The chief minister says the signing of a tax information-sharing agreement with the UK heralds the start of a new era of improved relations with the UK government.
The Isle of Man became the first British Dependency to sign the FATCA agreement, which will see a range of information on the tax affairs of residents, companies and trusts automatically shared with the UK authorities on a reciprocal basis.
The move aimed at combating tax evasion, was announced by Chancellor George Osborne in Washington last night (6pm, 11 Oct).
Mr Osborne commented: "The agreement we have now signed with the Isle of Man is a momentous step forward in tax transparency, showing that when we work together we can push the international agenda forward."
He added: "The Isle of Man should be recognised as the first jurisdiction to sign an agreement of this kind with the UK."
The Foreign Account Tax Compliance Act was signed by Mr Bell and Treasury Exchequer Secretary David Gauke MP in London on Thursday.
The Act was first introduced by the United States and the Island will be signing an agreement with the U.S. shortly, a process which has been delayed by the public sector shutdown in America.
Allan Bell says our relationship with the UK Treasury has improved beyond measure:
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