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IoM moves to automatic exchange of information

The Isle of Man is moving to automatic exchange of information to align itself with EU rules on bank account secrecy by 2011.

The new tax policy, which takes effect from July 1 2011 means the withholding tax option currently available to customers who have accounts with Isle of Man banks will be withdrawn.

Announcing the change yesterday Treasury minister Allan Bell MHK said: “Our decision today to move to automatic exchange of information under the EU Savings Directive is a clear sign that we intend to continue to lead the way in international tax co-operation and transparency.”

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