Bank account deal with the Isle of Man leads to new disclosure facility.

February 25th, 2013  |  Published in Latest News

The UK Government has reached a deal with the Isle of Man where their banks have agreed to hand over account information.

If you’ve got money squirreled away there, and think HMRC will never know, think again.

However, the agreement includes a disclosure facility to 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. There will be a penalty charge of 10% of unpaid tax up to 2009 and 20% for later years.

If you choose to ‘tough it out’ and hope nothing happens, it could cost you significantly more, so you should see this as a chance for damage limitation.

I have experience of this, having settled the affairs of two clients during the last amnesty a few years ago. Dealt with properly, it can be quite painless, some form filling and a payment and it all goes away. Give me a call and we can get it sorted for once and for all.

Otherwise you can wait and worry.

Comments are closed.