Tag Archives: Isle of Man
What Will Vince Cable Do Now For The Isle of Man?
Just over a year ago I wrote about the visit to the Isle of Man undertaken by Vince Cable, then Liberal Democrat Shadow Chancellor who today was appointed Secretary of State for Business and Banking in the new Conservative – Liberal cabinet. Despite having been a stern critic of the island, calling it a tax [...]
Full StoryWhat is Sovereign Debt?
In recent weeks the term Sovereign Debt has been bandied about by the media leaving many people puzzled as what it actually is. What it isn’t is money owed by a King or Queen of a country – Republics do have Sovereign Debt; you don’t need a Monarch! Joking aside, in simple terms Sovereign Debt [...]
Full StoryIsle of Man Chief Minister Speaks Out on VAT Debacle
I attended a very interesting meeting last night organised by the Isle of Man Junior Chamber of Commerce (“JCC”) at the Hilton Hotel. A packed audience was addressed by Chief Minister Tony Brown on the subject of the recent change to the VAT agreement the island has with the UK. This change is likely to [...]
Full StoryPouring Cash Down the Toilet – £18 Billion Shortfall in British VAT During 2006
It has long been suspected that there is widespread under collection of VAT throughout the European Union. But until now no one realised just how big the figures were. Talk about pouring cash down the toilet! There are a number of reasons for the shortfall some relating to systematic fraud (such as “carousel fraud” on [...]
Full StoryThe Isle of Man is Leading the e-Gaming Revolution
The Isle of Man is best known, albeit unfairly, as an offshore “tax haven” but the fact is that less than 30% of the islands economy is related to the finance sector. Indeed the Isle of Man is a successful international business centre with a large manufacturing base. Over 90% of the world’s electric kettle [...]
Full StoryVince Cable Visits Isle of Man Tax Haven
The Liberal Democrat Shadow Chancellor has been a stern critic of the Isle of Man, calling us a haven for tax dodgers. He also demanded that the Isle of Man be closed as a ‘tax haven’ and for banks receiving investment from the UK Government to shut offshore operations. Despite that he accepted an invitation [...]
Full StoryThe Benefit of Offshore Trusts
For many years UK taxpayers benefitted greatly by transferring (settling) their assets in offshore trusts, but increasing ant-avoidance legislation has led people to believe that there is no point in using an offshore trust any more. Whilst it is true that the tax advantages are no longer as good and they once were the fact [...]
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