Do you hold bank accounts in the Isle of Man?

HMRC has recently announced a new disclosure facility for individuals who have unpaid taxes connected with the Isle of Man.

This new facility commences from 6 April 2013 and runs until 30 September 2016.

It has some of the beneficial terms of HMRC’s Liechtenstein Disclosure Facility (LDF); namely a limited disclosure period and reduced penalties. However, there is no immunity from prosecution for the tax offence and individuals who are currently under enquiry are not eligible to participate.

Individuals who have unpaid taxes via an Isle of Man financial institution need to carefully consider whether this disclosure facility is the most appropriate for their circumstances and affords them all the protection they require.