UK and Isle of Man to tackle avoidance scheme promoters

The exchequer secretary to the Treasury and the Isle of Man Treasury minister have agreed to joint working to counter promoters of tax avoidance schemes.

In a joint statement they said: ‘The UK and the Isle of Man were among the early adopters of the common reporting standard ... and are both working on the cryptoasset reporting framework which will see the automatic exchange of information on cryptoassets. Both jurisdictions have also recently implemented measures in relation to the global base erosion rules under the OECD’s Pillar 2 global minimum tax.

‘Both governments are committed to taking robust action to deter and disrupt the activities of those who seek to promote marketed tax avoidance schemes that threaten our tax systems and the reputations of our well-established and globally attractive service sectors. This proactive stance safeguards tax revenues and ensures fairness for all taxpayers.

‘Recognising the need...