Companies: Isle of Man

(asked on 13th November 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Government of the Isle of Man on the automatic exchange of beneficial ownership information with HM Revenue and Customs and UK law enforcement agencies and the setting up of a public register of beneficial ownership.


Answered by
Mel Stride Portrait
Mel Stride
Secretary of State for Work and Pensions
This question was answered on 20th November 2017

Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:

http://www.hm-treasury.gov.uk/minister_hospitality.htm.

The UK Government works closely with the Overseas Territories and Crown Dependencies on transparency issues and officials have regular discussions with these jurisdictions.

All the Crown Dependencies and relevant Overseas Territories have committed to the development of a systematic exchange of beneficial ownership information. They have also committed to establish central registers, or similarly effective systems, to give UK law enforcement and tax authorities near real-time access to beneficial ownership information on corporate and legal entities incorporated in their jurisdictions. These arrangements came into effect on 30 June 2017. It remains the Government’s ambition for public registers to become the global standard. If this happens, we would expect the Overseas Territories and Crown Dependencies to follow suit.

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