Chief Minister Allan Bell has outlined the reasons for the government's decision to adopt tax exchange information with the UK.

This follows on from the Foreign Account Tax Compliance Act agreement - or FATCA - with the United States.

Mr Bell made a statement to Tynwald this morning and said whilst he appreciated the problems the agreement could cause for the Island, most notably the burden of compliance, he felt the move had to be taken in order to protect the Island brand

Mr Bell admits the decision may not be popular in some quarters and will cause some difficulties for some, but he's convinced it's the right way forward .