Archive for 'Offshore Tax Planning'
Isle of Man Praised by OECD Despite Attacks by UK Government
Whilst Gordon Brown, Alastair Darling and Barack Obama attack the Isle of Man as a “Tax Havens” the OECD (Organisation for Economic Cooperation & Development) praise the Isle of Man. If proof were ever needed that the bully boys of the UK and USA are attacking small offshore countries just to divert attention from their [...]
Full StoryIs the Isle of Man Really a Tax Haven?
I live in the Isle of Man. For those of you who don’t know this is a small island in the middle of the Irish Sea about midway between England, Scotland and Ireland (and a little further from Wales). Although one of the British Isles we are an independent country – with the oldest [...]
Full StoryWithholding Tax Under Challenge
I recently received a question from the owner of a UK company questioning the imposition of Spanish withholding tax on payments his company received from a Spanish subsidiary. He thought that the EU Parent-Subsidiary Directive exempted the tax. In fact it would do for dividends but not for royalty payments, which these payments were for [...]
Full StoryUK Government to Review Offshore Financial Centres
The British Treasury has set up an independent review to examine the operations of offshore financial centres and their effect on the UK economy. The review will look at the current and future risks posed by the current economic crisis to the financial business of British Crown Dependencies and Overseas Territories including Jersey, Guernsey, the [...]
Full StoryThe Remittance Basis of UK Taxation: What it Means for Persons Entitled to Claim Non Domicile Status
There has been much publicity and comment about “non doms” – these being persons who whilst resident in the UK are not domiciled there (see here for more information on what this means). The popular belief is that these people are unfairly avoiding tax on income or capital gains made outside the UK by claiming [...]
Full StoryContractors Warned Over Offshore Solutions
Recent UK legislation has resulted in the real possibility that contractors using offshore umbrella companies could face massive back tax bills. For a number of years now many contractors have worked via umbrellas companies based offshore in jurisdictions such as the Isle of Man. These companies have offered contractors up to 85 per cent of [...]
Full StoryDomicile – Having Your Cake and Eating It
International businessman Robert Gaines-Cooper has failed to persuade the Court of Appeal that he has changed his UK domicile. We read a lot in the UK press about “non-doms” and how they don’t pay their fair share of tax. Recent legislation has made it more difficult for “non doms” to benefit but as usual the [...]
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