The UK will be sharing tax details with the Bahamas after the Caribbean region became the latest offshore area to sign a tax information exchange agreement.

The TIEA was signed in Nassau yesterday by Jeremy Cresswell CVO, High Commissioner, British High Commission in Jamaica and the Honourable Zhivargo S Laing, the Bahamas Minister of State for Finance.

The agreement will allow the UK and The Bahamas to exchange information to OECD and international tax standards to ensure that the right amount of tax is paid in each country in the future. HMRC said.

The Bahamas has also signed TIEAs with the USA, San Marino and Monaco and is negotiating TIEAs with other OECD countries, the taxman added.