Ask an expert: Voluntary disclosures of tax issues involving the Isle of Man

Question:

My client has always been UK-resident but has three Isle of Man accounts which hold several million pounds inherited from his UK-resident grandmother after her death in 2000. He believes that these accounts were not disclosed for UK inheritance tax purposes and he has never disclosed the interest from the accounts or income and gains from shares held via these banks. He is also the only beneficiary of an Isle of Man trust but has not disclosed the funds from it since 1986. I have just read about the new Isle of Man disclosure facility. Is it suitable for him and what are the other options for resolving these matters?

Answer:

HMRC signed a memorandum...