triskelion Posted June 24, 2009 Share Posted June 24, 2009 Gordon Brown said on 7 June: "where there is unfairness & irresponsibility we have got to act." Will Tony Brown do the same? NO! Should he? Tony Brown nor any other Manx resident owe KSF depositors anything. If the net benefit wasn't to the depositors then they never would have put their money here and thus the business would never have existed. KSFIoM employed a small number of people in its second floor rented office. You appear to have accumulated a substantial cash mountain yourself - did you not think the businessman in Thailand or the assorted penniless pensioners might have benefitted from a bit of generosity on your part? If you put money in a bank in order to generate interest as a form of income, how is that not an investment? Link to comment Share on other sites More sharing options...
The Voice of Reason Posted June 24, 2009 Share Posted June 24, 2009 It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK. Not true at all. It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK Just ring up Lloyds Banks HQ for one. Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM) It is difficult especially to do it by mail but walk in to any of the Banks in Liverpool with your passport utility bill and cheque book and they will sort you out very quickly. Also a good idea to print off the form for Gross Interest (for a non resident) from HMRC site and take it with you as the banks often do not have the forms handy. I have opened accounts with the UK branches of all the Banks I mentioned. For info here is HBOS site for Non Residents http://www.bankofscotlandhalifax.co.uk/sav...stomerrates.asp I walked into a bank less than 10 days ago ( my bank Lloyds ) where i have banked for years and was refused ( even though I have 4 accounts with them) already as i am now abroad. Or more likely because you have no money. (if your posts are to be believed) Link to comment Share on other sites More sharing options...
Evil Goblin Posted June 25, 2009 Share Posted June 25, 2009 Bellyache/Pimpernel - if the IoM Finance Sector is devastated in the next few years it won't be because of KSF - the EUSTD will do it. Link to comment Share on other sites More sharing options...
pongo Posted June 25, 2009 Share Posted June 25, 2009 Bellyache/Pimpernel - if the IoM Finance Sector is devastated in the next few years it won't be because of KSF - the EUSTD will do it. You mentioned this issue on another thread. Can you expand on how you think this will impact IOM ? Isle of Man to Apply EU Bank Secrecy Rules Starting in 2011 (Bloomberg.com) Link to comment Share on other sites More sharing options...
bellyup Posted June 25, 2009 Share Posted June 25, 2009 It is perfectly possible for an Isle of Man (or any expat) to open Bank Accounts in the UK. Not true at all. It is extremely difficult for anyone who does not have a UK address to oopen a bank a/c in the UK Just ring up Lloyds Banks HQ for one. Ask for Jane Fowler she will explain this to you. ( and direct you to Lloyds international IOM) It is difficult especially to do it by mail but walk in to any of the Banks in Liverpool with your passport utility bill and cheque book and they will sort you out very quickly. Also a good idea to print off the form for Gross Interest (for a non resident) from HMRC site and take it with you as the banks often do not have the forms handy. I have opened accounts with the UK branches of all the Banks I mentioned. For info here is HBOS site for Non Residents http://www.bankofscotlandhalifax.co.uk/sav...stomerrates.asp I walked into a bank less than 10 days ago ( my bank Lloyds ) where i have banked for years and was refused ( even though I have 4 accounts with them) already as i am now abroad. Or more likely because you have no money. (if your posts are to be believed) If you dont believe me ring the lady and find out . ( alternately walk into Lloyds bank IOM and ask them ) Incredible as it may seem to you ( and me) they wont let you open a bank account to deposit money without a UK address Yet they have no problem is opening a/cs peniless teenagers living with their parents. Link to comment Share on other sites More sharing options...
Cambon Posted June 25, 2009 Share Posted June 25, 2009 Where does the the IoM Government keep its £349 million reserves? I hope it isn't in a bank. Worse, I think it is invested under the supervision of the FSC, and about half of it has vanished. I could be wrong though, but that is what I understood from the Manx budget. Link to comment Share on other sites More sharing options...
