10 years for Island to lose 'tax haven' status?

Thursday, 23 May 2013 00:00

A local tax expert says it could take the Isle of Man another 10 years to lose its ‘tax haven’ status.

It follows the Prime Minister’s request for all British crown dependencies and overseas territories to get their houses in order ahead of next month’s G8 summit.

David Cameron has also called for improvement in the quality and accuracy of information which is exchanged between countries.

The Isle of Man is seen to be leading the way as it has already committed to the FATCA agreement.

Kevin Cowley from PWC says the opinion of the Island will change but gradually:

(PLAY AUDIO ABOVE)

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