Crown Dependencies tax disclosure facility ‘down 20 per cent’

A UK government body says the UK chancellor is getting £50 million a year less than he expected from a crown dependencies tax deal, reports Manx Radio.

The Office for Budget Responsibility says the deal has brought in 20 per cent less cash from tax disclosure facilities that allow people to declare money they have in the Isle of Man, Jersey and Guernsey.

The OBR says that leaves George Osborne with £50 million a year less than expected.

In 2013, the UK government said it expected to find a billion pounds in undeclared tax over five years from the crown dependencies.