Isle of Man Disclosure Facility (MDF)
What is it?
HMRC announced on 19 February 2013 that the Isle of Man had agreed a Memorandum of Understanding with the UK to allow the automatic exchange of information and provide UK residents with a disclosure facility to sort out the past.
The MDF will run from 6 April 2013 to 31 December 2015.
Who does it affect?
The MDF is targeted at individuals that already hold or have an interest in IoM assets. There is also the option of creating a connection before 31 December 2013.
The conditions for qualifying for the MDF are restrictive and anyone previously investigated by HMRC or affected by the Swiss/UK Tax Cooperation Agreement cannot participate.
HMRC have announced that further guidance (joint declaration, exchange of letters, issuance of FAQs and answers) will be published in due course.
Important aspects of the LDF are detailed in the MDF flow chart.
How we can help?
We are experienced professionals who specialise in advising clients and practitioners of their options under the MDF. Each case is reviewed on its merits and we then advise on the most suitable course of action. At Gabelle one size does not necessarily fit all and we pride ourselves on our bespoke service.
For more information on our Tax Investigation services, please phone our TaxDesk on 0845 4900 509 or email firstname.lastname@example.org.