Part of the debate – in the House of Lords at 3:14 pm on 9 January 2013.
My Lords, we signed the first agreement based on the FATCA principles with the Isle of Man in December. What is very significant about that Act is that places like the Cayman Islands will be required to provide automatic information directly to the US about US citizens. We are now in negotiations with all Crown dependencies and overseas territories to see whether we can put in place equivalent provisions with them. If we do, it will revolutionise the amount of information that we get about the affairs of British citizens who are due to pay tax here and who have bank accounts in those territories.