Dunroamin Posted May 7, 2008 Share Posted May 7, 2008 "From The Times May 7, 2008 Aberdeen Asset Management joins list of firms ready to flee UK tax" So why, like many others UK based companies ready to flee the UK, are they considering Dublin or Switzerland and not here? Link to comment Share on other sites More sharing options...
kevster Posted May 7, 2008 Share Posted May 7, 2008 "From The Times May 7, 2008 Aberdeen Asset Management joins list of firms ready to flee UK tax" So why, like many others UK based companies ready to flee the UK, are they considering Dublin or Switzerland and not here? Cos they get decent air and/or sea links Link to comment Share on other sites More sharing options...
GD4ELI Posted May 7, 2008 Share Posted May 7, 2008 Cos they get decent air and/or sea links Because they can get enough qualified and motivated staff, also Switzerland is for many people a nicer place to live than the Isle of Man, I guess the same holds true for Eire although I've never lived there. It is often reported that it's difficult to get good staff to move to the Island. Quality of life here is higher than on the Island. Switzerland offers very low tax and support to new companies, also there are large financial centers in Zurich and Geneva. Link to comment Share on other sites More sharing options...
nipper Posted May 7, 2008 Share Posted May 7, 2008 Because those places aren't run by numpty puppets and have (more) reputable legal regimes. There are many local legal cases concerning vast sums of money that go through our civil courts (the ones the public rarely get to hear about) that have basically stuck two fingers up to decent society morals. Secrecy and self governance is all very well . . . . . but it is a double edged sword. Link to comment Share on other sites More sharing options...
manshimajin Posted May 7, 2008 Share Posted May 7, 2008 I don't know about Switzerland but Ireland is well regulated, has low corporate tax (but not 0%), a very well educated workforce, good infrastructure (if you don't go too far from the cities), excellent support from IDA and other Government agencies in setting up business, a common law system, quite good air links and very positive relationships with the EU bureaucracy. Would large international corporations feel more 'comfortable' operating in a tax-effective EU state than locating to what may be perceived as an 'offshore tax haven'? Given that the IoM's population is the size of a mid-sized town in other countries we must struggle to offer the quality of skills in government and the public and private sectors that large corporations look for - not a dig at any one but just a practical issue. For individuals Ireland taxes 'non-doms' on a remittance basis (ie only on the income they bring into Ireland) compared with UK and IoM that tax on worldwide income. The £100,000 tax cap may be attractive to a small number of IoM incomers but the Irish system has its own advantages. Link to comment Share on other sites More sharing options...
x-in-man Posted May 7, 2008 Share Posted May 7, 2008 Is it because there is no MCB in those places? Link to comment Share on other sites More sharing options...
Hugh Jampton Posted May 7, 2008 Share Posted May 7, 2008 He/She has not posted for a while; perhaps moved to another juristiction as well? Link to comment Share on other sites More sharing options...
Freggyragh Posted May 7, 2008 Share Posted May 7, 2008 Got to be the availability of educated workers. The Irish and the Swiss education systems both produce a large number of bilingual, international minded graduates. Link to comment Share on other sites More sharing options...
pongo Posted May 7, 2008 Share Posted May 7, 2008 "From The Times May 7, 2008 Aberdeen Asset Management joins list of firms ready to flee UK tax" So why, like many others UK based companies ready to flee the UK, are they considering Dublin or Switzerland and not here? Two things: 1. The original article is basically nonsense - a blank shot in the vague direction of the current British government. It's journalistic stirring; eg the silly notion that there is a "growing list" of companies waiting to "flee" Britain. It's the sort of thing which lobbyists and PR companies get into the papers when they are working for clients who are seeking to influence the fine detail of economic policy at a time when the British govt is already in trouble and is looking for friends. 2. Not everyone will want to flee to the IOM. Like not everyone will choose Ford. It's a competitive market. The island couldn't cope with all of the business if it suddenly arrived. Link to comment Share on other sites More sharing options...
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