The agreement will see the two governments adopt new tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis.

BBC: Isle of Man signs tax sharing agreement with UK

ExxonMobil earlier in the decade had won a key battle against Russian oil companies by obtaining a production-sharing agreement, which gave it more protection against arbitrary tax increases.

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The new agreement will see the two governments adopt enhanced reciprocal tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis.

BBC: Tax agreement with UK defended by Allan Bell

The agreement will see the two governments adopt new enhanced reciprocal tax information sharing arrangements, under which they will automatically exchange information on tax residents on an annual basis.

BBC: Isle of Man to sign tax sharing agreement with UK