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Isle of Man signs tax sharing agreement with UK

20 February 2013 Last updated at 15:52 GMT

The Isle of Man government has signed a tax information sharing agreement with the UK government to combat tax evasion.

Under the agreement, the Isle of Man and UK will automatically exchange a wide range of information on tax residents, on a reciprocal basis.

The agreement follows the introduction of the Foreign Account Tax Compliance Act (FATCA) in the United States.

Isle of Man Treasury Minister Eddie Teare MHK said: "It is game changing. In this case we have been on the front foot and pushed through. I think we've got a good agreement."