Tax Time for Isle of Man Assets

Britons hiding money in the Isle of Man now have three years to “own up” of face penalties of up to 200 per cent of unpaid tax – the latest move to clamp down of tax evaders.

The British Government has concluded a deal with yet another jurisdiction – this time the Isle of Man – to automatically exchange financial information on taxpayers.

Isle of Man account holders will be allowed to come forward and settle outstanding tax bills, plus interest, before their details are passed to Her Majesty’s Revenue & Customs (HMRC), under a disclosure facility put in place to encourage honest reporting of such information. This facility is expected to start at the beginning of the new tax year on 6th April 2013 and run until September 2016. However, if an individual is already under investigation this facility is not available. The facility is expected to cover tax liabilities going back as far as April 1999.

The move by Government and HMRC is seen as evidence of their increasingly pragmatic approach to finding solutions to tax evasion issues in collaboration with other jurisdictions such as US, Liechtenstein, Switzerland and Channel Islands.

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