Isle of Man Disclosure Facility – Our Comment

The Isle of Man Disclosure Facility  – IoMDF – Manx Discloure Facility – MDF On 19 February HM Treasury announced a tax co-operation agreement with the Isle of Man.  The Memorandum of Understanding agreed between the two governments provides for: the automatic exchange of information (eg details of bank accounts) to combat tax evasion. a…

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Isle of Man Disclosure Facility – IoMDF

19th February 2013 HM Treasury has announced a new Isle of Man Disclosure Facility – IoMDF. Below we have reproduced the Press Release but we will be bringing you our detailed analysis of the new facility shortly along with considerations as to whether the IoMDF is a game changer in terms of either the UK/Swiss Agreement or…

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Draft Legislation for the Extension of CGT to Non Natural Persons

13 February 2013 On the 5th December 2012, the Chancellor delivered his Autumn Statement. A week later the draft clauses for the Finance Bill 2013 were published. Notable by its absence was the draft legislation for the extension of CGT to non resident non natural persons (the “extension to CGT”), which had been heavily anticipated.…

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Finance Bill 2013 – Residential Property Tax

14th December 2012 Taxation of High Value Residential Property The Budget on 22 March 2012 included 3 announcements relating to UK residential properties worth more than £2m. 1. Increased SDLT rates with immediate effect. 2. A proposal for an “Annual Charge” on “high value” properties held by “non-natural persons”, now referred to as the Annual Residential…

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Autumn Statement 2012

December 2012 As with so many previous announcements, our commentary is more about what the Chancellor did not say rather than what he did say… Taxation of High Value Residential Properties (£2m+) Although no detail was released today, rather confusingly the Chancellor seemed to think that the legislation being published next week would relate to…

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