In the News

The Isle of Man government has welcomed comments releasing the Crown dependencies and overseas territories from their reputation as tax havens.

In the House of Commons on Monday David Cameron said he no longer considered it "fair" to use the label, after recent efforts to ensure transparency.

The Isle of Man, Jersey and Guernsey all signed up to an agreement with the UK last June, ahead of the G20 summit.

Isle of Man Treasury Minister, Eddie Teare said the recognition was welcome.

He added: "We do not consider ourselves to be a tax haven.

"The Prime Minister has now reinforced that message in very strong terms. It supports our view that the Isle of Man is a responsible business centre with a competitive, clear and simple tax regime."

The three Crown dependencies all refer to themselves as International Finance Centres, which mean they are in the business of tax avoidance which is legal, as opposed to tax evasion, which is illegal.

"It is very important that our focus should now shift to those territories and countries that really are tax havens," continued Mr Cameron.

"The Crown dependencies and overseas territories, which matter so much - quite rightly - to the British people and members have taken the necessary action and should get the backing for it."

Last June, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Anguilla, Montserrat, the Turks and Caicos Islands, Jersey, Guernsey and the Isle of Man agreed to sign up to the Multilateral Convention on Mutual Assistance in Tax Matters, an initiative led by the Organisation for Economic Cooperation and Development (OECD).

In a joint statement, the leaders of the territories and dependencies said: "We are committed to continuing to play a leading role in delivering a responsible and effectively regulated global business environment and in tackling the global problem of tax evasion."