Isle of Man Disclosure Facility - Gilbert Tax Experts

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Isle of Man Disclosure Facility

This Disclosure Facility is now closed. The information on this page is provided for reference.

HMRC have just published more information on the Isle of Man Disclosure Facility which runs from 1 April 2013 until 30 September 2016.

In summary anyone can take part in the Isle of Man Disclosure Facility if they have an Isle of Man asset or if they buy one before 31 December 2013 (including just shares in an Isle of Man listed company). They also need to be UK resident. If you are subject to an open tax investigation you cannot participate in the Isle of Man Disclosure Facility.

The benefits for most, if you qualify to participate in the IOM Disclosure Facility are:

  • Liabilities only have to be calculated from 1 April 1999 to the end of the last tax year
  • Guaranteed penalty level of 10% of the tax due for years to 5 April 2008 and 20% for years post this

Even if you do not currently hold any overseas assets you can, in certain circumstances, qualify to take part in the Isle of Man Disclosure Facility for tax evasion in the UK. This will no longer be the case post 31 December 2013.

There are exceptions to this and the beneficial terms do not apply if you opened an offshore bank account via a UK branch of a bank (although it is possible to close this account and open a qualifying account before 31 December 2013 and get most of the benefits). If you have been subject to an in depth tax investigation in the past or you have been contacted by HMRC as part of one of the previous tax disclosure arrangements then although you may be eligible to participate in the Isle of Man Disclosure Facility the beneficial terms as set out above will not be available.

HMRC have stated that there is no guarantee of not prosecuting but in reality prosecution will only be considered if there is criminal activity or an individual falls within HMRC's prosecution policy.

HMRC are also keen that payments on account are made and if not made this could result in withdrawal of the benefits of the Isle of Man Disclosure Facility from the participant.

The Isle of Man Disclosure Facility must be a full disclosure of all tax evasion by the participant and needs, in most instances, to be completed within 6 months of HMRC accepting someone into the Isle of Man Disclosure Facility.

This is quite a complicated process and further HMRC guidance by way of questions and answers can be found here.

How Can We Help?

Gilbert Tax understands that people sometimes make mistakes in their dealings with HMRC and that HMRC make mistakes in dealing with taxpayers. Many people do not know how to deal with HMRC or who to turn to for help resolve the tax dispute.

Gilbert Tax is a firm of tax advisors who specialise in resolving people's problems with HMRC. We have extensive expertise in dealing with all forms of tax investigations and tax disputes as well as with taking matters to the Tax Tribunal where agreement cannot be reached.

Gilbert Tax deal both directly with the individual who is under enquiry and also work with many firms of accountants supporting them in dealing with HMRC disputes and advising them on how to handle HRMC to get the best result.

The fact is that proper management of HMRC is the best way of reducing the tax, interest and penalty as well as the time taken in resolving any tax dispute.

Gilbert Tax are none judgemental and rigorously defend your position within the scope and parameter of the law. We take control and manage the process to minimise the interruptions that any form of tax investigation causes to an individual's life and business.

For helpful, no obligation and confidential advice call 0800 734 3333

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