Taxman reaches deal with Isle of Man

THE UK AND ISLE OF MAN have struck a deal in a bid to clamp down on offshore account holders, as the pressure on tax havens mounts.

UK residents with assets concealed on the island will have until September 2016 to disclose details to the taxman and pay any tax owed to the HMRC, as well as a fine between 10% and 20%. While in most cases, the deal will see evaders escape prosecution, HMRC offered no guarantees.

Unlike a similar deal with Switzerland, anonymity will not be enshrined, while the deal will not have the immunity from criminal prosecution seen in the Liechtenstein Disclosure Facility. The UK received its first payment from Switzerland, amounting to £340m, last month.

Read more: http://www.accountancyage.com/aa/news/2249324/taxman-reaches-deal-with-isle-of-man#ixzz2LZfhFWl7

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