The Manx Disclosure Facility
The Manx Disclosure Facility (Manx DF) is a facility by which taxpayers can regularise their tax affairs in the UK by making voluntary disclosure and a limited payment in respect of their outstanding liabilities. It was set up by a memorandum of understanding between the Isle of Man government and Her Majesty’s Revenue & Customs (HMRC).
Potentially, the Manx DF may be more significant than the Liechtenstein Disclosure facility (LDF) as it is thought that the Isle of Man handles more UK related interests than does Liechtenstein.
Taxpayers will only be eligible to use it if they:
- are or have been UK-resident; and
- hold or have held a beneficial interest in relevant property which are, or the income of which is, undeclared in the period from April 1999 to December 2013.
Potentially, property and entities can be moved into the Isle of Man during 2013, therefore, to take advantage of the Manx DF…
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