The Government has formed an agreement with the Isle of Man to crack down on individuals who try to hide their money offshore.
The agreement is part of the Government’s offshore anti-evasion strategy and follows agreements previously made with the US and last month with Switzerland.
Under the agreement, a disclosure facility will be set up which will give investors with accounts in the Isle of Man the opportunity to come forward and settle their affairs. This disclosure period will run from 6 April 2013 until September 2016 and if investors do not come forward during this period, information on their accounts will automatically be passed on to HM Revenue & Customs each year.
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