Isle of Man joins Treasury's tax clampdown The island is the first British Crown Dependency to "proactively" negotiate on sharing sensitive information on a yearly basis, rather than wait until it receives requests, in what tax experts are hailing a "major coup" for HMRC. Last month, the Treasury met officials from Guernsey, Jersey and the Isle of Man to tell them to prepare to hand over details about offshore bank accounts and investment trusts under rules required by America's Foreign Account Tax Compliance Act (Facta). Allan Bell, the Isle of Man's chief minister, said he had opened negotiations with UK authorities for "automatic exchange," which is becoming the "global standard." John Cassidy, tax investigations partner at PKF accountants, said the move signalled the beginning of the end for those seeking to hide funds in tax havens with close ties to the UK, and could spread to the likes of Bermuda, the British Virgin Islands, Cayman Islands and Gibraltar, reaping "huge tax windfalls." Paul Harrison, head of tax investigations at KPMG, said sharing information proactively rather than waiting for requests would be "significant," and Guernsey and Jersey were likely to follow suit now that the Isle of Man had "set a precedent."