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UK to crackdown on tax havens

The United Kingdom is about to complete its crackdown on offshore tax havens. This UK is implementing this crackdown as a requirement to avoid being subjected to a proposed European Union withholding tax.

It's expected that the House of Commons will approve four more regulations today that will authorize the exchange of information concerning the holdings and tax liabilities of EU citizens that is required under the Savings Directive with the Netherlands Antilles, Aruba, the Virgin Islands and Monsterrat.

Other related guidelines have been approved earlier, which covered Jersey, Guernsey and the Isle of Man, and non-reciprocal arrangements have been agreed with Anguilla, the Cayman Islands and the Turks and Caicos Islands.

The Crown Colony of Gibraltar, whose compliance has been causing some difficulties, does not require a separate agreement, since Gibraltar is technically regarded as part of the UK.

This directive will become effective on July 1.

To complete this crackdown required some significant "arm-twisting" by the Treasury ministers of island administrations. These ministers are very concerned about what effect this crackdown will have on their economies.