The UK has signed automatic tax information sharing agreements with both Jersey and Guernsey as part of ongoing efforts to tackle offshore tax evasion.

The announcement follows a similar agreement signed between the UK and Isle of Man on 10 October, and means that all the Crown Dependencies have now entered into automatic tax information sharing with the UK. They have also agreed to be part of the G5 multi-lateral information sharing pilot.

The government says it is looking to sign additional agreements with other jurisdictions as soon as possible and is currently in discussions with the overseas territories.

The Treasury described the latest agreements as 'historic' and said they represented a 'step change in HMRC's ability to clamp down on tax evasion'.

Chancellor of the Exchequer, George Osborne, said: 'These agreements build on the progress already made and send a clear signal to anyone thinking they can evade their responsibilities: the opportunities to hide your money offshore are disappearing and the net is closing in.'