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

[Gladys]

If the wealth has arisen from a transaction then we look for some independant confirmation of that transaction, even copies of the agreements which led to it, otherwise we Google, look at the person's CV etc. etc.. It is more than cursory; you can't get it down to the last penny, but we do try to establish how the person made their money and the extent of their wealth.

 

Then there is source of funds, which is a different line of enquiry and looks for something much more specific on where the funds which we may be handling are coming from and how they originated.

 

Grant you though, it is no easy exercise and it is difficult to know where to stop.

[%age]

Ah yes, Google. Don't mess with us, we may look stupid but we know how to get to the bottom of things here alright.

 

It reminds me when PCs must have arrived on the Islandn. The Government bought out a commemoration coin and everywhere you went in Athol Street, and some of the posher pubs, they was all talking about these computers.

 

Bless!

[Gladys]

You have to be judicious on items in Google, of course, not just rely on an article, say, in the Islamabad Courier which reports Mr Bin Laden is a well-known local philanthropist, but it is a useful tool. There are also sites which check out a person. Not conclusive, but they go some way in establishing just what kind of person you are being asked to deal with.

 

How would you go about establishing someone's credentials then %age?

[Snaipyr]

You have to be judicious on items in Google, of course, not just rely on an article, say, in the Islamabad Courier which reports Mr Bin Laden is a well-known local philanthropist, but it is a useful tool. There are also sites which check out a person. Not conclusive, but they go some way in establishing just what kind of person you are being asked to deal with.

 

How would you go about establishing someone's credentials then %age?

 

Must be very difficult Gladys in cases such where individuals have made their money by asset stripping in, say, Africa and set up complex webs of companies in which to hide their ill-gotten gains, then arrive on the IOM posing as .............well, I'm sure you know the rest. Unfortunately they're well protected by libel laws.

[Gladys]

Nobody says it is easy, no-one in the industry would say it's a breeze, but I have to counter the assertions made by the likes of %age based on how the IOM looked over 20 years ago. I have to say that having worked in the sector at that time, I remember one provider considering a piece of new business that sent them into huddles with questions over becoming involved in a legitimate, lucrative but morally questionnable business. I think they rejected it, but another IOM service provider took it on, probably one run by the men in shiny suits who were so prolific on the island at that time.

 

So, even then there were those with ethics, but the IOM was an open playground for just about every scoundrel and 'wide boy'. It is a very different place now.

[Skeddan]

Unfortunately they're well protected by libel laws.

IoM legislation itself shouldn't give any more protection than the UK - at least since the IoM 2001 Human Rights Act came into force in 2006.

 

They are better protected by lame tame media and over-cautious mods - who perhaps fear libel laws as they used to be pre-HRA.

[Karellen]

The term "tax haven" is relative. I live in the Isle of Man and pay shedloads of tax. It may be a tax haven for others, ain't a tax haven for me.

 

The UK is a tax haven for many; it allows non-doms to reside there without being taxed on their overseas earnings. Why else do so many wealthy scandinavians, inidans and greeks choose to live in London and keep their money there; not for the weather thats for sure.

 

So in this regard what is the difference between the UK being a tax haven and the Isle of Man being a tax haven?

[Sebrof]

The term "tax haven" is relative. I live in the Isle of Man and pay shedloads of tax. It may be a tax haven for others, ain't a tax haven for me.

 

The UK is a tax haven for many; it allows non-doms to reside there without being taxed on their overseas earnings. Why else do so many wealthy scandinavians, inidans and greeks choose to live in London and keep their money there; not for the weather thats for sure.

 

So in this regard what is the difference between the UK being a tax haven and the Isle of Man being a tax haven?

 

You're absolutely right. That's why I say that our best defence against being called a tax haven is simply to point out the facts.

 

S

[pongo]

The term "tax haven" is relative. I live in the Isle of Man and pay shedloads of tax. It may be a tax haven for others, ain't a tax haven for me.

 

The UK is a tax haven for many; it allows non-doms to reside there without being taxed on their overseas earnings. Why else do so many wealthy scandinavians, inidans and greeks choose to live in London and keep their money there; not for the weather thats for sure.

 

So in this regard what is the difference between the UK being a tax haven and the Isle of Man being a tax haven?

 

I think - and I may be wrong - that it would be about people (and more importantly companies) choosing to put their money in a place where they are not really based or do not live - for the sole reason of dodging tax.

