The Isle of Man Treasury published a joint statement with the UK Exchequer Secretary to the Treasury following a ministerial meeting, reaffirming long-standing cooperation on tackling tax avoidance and evasion and agreeing to explore further enhancements to information sharing and joint working focused on marketed tax avoidance schemes. The statement highlights existing collaboration on tax transparency, including early adoption of the Common Reporting Standard for automatic exchange of financial account information and ongoing work on the Crypto-Asset Reporting Framework for automatic exchange of crypto-asset information. It also notes that both jurisdictions have recently implemented measures related to the Global Base Erosion Rules under the OECD’s Pillar 2 Global Minimum Tax and committed to deter and disrupt promoters of marketed tax avoidance schemes, referencing the UK Government’s ongoing consultation in this area. Next steps are framed as joint exploration of ways to further enhance information flows and other practical cooperation measures intended to deliver tangible benefits for both jurisdictions.
The Treasury (Isle of Man) 2025-05-27
Isle of Man Treasury and UK Exchequer Secretary agree to explore enhanced information flows and joint working against marketed tax avoidance promoters
The Isle of Man Treasury and UK Exchequer Secretary reaffirmed cooperation on tax avoidance and evasion, focusing on enhancing information sharing and joint efforts against marketed tax avoidance schemes. The statement emphasizes collaboration on tax transparency, including the Common Reporting Standard and the Crypto-Asset Reporting Framework. Both jurisdictions have implemented measures under the OECD’s Pillar 2 Global Minimum Tax and are committed to deterring promoters of tax avoidance schemes.