Isle Of Man And UK- Their own FATCA
FATCA Style Agreement Signed Between Isle Of Man And UK: Isle of Man is the first of the British dependencies to go through and sign an agreement between them and the U.K. which extends the publishing of tax information automatically.
Isle of Man Signs FATCA Agreement
The FATCA agreement was signed on 11th October 2013 in London by Mr. David Gauke MP, HM Treasury Exchequer Secretary and Mr. Allan Bell MHK, Chief Minister.
The agreement is based on the terms of FATCA (Foreign Account Tax Compliance Act) which was presented by the U.S.A. to secure the tax compliance of its citizens who possibly have business abroad and in general with international interests.
Based on the present schedule for application of the terms of the agreement, the Isle of Man and the U.K. agreed to begin the exchange of further information from the year 2016.
The Government of the Isle of Man, regarding personal savings income, gives out automatically information to different EU countries, including the U.K.
The Isle of Man is the first jurisdiction which is not a member of the European Union to have made a public commitment to the above in 2009 under the European Union Savings Directive.