[BBC News] Anger at Darling island criticism

[Newsbot]

Anger grows at Alistair Darling's comments describing the Isle of Man as a "tax haven".

 

Source : http://news.bbc.co.uk/go/rss/-/1/hi/world/...man/7713258.stm

[slinkydevil]

tax haven Finance Definition

A country that imposes little or no income taxes. Because of this, businesses in high tax countries find that operating in a tax haven saves a significant amount of money.

 

tax haven

Noun

a country or state having a lower rate of taxation than elsewhere

 

Tax haven - From Wikipedia, the free encyclopedia

A tax haven is a place where certain taxes are levied at a low rate or not at all.

 

http://www.businessdictionary.com/definition/tax-haven.html

tax haven appears in the definitions of the following terms:

upstreaming, managed bank, brassplate company, international business company (IBC), captive bank, Isle of Man, offshore haven, cubicle bank and nominee director

 

tax haven

foreign country providing significant, permanent tax breaks to individuals and companies operating within it.

 

 

 

 

 

So we sort of are a Tax Haven then?

[Slim]

So we sort of are a Tax Haven then?

 

Sure, but so's the UK.

[Silentbob]

So we sort of are a Tax Haven then?

 

Sure, but so's the UK.

 

 

 

Personal Tax free allowance UK £6035 IOM £9200

Tax Rates (Lower/Higher) UK 20%/40% IOM 10% 18%

Comany Rates UK 28% IOM 0%

 

So, no, it is not really.

[Cronky]

I think that the term 'Tax Haven' these days is an offensive one in business and tax circles as it implies deliberately lax regulation. You would hardly put the Isle of Man in that bracket.

 

Very very rich people do use the UK as a tax saving domicile due to the 'non dom' rules whereby you don't pay tax on the income in your home (or other country) if you tick the appropriate box on the Inland Revenue form.

 

And then there are those people with homes in many different countries who are never anywhere long enough to pay tax . . .

 

My point is that singling out the Isle of Man is extremley unfair and they must be using us as a scapegoat to hide another problem.

 

The UK authorities are, in my opinion, complete gits.

[%age]

The Isle of Man a Tax HAven?

 

A rose is a rose by any other name. So is a steaming turd.

 

The Isle of Man is a greed ridden Tax Haven. Get over it and live with it.

[Albert Tatlock]

tax haven

Noun

a country or state having a lower rate of taxation than elsewhere

 

Tax haven - From Wikipedia, the free encyclopedia

A tax haven is a place where certain taxes are levied at a low rate or not at all.

 

http://www.businessdictionary.com/definition/tax-haven.html

tax haven appears in the definitions of the following terms:

upstreaming, managed bank, brassplate company, international business company (IBC), captive bank, Isle of Man, offshore haven, cubicle bank and nominee director

 

tax haven

foreign country providing significant, permanent tax breaks to individuals and companies operating within it.

Milford Haven - a sh1thole full of Welsh people that talk funny.

[%age]

OK then, of you who work in the Finance Industry, how many of your clients choose to be 'resident' or invest on the Isle of Man because it saves them a shit load of Tax which would have gone to the UK?

 

I know loads and I' don't even work in a bank or with accounts. (The biggest amount of counting I have to do these days is 3 sand 1 cement).

[manxy]

The bit that I find puzzleing is when he said he was 'taking a "long, hard look" at Britain's relationship with the island'

That sounds a little threatening to me and as I haven't the foggiest what that means in relation to the finance sector and therefore could someone explain to me what or how this might mean in that area?

[WTF]

(The biggest amount of counting I have to do these days is 3 sand 1 cement).

 

or 5 sand 1 cement if you work for dungdara.

[manxy]

On balance maybe its time to go to the EU and cut a deal for the IOM, as the UK are proving woeful in representing our interests as they are constitutionally supposed to do; and they have shown us exactly what they think of us.

 

Would joining the EU be beneficial or not for everyone on the island?

[Vix]

The term tax haven is one that we tend to avoid when marketing the Isle of Man Jurisdiction to potential clients, due to the stigma attached to this phrase. The p.c term is Ofshore Financial Center ('OFC').

[slinkydevil]

(The biggest amount of counting I have to do these days is 3 sand 1 cement).

 

From my experience very true, the builders quote is often just plucked from the air and not counted at all.

[Twitch]

Perhaps we could become the Macau of the Northern Hemisphere...full of casinos (and they have a motorcycle road race)

 

This would also be attractive to the Chinese air crews based up in Jurby.