Jersey and Guernsey have now followed the Isle of Man's lead
in signing FATCA style disclosure agreements with the United
Kingdom.
The Isle of Man signed a Memorandum of Understanding (MOU) with the
UK on 19 February 2013. The disclosure facility created by the MOU
is based on the Liechtenstein model, allowing UK resident companies
and individuals to regularise their UK tax affairs from the 6 April
1999. A fixed rate of penalty will apply, subject to full
compliance of the terms of the MOU, and there is scope to have
initial anonymous discussions with HMRC before making a formal
disclosure.
It is expected that the facility will further enhance the
Island’s international reputation as a co-operative and
sophisticated offshore jurisdiction.
Jersey and Guernsey have now followed suit and signed their own
agreements with the UK which are operative immediately.
DQ's Expertise
Dougherty Quinn (DQ) has a specialist team with
extensive experience of advising clients in relation to
international tax, securities and criminal investigations, TIEA
requests and multi-jurisdiction insolvencies in the Isle of Man and
the BVI.
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.
