Tax move welcomed by UK Government

The Island's move to more tax transparency has found favour with the Labour government in the UK.

A statement welcoming the move has been released by the Ministry of Justice this lunchtime.

The Justice Minister Lord Bach says the decision to offer automatic exchange of information is a clear indication of the Island's commitment to high standards of regulation and tax transparency.

And it goes as far as saying the Isle of Man now leads the way in showing how small jurisdictions, offering financial services, should operate.