Gordon Brown's Speech To Congress

[Dunroamin]

Sarcasm?

Okay, I get your drift.

 

You might be interested in this discussion about the Isle of Man and the Krapthing Bank:

 

House of Commons Justice Committee

 

Follow the links to questions 1-19 and 20-23

 

Usual Uk double speak and I do not for one minute believe anything that Brown and/or his accolytes say......if it is expedient for them to dump on the IOM and screw us they will, if only to divert attention from the real problem in that Brown has sold the Uk and its people down the river.....sale of gold at bottom prices, theft of pension funds on a far biggger scale than Maxwell could even have dreamt about, encouraging the sick, poor and purely thick to take out second/third mortgages to finance the spending spree that has kept them in Government for over 10 years, reckless spending and fixing both the measure of Inflation and that of public borrowing, ravaging the income of savers and creating (yet to come)inflation on a scale that you have never seen....I could go on. The IOM and other havens are there to be shot at and Brown will do so no matter what may be the legal position (remember Iraq!!!)

[oldmanxfella]

Do not think that the IOM will long survive or that there will be an open attack at upon its constitution. The UK is and will bring pressure to bear on the banks to not conduct legitimate business here and that will strangle the economy here and there is bugger all that Brown or anyone can do about it.....

 

People are not going to be avoiding tax on offshore accounts in future though are they - at interest rates of 0.5% they are avoiding virtually nothing.

 

You can see the likely options play out though - my guess is that the IoM does some form of deal with the UK to keep the banking industry here. The UK agrees to extend (UK) investor protection to those offshore accounts for a fixed fee per account to benefit from some sort of insurance scheme or however they dress it up.

 

That way the money stays in the IoM (and therefore effectively in the UK with the UK parent) the UK gets paid to take on the risk and bring them into the club to create stability for the UK banking sector, and they can then gradually start trawling through the data on all those UK accountholders not avoiding tax on the non existent interest they will be earning.

 

Edited: spelling

[Pragmatopian]

People are not going to be avoiding tax on offshore accounts in future though are they - at interest rates of 0.5% they are avoiding virtually nothing.

 

I don't think avoiding tax on bank account interest is the primary reason for keeping offshore accounts.

[oldmanxfella]

People are not going to be avoiding tax on offshore accounts in future though are they - at interest rates of 0.5% they are avoiding virtually nothing.

 

I don't think avoiding tax on bank account interest is the primary reason for keeping offshore accounts.

 

Neither do I, but everyone else from Obama or Gordon Brown is erroniously convinced that it is.

[Cronky]

I saw this statement in the House of Lords report:

 

There are weekly videoconferences between the Treasury and the Isle of Man,

 

Anyone care to comment on this? It suggests to me that the links between the Isle of Man and the UK on financial issues are a lot closer than we know. Whatever the rhetoric is, the politicians are fully aware of the amount of money that the Crown Dependencies bring in to the UK economy. They cannot afford to lose that inward investment - and that position ultimately assures our future for offshore investment.

 

A friend of mine has left the UK to take up a permanent, and very lucrative, contract in the Middle East. He's getting paid locally in Qatar. He's intending to open an account in the Isle of Man - and that's on the recommendation of a financial advisor specialising in offshore working.

[Gladys]

The FCO website advised persons going to work abroad to open a bank account offshore, allegedly.