The Government recently agreed action with the Isle of Man to clamp down on those who try to hide their money offshore.
The move forms an integral part of the Government's offshore anti-evasion strategy which will be published later this year. The package includes an automatic tax information exchange agreement and the setting up of a disclosure facility.
The disclosure facility will allow investors with accounts in the Isle of Man to come forward and settle their past affairs before information on their accounts is automatically shared.
Under the automatic exchange agreement, a wide range of financial information on UK taxpayers with accounts in the Isle of Man will be reported to HM Revenue & Customs automatically each year. It closely follows the UK/US agreement to 'Improve International Tax Compliance and to Implement FATCA' (a US law called the Foreign Account Tax Compliance Act) in order to minimise burdens on financial institutions.
"The Government is committed to tackling tax evasion and this agreement will greatly enhance HMRC's ability to clamp down on those who try to hide their money offshore," said Chancellor of the Exchequer, George Osborne. "I welcome the progress made with the Isle of Man and look forward to working on this new standard in the automatic exchange of tax information."
For specialist legal advice regarding tax evasion or defence against any criminal charges relating to tax crimes please contact Jeffrey Lewis or Siobhain Egan on 020 7387 2032.
