Thirty seven nations have agreed to provide the UK Treasury with the details of offshore bank accounts held by British citizens.
The initiative, led in large part by the UK, is to clamp down on tax evasion and recoup unpaid UK tax on money held abroad.
In addition to Guernsey and the Isle of Man, now Luxembourg, Liechtenstein, Colombia, Greece, Iceland and Malta have all joined the choir and will hand information on UK taxpayers to the Treasury.
Information on UK taxpayers will be shared with HMRC from 2016.
A disclosure facility will allow account-holders to come forward and settle their past affairs before the details are automatically passed on.
Chancellor George Osborne hailed the “considerable and rapid” progress that has been made to obtain “greater tax transparency”
“Tax information sharing will provide HMRC with vital information in the fight against evasion as we continue to clamp down on individuals seeking to hide their assets offshore,” he said.
