UK and the Isle of Man to Sigh Accord on FATCA Agreements Model

UK and the Isle of Man to Sigh Accord on FATCA Agreements Model

Earlier this week the UK government announced that it had concluded negotiations with authorities of the Isle of Man regarding an agreement to automatically exchange tax information, and the introduction of an amnesty program for taxpayers with outstanding tax dues.

The Isle of Man has agreed to share a wide range of financial information relating to UK taxpayers with UK authorities annually. The agreement aims to establish a cooperative framework to facilitate the implementation of the US FATCA-style regime in the UK in order to ensure that tax is paid on income deposited in overseas accounts.

The UK government has already signed similar agreements with the US and Switzerland, and now it is in the relevant discussions with Jersey and Guernsey.

The UK government plans to launch a disclosure facility on April 06, 2013, that will run until September 2016, allowing UK taxpayers with undeclared deposits in the Isle of Man financial institutions to regularize their tax affairs before automatic information exchange is launched.

Liabilities arising from April 1999 must be fully disclosed and there is a guaranteed penalty rate - 10% in respect of periods before April 2009 and 20% thereafter. The facility and amnesty will not be available to those under investigation by HMRC. In addition, the government has clarified that there is no guarantee against criminal investigation for tax related offenses.

© 1997—2014 DS Express, Inc

84, Spyrou Kyprianou, 

2nd floor, Limassol 4004

Cyprus

tel +357 25 731-042

info@dsexpress.com

 

11 Solzhenitsyna Street

Moscow 109004 Russia

tel +7 495 956-1727

fax +7 495 234-0735

info@dsexpress.com

15 Kreshchatik Street, office 149

Kyiv 01001 Ukraine

tel +38 044 237-2222

fax +38 044 278-6714

kiev@dsexpress.com

 

52 Angliyskaya Emb., office 28

St.Petersburg 190000 Russia

tel +7 812 570-1564

fax +7 812 325-723

spb@dsexpress.com

More contact details and office maps can be found in the section Contacts

© 2015 DS Express Ltd  All rights reserved