UK and Isle of Man strike deal on automatic exchange of information
‘Britons hiding money in the Isle of Man have three years to come clean or face penalties of up to 200 per cent of unpaid tax in the latest move to clamp down on tax evasion.
‘The move is part of a deal struck by the government on Tuesday with the Isle of Man to automatically exchange financial information on taxpayers. The agreement includes the “disclosure facility” to allow account-holders on the island to come forward and settle outstanding tax bills, plus interest, before their details are passed to HMRC.’
UK and Isle of Man strike deal on automatic exchange of information
‘Britons hiding money in the Isle of Man have three years to come clean or face penalties of up to 200 per cent of unpaid tax in the latest move to clamp down on tax evasion.
‘The move is part of a deal struck by the government on Tuesday with the Isle of Man to automatically exchange financial information on taxpayers. The agreement includes the “disclosure facility” to allow account-holders on the island to come forward and settle outstanding tax bills, plus interest, before their details are passed to HMRC.’
