Isle of Man - EU Exchange of Information July 2011

katies_mum

I`m asking this question on behalf of my grandad, please would anyone know if an account that is held in the Isle of Man that is to be closed in a couple of weeks (money needed forhome improvements ) will come under the Exchange of Information in July. Or is it only on accounts that are open from 1st July. He is a little confused as to what it is and I`m even more confused as I have never heard of it before.

Many thanks

John_Pierpoint

I have no practical experience of this, ever since the days of "bond washing" became illegal. (There was a huge fuss about a fraud in Gibraltar that left lots of pensioners out of pocket).

Looking at this page it would appear to be done and dusted already:
http://www.hmrc.gov.uk/international/tiea_inforce.htm

For those who "failed to notice the changes in the law" there may have been limited "amnesties" from the penalties for those prepared to put their hands up and I did hear someone on the radio complaining about a wheeze that involved moving the money to a jurisdiction that still had an "amnesty" in place and then putting up a hand.

katies_mum

Many thanks for replying, wonder where July 2011 comes into it if they have already done it.

Mikeyorks

I think it's the fact they're moving to automated exchange on all their EU agreements ...... that attracts the July 2011 tag?

http://www.gov.im/lib/news/investiniom/isleofmanannounc.xml

katies_mum

Thank you very much, but still not understanding all this financial stuff! would you know if it could affect him if his account is closed which it will be by then as the money will be spent on the work to his house.

BoGoF

So he has not been declaring this account to HMRC ? Is that the issue ?

katies_mum

I`m not 100% sure! he`s not said and I`ve not asked! maybe this is why he is asking the question.