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UK tax plans could hit Crown Dependencies

The Isle of Man and its fellow Crown Dependencies may have another tax battle on their hands, if proposed new UK legislation is introduced.

According to articles in the Financial Times and The Observer, British ministers have drawn up plans to access information on accounts and trusts, both here and in the Channel Islands.

They go on to say a draft of the UK Treasury agreement will require the automatic exchange of information, revealing full details of all account holders.

That includes those whose identities might otherwise be hidden by trusts or companies, according to International Tax Review, which has seen the leaked draft.

Isle of Man-based tax expert Philip Dearden will be live on Mandate this morning (Monday).

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