manshimajin Posted February 26, 2010 Share Posted February 26, 2010 News today that a Northern Ireland couple have been fined £4 million and jailed 2.5 and 3.5 years. According to RTE reports, much of the money was put in 'off-shore bank accounts on the Isle of Man'. Their 12,000 sq.ft. house was named Ard na Ri - King of the Hill. Sort of folk who give this place a bad name. Does this indicate that the information exchange with the UK is working well? Link to comment Share on other sites More sharing options...
RC-Drift.com Posted February 26, 2010 Share Posted February 26, 2010 There's a few houses like that over here, makes you wonder! Link to comment Share on other sites More sharing options...
homarus Posted February 26, 2010 Share Posted February 26, 2010 News today that a Northern Ireland couple have been fined £4 million and jailed 2.5 and 3.5 years. According to RTE reports, much of the money was put in 'off-shore bank accounts on the Isle of Man'. Their 12,000 sq.ft. house was named Ard na Ri - King of the Hill. Sort of folk who give this place a bad name. Does this indicate that the information exchange with the UK is working well? I'd say so! It also indicates(Along with other factors) that we're not a safe place to invest anymore Link to comment Share on other sites More sharing options...
manshimajin Posted February 26, 2010 Author Share Posted February 26, 2010 It also indicates(Along with other factors) that we're not a safe place to invest anymore I hope it means what you say but with the word 'illegally' between 'invest' and 'anymore'. Link to comment Share on other sites More sharing options...
Pierrot Lunaire Posted February 26, 2010 Share Posted February 26, 2010 Does this indicate that the information exchange with the UK is working well? I may be wrong but I was under the impression that evidence of their offshore deposits came to light after their premises were searched, rather than as a result of information exchange. Link to comment Share on other sites More sharing options...
Langweilig Posted February 26, 2010 Share Posted February 26, 2010 More information here. http://www.u.tv/News/Couple-jailed-in-largest-NI-tax-case/2952e884-d78c-4ec9-a183-f7f421250704 Link to comment Share on other sites More sharing options...
manshimajin Posted February 26, 2010 Author Share Posted February 26, 2010 More information here. http://www.u.tv/News/Couple-jailed-in-largest-NI-tax-case/2952e884-d78c-4ec9-a183-f7f421250704 Thanks for that. They are stupid and greedy people. I wonder which bank/bank officer on the Island was condoning not telling HMRC about their money on video!? TBH I reckon he should be identified, not have his identity protected, and banned from undertaking financial services activities (that is if he has not been dealt with already). This sort of thing really feeds into the UK's perceptions of dishonesty in our banking system. Link to comment Share on other sites More sharing options...
gazza Posted February 27, 2010 Share Posted February 27, 2010 To be honest if they were sticking tax returns in for less than £30000 a year then build that big house quastions are going to be asked. if they had said they earn 100k then noboody would prob have bat an eye at them. greed gets the better of us all Link to comment Share on other sites More sharing options...
bellyup Posted February 27, 2010 Share Posted February 27, 2010 News today that a Northern Ireland couple have been fined £4 million and jailed 2.5 and 3.5 years. According to RTE reports, much of the money was put in 'off-shore bank accounts on the Isle of Man'. Their 12,000 sq.ft. house was named Ard na Ri - King of the Hill. Sort of folk who give this place a bad name. Does this indicate that the information exchange with the UK is working well? I'd say so! It also indicates(Along with other factors) that we're not a safe place to invest anymore Do you think so? Link to comment Share on other sites More sharing options...
Evil Goblin Posted February 28, 2010 Share Posted February 28, 2010 It also indicates(Along with other factors) that we're not a safe place to invest anymore I hope it means what you say but with the word 'illegally' between 'invest' and 'anymore'. It is nothing to do with an investment in the IoM having been illegal. Anyone in the UK is quite free to deposit funds or otherwise invest on the IoM. The illegal part is where you are required by UK Law to return all your income/assets to HMRC and deliberately do not. That obligation rests with the taxpayer, not the Bank on the IoM or anyone else. Link to comment Share on other sites More sharing options...
P.K. Posted February 28, 2010 Share Posted February 28, 2010 More information here. http://www.u.tv/News/Couple-jailed-in-largest-NI-tax-case/2952e884-d78c-4ec9-a183-f7f421250704 Thanks for that. They are stupid and greedy people. I wonder which bank/bank officer on the Island was condoning not telling HMRC about their money on video!? TBH I reckon he should be identified, not have his identity protected, and banned from undertaking financial services activities (that is if he has not been dealt with already). This sort of thing really feeds into the UK's perceptions of dishonesty in our banking system. From the previous thread on this http://www.manxforums.com/forums/index.php?/topic/37996-more-bad-press-again/ Yet another one breaks the surface. Richard Murphy: "Impossible, surely, for tax evaded funds to go to the Isle of Man? It’s too well regulated, I thought? Surely there’s some mistake in the reporting?" Yeah yeah yeah... With Richard Murphy banging his drum it's a little difficult to keep quiet... Link to comment Share on other sites More sharing options...
Moghrey Mie Posted February 28, 2010 Share Posted February 28, 2010 News today that a Northern Ireland couple have been fined £4 million and jailed 2.5 and 3.5 years. According to RTE reports, much of the money was put in 'off-shore bank accounts on the Isle of Man'. Their 12,000 sq.ft. house was named Ard na Ri - King of the Hill. Sort of folk who give this place a bad name. Does this indicate that the information exchange with the UK is working well? Which bank took their money? Link to comment Share on other sites More sharing options...
manshimajin Posted March 1, 2010 Author Share Posted March 1, 2010 It also indicates(Along with other factors) that we're not a safe place to invest anymore I hope it means what you say but with the word 'illegally' between 'invest' and 'anymore'. It is nothing to do with an investment in the IoM having been illegal. Anyone in the UK is quite free to deposit funds or otherwise invest on the IoM. The illegal part is where you are required by UK Law to return all your income/assets to HMRC and deliberately do not. That obligation rests with the taxpayer, not the Bank on the IoM or anyone else. You make your point well MM but unfortunately I think you may be missing the point! Surely an IOM bank officer advising UK domiciled clients not to say anything to the UK HMRC about the money they are investing on the Island is in breach of the EU Savings Directive and hopefully illegal in the eyes of the regulators here. It is of course legal to deposit money here as long as the depositor complies with the law - and I would like to think - as long as the IOM institution also complies. I hope that this case does indicate that we are not a safe place to invest illegally anymore. Link to comment Share on other sites More sharing options...
daisychain Posted March 3, 2010 Share Posted March 3, 2010 Am sure the IOM FSC (Financial Supervision Commission) will be interested in this, but without reading the FSC's entire website (rather watch Eastenders:) am not sure of the legal status. I know the regulations are very strict here. How embarrassing for the local bank caught in the act, don't like speculating but the guy sounds as Manx as the hills Link to comment Share on other sites More sharing options...
manshimajin Posted March 3, 2010 Author Share Posted March 3, 2010 Am sure the IOM FSC (Financial Supervision Commission) will be interested in this, but without reading the FSC's entire website (rather watch Eastenders:) am not sure of the legal status. I know the regulations are very strict here. How embarrassing for the local bank caught in the act, don't like speculating but the guy sounds as Manx as the hills Presumably our regulator has chapter and verse on this from the court case. A very good way to demonstrate that we are serious about our 'reputation' is to take quick action - not to just talk the talk. A custodial sentence for the banker involved and a very big fine for the bank would send a BIG message. Link to comment Share on other sites More sharing options...
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