Just a month after the Isle of Man signed up to it, an information-sharing agreement with America looks to be under attack from the Republican party.

According to the US press, the party's national committee is about to call for the repeal of the Foreign Account Tax Compliance Act.

FATCA, which Chief Minister Allan Bell signed up to at the US Embassy in London in December, means financial institutions have to report information on US clients to the American taxman.

Republican senator Ron Paul tried to repeal some of its provision last year, without success, but this would be the first time it’s become party policy.

It’s thought the issue might be used to campaign and raise funds for the congressional mid-term elections which will be held in November.