Luxembourg and Liechtenstein have signalled an end to their current tax status and have signed up to the G5's pilot initiative on automatic exchange of tax information and clamp down on tax evasion.

In total, 37 jurisdictions have now signed up to the commitment to tax transparency following a meeting of the OECD's Global Forum on Tax Transparency in Jakarta earlier this month.

This will see tax information automatically shared between these participating jurisdictions, signalling a step change in the UK and international community's ability to clamp down on those hiding assets offshore to evade tax and builds on the progress made towards a new global standard in the automatic exchange of tax information.

The 37 jurisdictions include the UK's Crown Dependencies of Isle of Man, Guernsey and Jersey and the Overseas Territories of Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Montserrat, Turks and Caicos. The UK is also an early signatory, joined by Australia, Belgium, Colombia, Czech Republic, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta, Mexico, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South Africa, Spain and Sweden.