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IoM: Time Running Out For Tax Amnesty Declarations

by Jason Gorringe, Tax-News.com, London

22 September 2016

The Isle of Man Treasury has warned that time is running out for taxpayers who have failed to declare all their taxable income.

Currently a taxpayer who voluntarily discloses irregularities in their income tax, subject to certain conditions, can have any penalties reduced to zero.

This is going to change from October 6, 2016, with the the island's income tax assessor charging penalties in such cases.

Eligibility details are set out in Practice Note 194/16.

Undeclared income of over GBP5.5m (USD7.2m) has been identified since April this year, on which additional tax, interest, and penalties of more than GBP1.1m (USD1.4m) have been collected.

A further GBP3.7m (USD4.8m) of undeclared income has already been identified, which will be the subject of inquiries by the island's Income Tax Division shortly.

TAGS: Isle of Man | tax | interest | penalties | Tax

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