Deadline set for Isle of Man tax evaders

PEOPLE who have been hiding investments and assets on the Isle of Man to avoid paying tax have been given three years to come clean.

HM Revenue & Customs has set a deadline of September 30, 2016 for people involved in tax evasion to disclose hidden assets or investments and pay the tax, interest and any penalties due.

After this time HMRC will automatically receive information from banks on the island and those involved could face criminal charges. The deadline also applies to Guernsey and Jersey.

The move follows an agreement between the UK and the governments of the islands that was negotiated in February and March.

Exchequer secretary David Gauke said: “The net is closing in on those seeking to hide their money offshore to evade their tax responsibilities. While the majority of people and businesses pay what they owe, this government is determined to tackle the minority of tax evaders who don’t.

“The HMRC centre of excellence for tackling offshore tax evasion, which received additional funding in the Budget, is already bearing fruit. It is vital that everyone pays what they owe and that’s why we have made nearly a billion pounds available to HMRC to create a level tax playing field.”

Close