Britain's Chancellor of the Exchequer Gordon Brown yesterday outlined plans for a global information exchange to cut down on tax-dodging -- which is set to include Bermuda.

And a spokesman for the UK Finance Minister said: "To ensure a level playing field, this information will not be exchanged with other countries, other than on a reciprocal basis.

"The Government is seeking to establish exchange of information on as wide an international basis as possible to ensure a level international playing field for individuals and businesses.'' The announcement came after Mr. Brown signalled rule changes to allow the UK tax authority the Inland Revenue to gather information on the "UK savings income of all individuals.'' The spokesman said Britain already had signed "double taxation agreements'' with other countries.

He added, however: "But the UK does not receive information from other countries unless it is able to provide similar information in return.

"And it does not receive information from countries with which it has no double taxation agreement, including countries offering significant opportunities for UK tax to be avoided or evaded.'' Mr. Brown unveiled details of the move -- already under discussion with Bermuda -- during yesterday's UK Budget speech.

Acting Finance Minister Terry Lister confirmed last night that Bermuda would not be in the game of total disclosure on no grounds.

And he added a treaty agreed with the US offered safeguards to legitimate businessmen.

Mr. Lister said: "It doesn't allow fishing expeditions -- they basically have to show a just cause for seeking information and if that's shown, co-operation is forthcoming.'' And he pointed out the Island was at pains to exclude any business which could later tarnish Bermuda's image at a later stage.

Mr. Lister added that he expected Bermuda to be able to thrash out a similar deal with the UK and EU.

He said: "Treaty means negotiate and the statement talks about both sides getting down to the table and talking about what we will exchange and on what terms.'' And he added that the US treaty had "proven to be most beneficial and we would like to see the same coming out of Europe.'' Bermuda has already passed and updated a Proceeds of Crime Act, which meets international standards on eliminating money-laundering and white collar crime.