The Isle of Man parliament has confirmed that it will move fully to automatic exchange of information next year.
The move forms part of the island's efforts to implement the EU Savings Directive. This means that the withholding tax option presently available to customers with accounts in Isle of Man banks will now be withdrawn.
The automatic exchange of information will be effective from July 1 2011 after a commitment was made in June 2009.
To help boost its reputation, the Isle of Man has signed 18 tax information exchange agreements and a number of other tax agreements with numerous EU member states.
More to follow...
