Isle of Man signs up to EU rules on savings tax

THE Isle of Man, a British Crown dependency, yesterday said it would ensure that its savings tax regime adhered to European Union rules on bank account secrecy by 2011.<br /><br />Until now, savers with offshore bank accounts in the self-governing dependency have been able to pay a withholding tax instead of having information about their savings shared with their home country&rsquo;s tax authority.<br /><br />Allan Bell, the island&rsquo;s Treasury minister, said: &ldquo;My announcement today is further evidence that the Isle of Man is prepared to align its policies with international benchmark standards.&rdquo;<br /><br />Currently, most EU countries automatically pass on information about foreigners&rsquo; savings account to their home country.