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Implications for UK taxpayers of the memoranda of understanding with the Isle of Man, Jersey and Guernsey
KEY POINTS
- International impact of FATCA.
- Terms of the memoranda of understanding.
- Obligations of financial institutions.
- No guarantee of immunity from criminal prosecution.
- Alternative means of disclosure.
Taking action to deter and detect tax evasion is not new for either the UK government or for governments across the world. However there has recently been such a succession of initiatives both globally and in the UK that the pond where tax evaders can swim freely without getting caught is shrinking.
This article will examine:
- the UK government’s strategy and renewed commitment to clamp down on those concealing income assets and gains overseas to evade tax;
- the recently signed memoranda of understanding(MOUs) each with the Isle of Man the States of...
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