Isle of Man Disclosure Facility
There has been much discussion recently about the Isle Of Man Disclosure Facility (IOMDF) and I thought it may be useful to provide a summary of the details. The IOMDF relates to a tax sharing agreement between HMRC and the Isle of Man (IOM) government. It allows individuals a limited period of time within which they can disclose any tax irregularities relating to holdings in offshore bank accounts held in IOM, with minimal penalties being applied.
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