To ask Her Majesty's Government what progress has been made by British overseas territories towards signing tax information exchange agreements; which British overseas territories have (a) completed, and (b) not completed, the process; and what is the deadline for compliance. [HL1265]

Five British overseas territories have substantially implemented the internationally agreed standard on exchange of information for tax purposes by having signed more than 12 agreements. These are British Virgin Islands, Bermuda, Cayman Islands, Gibraltar and Turks and Caicos Islands. Anguilla and Montserrat are committed to the standard and have so far partially implemented it.

The G20 has indicated that it stands ready to use countermeasures from March 2010 against jurisdictions that have not implemented the international standard.

The other overseas territories do not have significant financial services sectors and therefore are not required to participate in the process.