A new Memorandum of Understanding between Her Majesty's Revenue & Customs and the Isle of Man was signed on 19 February 2013 and establishes a new disclosure facility from 6 April 2013 to 30 September 2016.
This facility will allow UK taxpayers with interests in the Isle of Man to clear up their tax affairs on very favourable terms. It may be accessed by anyone having interests in the Isle of Man before the end of 2013, making it attractive to move assets or legal entities to the Isle of Man in the meantime.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.