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Q&A: The Isle of Man memorandum of understanding

On 19th February the government of the Isle of Man (IoM) and HMRC signed a memorandum of understanding (MOU) regarding:

  • a new disclosure facility on advantageous terms for persons with undeclared tax liabilities arising from assets in the IoM and elsewhere; and
  • action to be taken in the IoM to support this.

The MOU is available via It follows the Liechtenstein disclosure facility (LDF) and the Swiss/UK tax agreement but has new features and criteria.

Amongst the other Crown dependencies Jersey is consulting affected parties with a view to enacting a similar MOU and no doubt Guernsey will be considering its position. It is therefore likely that the IoM MOU is likely to be the first of several such initiatives.


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