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<p>The Overseas Territories (OTs) are responsible for setting their own rates of
taxation, and the Government respects their right to compete in this area. All relevant
OTs have committed to greater tax transparency by adopting the new global standard
for the automatic exchange of financial account information, which will combat tax
evasion. Her Majesty's Revenue and Customs have begun to receive information on the
accounts held in OTs by UK taxpayers, one year earlier than from the rest of the world.</p>
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