HMRC Isle of Man Disclosure facility
The HMRC disclosure facility with the IoM is available until 30 September 2016. The government signed an agreement - ‘Manx Disclosure Facility’- with the Isle of Man to clamp down on offshore tax evasion. This provides a new disclosure opportunity for individuals and companies to settle unpaid UK tax liabilities. The key points are:
• the facility will be open to any taxpayer not already under investigation, who has or who had relevant property in the Isle of Man between April 1999 and December 2013;
• liabilities arising prior to April 1999 will not be taxable;
• penalties for periods up to April 2009 will not exceed 10% and for later periods 40%;
• time to pay arrangements for ‘hardship’ cases may be agreed by HMRC.
For further details, please click here.