Minister plays down £1 billion Crown Dependencies tax claim

The Treasury Minister believes there's little unpaid tax due to the British Exchequer from Manx sources.

Eddie Teare was speaking in Tynwald this morning in response to a question from Rushen MHK Laurence Skelly who wanted to know what proportion of a claimed £1 billion sum of unpaid taxes from Crown Dependencies, announced by the UK Chancellor, may come from the Island.

Mr Teare told the court the 2013 UK Budget estimated that three recent disclosure facilities with Jersey, Guernsey and the Island would generate a billion pounds over the next five years  - but he didn't think much of this would come from here