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The Isle of Man Government sees that the move to automatic information is a "game changer" and, as you will be aware, has embraced the concept in the agreements that it proposes to enter into with the USA and UK.
Negotiations have moved at pace with the UK since 7th December and we are now in a position to update you in a number of areas.
In the Budget Speech yesterday, the Treasury Minister confirmed that progress is being made.
The Isle of Man Government has announced that it has reached an important milestone with the agreement at officer level of the basic agreement including Annex I.
This is significant as it demonstrates that both the UK and Isle of Man are committed to the process.
With the detail of Annex II still to agree, the Government will ensure that the agreement is proportionate and that 'UK Res Non Doms' need to be subject to an alternative reporting basis, which recognises their different status under UK tax law.
To reaffirm, we are committed to involving industry at key parts of the process and particularly around technical definitions and ways of simplifying the process.
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Alan Crowe MLC,
Member Department of Economic Development
