Wendy Walton and Gemma Davies provide an update on recent developments.
Isle of Man disclosure facilityHMRC announced last month that it had entered into a memorandum of understanding (MoU) with the Isle of Man. This includes an automatic tax information exchange agreement whereby a wide range of financial information on UK taxpayers with accounts in the Isle of Man will be automatically reported to HMRC each year. The MoU creates a new disclosure facility to allow taxpayers with accounts trusts etc in the Isle of Man at some point between April 1999 and December 2013 to come forward and settle their past affairs.
The disclosure facility will be available from 6 April 2013 until 30 September...
