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IoM Consults On Proposal To Distribute Dormant Bank Account Funds

by Amanda Banks, Tax-News.com, London

13 September 2018


The Isle of Man Government has launched a community consultation on the Dormant Assets Bill 2018, which proposes to distribute money held in dormant bank accounts to good causes.

The proposal would see money held in dormant bank accounts - typically accounts where a bank has lost contact with the account owner for at least 15 years - transferred to a central fund with a proportion distributed for charitable purposes in the island.

The interests of account owners would be protected as anyone whose dormant bank account was transferred into the central fund would have the right to reclaim their money indefinitely. To this end, a proportion of the amounts transferred into the central fund will be retained to meet any future repayment claims.

The consultation and associated documents can be found by visiting the Isle of Man Government's online consultation hub.

TAGS: Isle of Man | interest | law | banking | financial services | services

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