• Type: Publication series
  • Date: 2/28/2013

United Kingdom – Agreement with Isle of Man on Taxpayer Disclosure, Cooperation 

KPMG LLP in the United Kingdom and KPMG LLC in the Isle of Man report that a Memorandum of Understanding has been signed that provides for a voluntary disclosure facility for taxpayers to assist them “in complying with their tax obligations to HMRC.” The Manx Disclosure Facility (MDF), as it will be called, will allow taxpayers to report their financial interests in the Isle of Man and to regularize their tax affairs with the U.K.’s tax authority, HMRC. It is expected that the agreement will allow alternative reporting provisions for non-U.K.-domiciled individuals who are claiming the remittance basis of taxation.


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