Isle of Man Disclosure Facility
In Febuary 2013 The UK and The Isle Of Man signed a tax sharing agreement. The Isle of Man Disclosure Facility provides an opportunity for taxpayers with assets or investments held in the Isle of Man to bring their UK tax affairs up to date before their details are automatically passed to HMRC.
The disclosure facility runs from 6th April 2013 until 30th September 2016.
- HMRC will only go back to 1999. Under normal circumstances they can go back 20 years.
- penalties are restricted to 10% up to tax year 2008/09, and 20% after that. Normally HMRC will seek a 30 - 100% penalty and under certain circumstances HMRC can charge a 200% penalty
Assistance for the Isle of Man Disclosure Facility
Taylorcocks’ tax experts can guide you through the disclosure process. Bear in mind that the Liechtenstein Disclosure Facility (LDF) may provide an alternative and more favourable disclosure option.