" Darling's Isle Of Man Must Be On Some Other Planet "

[Cronky]

FT: Offshore centres face reform

 

Britain's offshore financial centres could face fundamental economic reform after Alistair Darling announced a root-and-branch review of their tax and revenue relationship with the UK yesterday.

 

Mr Darling said the crown dependencies and overseas territories were luring customers with lower taxes "without contributing to the UK Exchequer. The British taxpayer cannot be expected to be the guarantor of last resort," he said.

 

London believes that the three crown dependencies and 14 overseas territories have become too heavily dependent on their swollen financial services sectors, with jurisdictions such as the Channel Islands holding bank deposits that far -outweigh their national wealth.

 

The collapse of two Icelandic banks, Kaupthing and Landsbanki, has already forced the Isle of Man and Guernsey respectively to institute and improve deposit protection schemes. But because they do not have the deep pockets of a big country, the Treasury is concerned that another big bank failure could destroy their economies or force a British taxpayer bail-out. It will be asking "serious questions" about how they will limit that risk.

 

In a potential threat to the Isle of Man, the Treasury said it would also re-examine the sharing of value added tax receipts, which allows the island to fund public services without corporation tax and an income tax top rate of 18 per cent.

The three crown dependencies are independent of the UK but are represented by it in international affairs and owe allegiance to the queen.

 

Their constitutional position will not be affected by the review.

 

I.E. if the UK can compromise the Common Purse then the Isle of Man will have to put up taxes. This will make the island less attractive for high net worth people in the UK.

[bluemonday]

In a potential threat to the Isle of Man, the Treasury said it would also re-examine the sharing of value added tax receipts, which allows the island to fund public services without corporation tax and an income tax top rate of 18 per cent.

 

And so it begins.

[When Skies Are Grey]

In a potential threat to the Isle of Man, the Treasury said it would also re-examine the sharing of value added tax receipts, which allows the island to fund public services without corporation tax and an income tax top rate of 18 per cent.

 

And so it begins.

 

So what would happen to the "tax cap" they they have been trying to flog as a reason to come over...if that stays in play then a shift in taxation at the lower end won't really affect the HNW individuals?

[Sebrof]

So what would happen to the "tax cap" they they have been trying to flog as a reason to come over...if that stays in play then a shift in taxation at the lower end won't really affect the HNW individuals?

 

It was a bad idea from the beginning, and I suspect its end has come. It hasn't worked anyway, and the current situation will provide Mr Bell with an excuse to ditch it.

 

S

[Albert Tatlock]

...and with the going of the health agreement etc. - our ties to the UK are then what? - F**k em and f**k em off I say, we can do better going it alone.

[Ringwraith]

In a potential threat to the Isle of Man, the Treasury said it would also re-examine the sharing of value added tax receipts, which allows the island to fund public services without corporation tax and an income tax top rate of 18 per cent.

 

Now getting worse by the day, sell your house while you still can.

 

Our corrupt bureaucrats will not protect us, quite likely they have already sold us out.

[Tempus Fugit]

wondering how the vat is calculated, is there not a lot lost by people buying on-line, from catalogues and day trips, maybe a scheme where you could send your vat invoices and receipts to the treasury for tallying up the total for the good of the Island's case

[pongo]

wondering how the vat is calculated, is there not a lot lost by people buying on-line, from catalogues and day trips, maybe a scheme where you could send your vat invoices and receipts to the treasury for tallying up the total for the good of the Island's case

 

AFAIK it's calculated on our estimated total spending including online and away.

[Tempus Fugit]

wondering how the vat is calculated, is there not a lot lost by people buying on-line, from catalogues and day trips, maybe a scheme where you could send your vat invoices and receipts to the treasury for tallying up the total for the good of the Island's case

 

AFAIK it's calculated on our estimated total spending including online and away.

 

I remember filling in a survey form for that scheme, but it an awful long time ago, long past time it was updated

[The Old Git]

I remember filling in a survey form for that scheme, but it an awful long time ago, long past time it was updated

 

That will be the Decennial Test, which as the name suggests happens every 10 years

[Tempus Fugit]

I remember filling in a survey form for that scheme, but it an awful long time ago, long past time it was updated

 

That will be the Decennial Test, which as the name suggests happens every 10 years

 

that'll be 2001 then

[John]

Can someone please explain why the reduction of VAT will cost the IOMG Millions? Do we recieve that VAT that we all pay back from the UKG?

 

Sorry for being layman.

[Albert Tatlock]

Can someone please explain why the reduction of VAT will cost the IOMG Millions? Do we recieve that VAT that we all pay back from the UKG?

 

Sorry for being layman.

...ask your local councillor or MHK, they're usually good at explaining such things

[John]

Sarcy !!!!

 

a fool that asks a question is only a fool till he knows the answer, the fool that never asks the question is always a fool..

[slinkydevil]

Sarcy !!!!

 

a fool that asks a question is only a fool till he knows the answer, the fool that never asks the question is always a fool..

 

I prefer Mark Twain's:

 

"It is better to keep your mouth closed and let people think you are a fool than to open it and remove all doubt."