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HMRC targets Isle of Man for offshore tax evasion

A new agreement announced by HMRC to target offshore tax evasion has targeted the Isle of Man. This agreement will allow investors with accounts in the Isle of Man to come forward and settle their past affairs before information on their accounts is automatically shared between the two governments.

The disclosure facility will operate from 6 April 2013 until September 2016. It will not be open to individuals already under investigation but will cover liabilities dating back to April 1999.
 

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“There will be a penalty charge of 10% of unpaid tax up to 2009 and 20% for later years. Those who do not come forward will face “significantly higher” penalties and may face prosecution.”
 

Chancellor George Osborne said: “The government is committed to tackling tax evasion and this agreement will greatly enhance HMRC’s ability to clamp down on those who try to hide their money offshore."
 

The Isle of Man agreement follows similar tax deals with Liechtenstein and the Swiss government.
 

The Treasury said the deal was modelled on an agreement with the US to improve international tax compliance – the Foreign Account Tax Compliance Act (FATCA). The UK and Isle of Man’s version of FATCA will, like US rules, allow information to be shared across borders.
 

If you are unsure and need any help and advice on Self Assessment or want the burden taken off your hands, contact the ABDS Tax Department Now.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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