 

For the most part, I think it would be for other places to make laws which make this either illegal or pointless. So, for example, we know that US citizens have to file US tax returns declaring all income no matter where they are living. And I am quite certain that the IOM banks cooperate by routinely sharing information to ensure that this happens. Presumably the next step will be to tighten the regulation at an international level to ensure that companies are not able to operate essentially bogus branches under flags of convenience - which I am sure does not happen on IOM already - but which probably takes place in other jurisdictions such that the IOM gets tarred with the same brush. The basic rule should be that if you are doing business in a particular jurisdiction then your taxes should probably be paid in that jurisdiction.

 

I'm surprised that it is so difficult for UK citizens working abroad to open accounts with UK banks. It seems to me that this is an area which could easily be addressed - making it unnecessary for them to offshore their legitimate income at no tax disadvantage.

 

ETA: given that the IOM is a cooperative jurisdiction which is well regulated - and I do believe that it is - so it may very well be that our own tax experts can actually help the international communities to identify and close the loopholes. Companies here probably have considerable expertise to offer in this field. It might even be a new way of generating business.

[Sebrof]

......... it may very well be that our own tax experts can actually help the international communities to identify and close the loopholes. Companies here probably have considerable expertise to offer in this field. It might even be a new way of generating business.

{My emphasis}

 

You jest, surely.

 

S

[%age]

The 'well regulated' Finance Industry

 

or

 

The Government's ability or otherwise to manage many, many £millions in capital projects.

 

 

We get to hear about the (tip of the iceberg of the) Government's mis-management. Not so, any shenanigans within the Finance Industry.

 

 

The Public face of the Isle of Man: MEA, New Hospital, IRIS, Government Building Refurb. et al.

 

Fuck-up after fuck-up after fuck-up.

 

All those millions. Where did they go?

 

 

Seriously, is there any wonder the rest of the World is starting to twig us?

[pongo]

......... it may very well be that our own tax experts can actually help the international communities to identify and close the loopholes. Companies here probably have considerable expertise to offer in this field. It might even be a new way of generating business.

{My emphasis}

 

You jest, surely.

 

Nope. In general terms - you see which way the wind is blowing and then embrace the inevitable change and plan for it as an opportunity to consolidate, build value and re position. Change is always an opportunity if you look at it like that.

 

The business associated with closing the tax loopholes is going to generate just as much real work as the business of exploiting them. It's another opportunity for someone.

 

The IOM has been saying for ages that it is not a tax haven - but, rather, that it is a centre of excellence etc. If that is true, and we want it to be, then cracking down on tax dodging companies and individuals is not a threat. Either way - it would be pointless and irregular to attempt to obstinately stand in the way of the inevitable change.

[P.K.]

Here they go again. They must think it's worth it...

[%age]

BBC1 TV Politics Show Sunday 23rd November 2008

 

Interview with Prime Minister Gordon Brown - for mention of us lot, go to 28:08

 

Also in teh same programme, interview with people who have apparently lost their pile on the Isle. Starts at 53:35

 

 

Probably not a lot of people watched this today as politics is pretty boring stuff isn't it. Anyway we on the Isle of Man usually just hope things go away. Well, they usually do.

 

There is over £50billion of bank deposits nested over here. I don't think we have too much to bother us yet.

[Albert Tatlock]

BBC1 TV Politics Show Sunday 23rd November 2008

Thanks for that, I missed it at lunchtime.

 

Sounds like 'have to look at this relationship' could mean one of two things: a. tie together the regulation in terms of protecting British savers, or b. attack what we do here and attempt to put us all under the same UK regulation umbrella, with all that goes with that. It's all up in the air, but with the health agreement going, KFS, and them now talking of the 'relationship', IMO things are pointing much more to b. at the moment.

 

We need to be far more assertive over all this as far as I am concerned. Still far too little is being done to get Manx faces in the media talking about this and saying 'it is not acceptable behaviour from HM UK government'. If we are not careful we are going to get shafted by the half-wits in our government who are doing little but demonstrate they don't understand the scale of the issues involved here.

 

This is potentially building into the most serious crisis the island has faced for many many years.

 

Time we altered the description of the Manx flag 'With one leg I spurn Ireland, With the second I kick Scotland, And with the third I kneel to England' and firmly kick Gordon Broon and his cronies up the arse. I think this is so serious, that they should actually send representation to the Queen to get her to sort out her UK government over this.