{"id":18688,"date":"2012-12-19T09:36:04","date_gmt":"2012-12-19T09:36:04","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=18688"},"modified":"2012-12-19T09:36:12","modified_gmt":"2012-12-19T09:36:12","slug":"is-the-isle-fo-man-negotiating-the-equivalent-of-a-liechtenstein-disclosure-facility","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/12\/19\/is-the-isle-fo-man-negotiating-the-equivalent-of-a-liechtenstein-disclosure-facility\/","title":{"rendered":"Is the Isle of Man negotiating the equivalent of a Liechtenstein Disclosure Facility?"},"content":{"rendered":"<p>The Isle of Man <a title=\"The Isle of Man admits that it\u2019s going to offer full automatic information exchange to the UK \u2014 shattering its secrecy for good\" href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2012\/12\/07\/the-isle-of-man-admits-that-its-going-to-offer-full-automatic-information-exchange-to-the-uk-shattering-its-secrecy-for-good\/\">has now agreed to implement a FATCA<\/a> style agreement with the UK. <a title=\"Jersey and Guernsey say no to the UK: I predict a constitutional crisis\" href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2012\/12\/18\/jersey-and-guernsey-say-no-to-the-uk-i-predict-a-constitutional-crisis\/\">Jersey and Guernsey have not<\/a>. What might explain the difference in approach.<\/p>\n<p>My sources suggest there may be one. Could it be that the\u00a0Isle of Man is in negotiation with\u00a0H M Revenue &amp; Customs to offer a <a href=\"http:\/\/www.hmrc.gov.uk\/disclosure\/liechtenstein-faq.htm#11\" target=\"_blank\">Liechtenstein Disclosure\u00a0Facility\u00a0arrangement<\/a> in the New Year?<\/p>\n<p>I have little regard for the LDF: it lets tax criminals off their crimes for a ten percent penalty, and that is\u00a0ludicrous\u00a0when higher penalties are often charged on small businesses in the UK who have\u00a0made\u00a0innocent\u00a0errors. There is also immunity of\u00a0prosecution\u00a0for those tax crimes. But there's no\u00a0doubting\u00a0that the deal has been very good for Liechtenstein banks and tax advisers; that is those very people who have spent so much time helping people\u00a0evade\u00a0tax in the UK, because it has\u00a0driven\u00a0people their way, lured by the\u00a0offer\u00a0of low penalties if their\u00a0disclosure\u00a0has come\u00a0through\u00a0Liechtenstein.<\/p>\n<p>Might it be that the Isle of Man's early consent has come at the\u00a0price\u00a0of a\u00a0similar\u00a0arrangement to boost\u00a0its\u00a0financial\u00a0services providers? Let's wait and see, but let me assure you know: I'll like it no more than the grubby\u00a0Liechtenstein\u00a0deal if it's true. And it will undoubtedly confirm the\u00a0Isle of Man will remain a tax haven. And that will be a definite shot in the foot by it if true.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Isle of Man has now agreed to implement a FATCA style agreement with the UK. Jersey and Guernsey have not. What might explain the<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/12\/19\/is-the-isle-fo-man-negotiating-the-equivalent-of-a-liechtenstein-disclosure-facility\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1],"tags":[],"class_list":["post-18688","post","type-post","status-publish","format-standard","hentry","category-isle-of-man","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/18688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=18688"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/18688\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=18688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=18688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=18688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}