AccountancyLive 19 Feb 2013: UK & Isle of Man agree to combat tax evasion

The government has today agreed action with the Isle of Man to clamp down on those who try to hide their money offshore. This 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.

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