Q&A: The Isle of Man memorandum of understanding

Aileen Barry

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 www.lexisurl.com/NvZ7A. 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.

Why...

If you are not a subscriber, subscribe now to read this content.

If you are already a subscriber, sign in

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this article in full.