Cambon Posted June 25, 2009 Share Posted June 25, 2009 You mentioned this issue on another thread. Can you expand on how you think this will impact IOM ? Isle of Man to Apply EU Bank Secrecy Rules Starting in 2011 (Bloomberg.com) That is quite an easy one. The revised regulations eliminate withholding tax and enforce exchange of information. That means that each company has to report everyone's (in europe at least) income gained as a result of interest. Withholding tax (I think it is currently 25%) is deducted at source prior to payment, and forwarded on to the Manx government who take a cut and then forward the rest to the individual member countries. The IOM will lose this cut. From a business perspective, the tax rates on unearned income in many EU states is much higher than 25%, so by losing 25% to tax they are better off. If there is going to be no advantage to investing their money here, what is the incentive? Business will leave. However, as the laws change so do the products, so expect fund managers to market some new products that have minimal income from interest and more capital gain. Link to comment Share on other sites More sharing options...
pongo Posted June 25, 2009 Share Posted June 25, 2009 I wonder whether sooner or later the IOM will start to negotiate proper double taxation agreements. If resident companies are not taxed in a particular jurisdiction (eg on the IOM) then the lack of double taxation agreements with other countries can mean in some cases that these companies end up getting taxed somewhere else. So some companies would be better operating out of jurisdictions which have double taxation agreements internationally (eg not the IOM). ETA: I haven't described the issue particularly well Link to comment Share on other sites More sharing options...
007Pimpernel Posted June 25, 2009 Share Posted June 25, 2009 Where does the the IoM Government keep its £349 million reserves? I hope it isn't in a bank. Now THAT is a really good question! I bet if you e-mail or ring Treasury they will tell you it is confidential! When KSFIOM went down the pan I believe the government said it had £10million in there. The next thing I have been told is that this figure dropped to £3million! Now I believe the government doesn't have any money in Kaupthing! Would someone like to ask? The bank staff has £3.3million of pension money in there.... don't suppose they will be happy being told they were stupid to trust their employer! Incidentally the liquidator's stats don't show evidence as to what the directors did with their money they had in there, but I will have a guess.... I imagine right now there's lots of people on the inside wishing they had three legs with running shoes ... Link to comment Share on other sites More sharing options...
007Pimpernel Posted June 25, 2009 Share Posted June 25, 2009 I'm calling BS on your swagger and your "contacts" and your "roaming the world". You're trolling with the help of Google. Not even very well. YOU are 'flaming'... bad forum etiquette used by 'trolls' Link to comment Share on other sites More sharing options...
bluemonday Posted June 25, 2009 Share Posted June 25, 2009 I imagine right now there's lots of people on the inside wishing they had three legs with running shoes . Interesting thought. Would the third leg confer additional speed or would the weight of the required extra musculature negate any advantage? Link to comment Share on other sites More sharing options...
Slim Posted June 25, 2009 Share Posted June 25, 2009 Where does the the IoM Government keep its £349 million reserves? I hope it isn't in a bank. Now THAT is a really good question! I bet if you e-mail or ring Treasury they will tell you it is confidential! There's a number of different investment managers appointed, and the fund is spread around. It's not confidential, the managers are appointed and listed publicly. Link to comment Share on other sites More sharing options...
nipper Posted June 25, 2009 Author Share Posted June 25, 2009 A friend of a friend has got to an age where he cannot handle the hassle and worry of his many and various investments and has converted the lot into cash and then into gold. I'm not sure how wise that actually is but it makes his daily read of the financial pages one hell of a lot easier and has done away with an awful lot of middle men. Link to comment Share on other sites More sharing options...
pongo Posted June 25, 2009 Share Posted June 25, 2009 Where does he keep it ? Link to comment Share on other sites More sharing options...
007Pimpernel Posted June 25, 2009 Share Posted June 25, 2009 Where does the the IoM Government keep its £349 million reserves? I hope it isn't in a bank. Now THAT is a really good question! I bet if you e-mail or ring Treasury they will tell you it is confidential! There's a number of different investment managers appointed, and the fund is spread around. It's not confidential, the managers are appointed and listed publicly. Thanks Slim for this information. 'Transparency' is a word that is much flaunted by the FSC but government folk are incredibly opaque when it suits them, so I would be very grateful if you could point to where in the public domain I could find exactly where the rserves (of taxpayers money) are deposited or invested. Link to comment Share on other sites More sharing options...
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