A deal has been made with the Isle of Man which will see details of bank accounts held on the Island revealed to Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage.... More, under the terms of an automatic exchange of information. It has been speculated these Manx bank accounts will result in substantial amounts of unpaid tax being identified by the UK tax authorities, as a result of the island’s perceived ‘tax haven’ status. It is anticipated that similar disclosure agreements will be reached with Jersey and Guernsey in the near future.
If you have an offshore bank account and are concerned that you may have understated your income then it is important that you take the necessary action to correct the position at the earliest opportunity. By making a voluntary disclosure of any undeclared income you will mitigate your exposure to interest and penalties that may be charged on any tax that is due.
If you would like to discuss this matter in more detail or would like assistance with making a disclosure please contact us at the earliest opportunity.