Dhoon Boy Posted November 28, 2008 Share Posted November 28, 2008 From Channel TV online More details of offshore review revealed More information has emerged about the outline of a review of offshore finance in the Crown dependencies. In his pre-budget speech on Monday, the UK Chancellor, Alastair Darling, accused the Channel Islands among others of "attract[ing] banking customers with lower taxes – without contributing to the UK exchequer". He is launching the review to look at the effects the islands' finance industries have on the UK. Yesterday (Thursday), the Chief Ministers of Guernsey, Jersey and the Isle of Man met the Minister responsible for the Crown dependencies, Lord Bach. At Guernsey's States sitting this morning, Deputy Lyndon Trott revealed more details of the meeting. He said the terms of reference of the review had been discussed, and that it would expressly exclude constitutional matters, the islands' fiscal autonomy and their ability to set their own tax rates. Deputy Trott described the review as a "collaborative exercise" which would benefit the islands. The review will start in earnest in the new year, and it's hoped a date will soon be set for Lord Bach to visit the islands early in 2009. Link to comment Share on other sites More sharing options...
The Godfather of Manx House Posted November 28, 2008 Share Posted November 28, 2008 So they are basically all Bach and no bite ? Splendid. Let's get spending again... ...GOMH*... Link to comment Share on other sites More sharing options...
Dhoon Boy Posted November 28, 2008 Author Share Posted November 28, 2008 IOM Today THE UK is not out to attack our tax position. Treasury Minister Allan Bell says he has returned with 'some reassurance' from a meeting in London with City Minister Lord Myners and Justice Minister Lord Bach to clarify the UK Government's plans to review the Crown Dependencies and Overseas Territories. He said the peers assured him that the review will not consider our constitutional relationship or tax matters. Instead, it will focus on our ability to withstand the pressures of global economic turmoil. Speaking at a press conference today (Friday), Mr Bell said: 'They gave a reassurance that they don't intend in any way to review our constitutional relationship or our taxation. 'The review will look at the financial stability of smaller jurisdictions to ensure their economies are robust enough to withstand economic turmoil. It will involve financial supervision and transparency and our ability to manage financial crises as they arise. 'It will not interfere with our constitutional position or our ability to set our own tax rates. The final terms of reference for the review have yet to be agreed. UK Chancellor Alistair Darling's pre-Budget report, unveiled earlier this week, refers to the need to review the 'long-term opportunities and challenges for the UK's Crown dependencies and overseas territories as financial centres'. And it specifically includes fiscal arrangements as an area that will be covered. But Mr Bell said the final terms of reference had yet to be agreed and the Manx Government had proposed some amendments. He said: 'We went down with an open mind to find out their true intentions as these weren't very clear in Alistair Darling's statement. I think that the information we were given by both Lord Bach and Lord Myners has given some reassurance as to the true intentions of this exercise. 'The final terms of reference have yet to be agreed. We've asked for a number of amendments to the proposals and those are now being considered. 'We welcome this move from the UK Government. It gives us a great opportunity to prove what a well-regulated and transparent jurisdiction the Island is.' Link to comment Share on other sites More sharing options...
bluemonday Posted November 28, 2008 Share Posted November 28, 2008 What a relief. The UK has our best interests at heart. How reassuring. Link to comment Share on other sites More sharing options...
manshimajin Posted November 28, 2008 Share Posted November 28, 2008 He said: 'We went down with an open mind to find out their true intentions as these weren't very clear in Alistair Darling's statement. I think that the information we were given by both Lord Bach and Lord Myners has given some reassurance as to the true intentions of this exercise. So don't keep us all guessing! What are the true intentions? Link to comment Share on other sites More sharing options...
Cronky Posted November 28, 2008 Share Posted November 28, 2008 So don't keep us all guessing! What are the true intentions? 1. Reduce the income from the Common Purse. 2. IOM forced to raise taxes to fund public servces. 3. High Net Worth individuals from the UK find the IOM less attractive as a new domicile. Link to comment Share on other sites More sharing options...
manxman2004 Posted November 29, 2008 Share Posted November 29, 2008 Hmmmm, maybe I'm skeptical, but I cannot see how any good news for this Island is going to come from this review. Looking at the moves of the week by gordo and his gang....lowering VAT, on the face of it looks fine to stimulate the economy but wait! Whats this....fuel duty going up on Monday? Correct me if I'm wrong here, but if I remember rightly businesses can claim VAT back, but not duty on fuel - clever gordo, give with one hand and take with the other. With the UK government then expecting the higher net worth individuals picking up the slack next year, surely it is in gordo's interest to shut down, restrict or public damage Offshore finance sectors as I for one would certainly be shoving my money offshore if I was going to be taxed higher. (Not thats its a problem for me...my bank kindly has taken all my money already!) Link to comment Share on other sites More sharing options...
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