An agreement has been reached between the Isle of Man and UK authorities that aims to clamp down on offshore tax evasion.
It now means UK tax payers with accounts here will have their details passed on automatically to HM Revenue and Customs, with a disclosure facility meaning they can come forward prior to this happening, and settle their affairs.
Chancellor George Osborne has praised the development, saying it will greatly enhance their ability to seek out those hiding money offshore.
Treasury Minister Teare has described it as a highly positive step forward, saying it’s the culmination of three months of intense negotiation.
As it stands the Island has been the only one of the crown dependencies to implement the agreement.