The jurisdiction is opposed to the UK government's idea that such centres create a public register of company owners.

The Isle of Man’s government has reportedly refused the UK’s call to disclose the ownership of thousands of offshore companies, a move that the island says is a “red line” issue.

The jurisdiction has told the Financial Times that such a step is not acceptable. It joins other centres, such as Bermuda, Guernsey and Jersey, in opposing the idea of a public register of company owners. These jurisdictions fear such a register would endanger legitimate financial privacy.

Allan Bell, chief minister of the Isle of Man, was quoted as saying: “We won’t have a public register. We believe our system is working well.”

The UK is publishing its first register of beneficial company ownership in 2016, part of a series of moves to go after alleged tax evaders and forms of tax avoidance.

Bell says a public register would drive owners to other countries that did not require disclosure, including the US – which is an ironic situation given how the US has taken a hard line against countries such as Switzerland in its hunt for secret accounts.