November 24, 2020

UK, Isle of Man agree action plan against offshore tax evaders

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isle-of-man-08Tom Burroughes Wealth Briefing Group Editor in London

The UK government and authorities in the Isle of Man, the British Crown dependency, have agreed on action to clamp down on offshore tax evaders. The agreement involves an automatic tax information exchange pact and a disclosure facility.

The disclosure facility allows investors with accounts in the Isle of Man to come forward and settle their past affairs before information on their accounts is automatically shared, according to a statement from the UK’s Treasury department.

Under the automatic exchange agreement, a wide range of financial information on UK taxpayers with IoM accounts will be reported to the UK’s tax authority automatically each year. This development closely follows the UK-US agreement to increase international tax compliance and implement the US FATCA (Foreign Account Tax Compliance Act) Act.

The agreement with the Isle of Man adds to accords signed with jurisdictions such as Switzerland and the US, while the government is in talks with Jersey and Guernsey on moves to curb tax evasion, George Osborne, the UK’s finance minister, said in a statement.

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