His Honour Deemster Doyle (First Deemster and Clerk of the Rolls), sitting in the High Court of Justice, gave judgment at the end earlier this month in Assessor of Income Tax v Holmcroft Properties Ltd. (Case 24 of 2016) The decision is an important one because of the guidance that has been provided by Deemster Doyle concerning the framework for the mutual exchange of tax information between the Isle of Man and the United Kingdom. It is also of interest because of what is said about the importance of sharing of tax information. To quote Deemster Doyle (para. 127):"To survive in a meaningful and civilised way we must be a responsible member of the international community. We must facilitate bringing wrongdoers to justice. We must encourage compliance with the rule of law both on and off the Island. The Island does not and should not shelter those who do not comply with the law and pay their taxes. The Island does not and should not facilitate wrongdoers attempting to evade tax in their home jurisdictions. We should assist others in ensuring that legal obligations, including the payment of tax, are complied with worldwide".
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