GMT by UK Chancellor George Osborne.
Mr Bell believes the signing is a major step forward for both the Island, and the UK:
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