The government has signed a disclosure facility with the Isle of Man to clamp down on offshore tax evasion.

This provides a new disclosure opportunity for individuals and companies to settle unpaid UK tax liabilities.

The key points are:

• The facility is open to any taxpayer not already under investigation, who has or who had relevant property in the Isle of Man between April 1999 and December 2013. 
• Liabilities arising prior to April 1999 will not be taxable. 
• Penalties for periods up to April 2009 will not exceed 10 per cent and for later periods 40 per cent; 
• Time-to-pay arrangements for ‘hardship’ cases may be agreed by HMRC. 

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