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Isle of Man signs up to EU rules on savings tax
THE Isle of Man, a British Crown dependency, yesterday said it would ensure that its savings tax regime adhered to European Union rules on bank account secrecy by 2011.
Until now, savers with offshore bank accounts in the self-governing dependency have been able to pay a withholding tax instead of having information about their savings shared with their home country’s tax authority.
Allan Bell, the island’s Treasury minister, said: “My announcement today is further evidence that the Isle of Man is prepared to align its policies with international benchmark standards.”
Currently, most EU countries automatically pass on information about foreigners’ savings account to their home country.