Air Show Could Be Grounded

[manxman8180]

Maybe you should take your act on stage. You could "bill" it as "The Tax Haven Not" or something. Very catchy.

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Come on PK, you can do better than that.

 

PS - The UK adopts the Euro and you're gone.

 

What, me personally? Or the 'Finance' sector?

 

Yet another who portrays doom and gloom from distant shores. Some might think that you were even wishing for the Island's demise by the tone of your post.

 

Nice touch.

[When Skies Are Grey]

PS - The UK adopts the Euro and you're gone.

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On what basis?

[Rog]

PS - The UK adopts the Euro and you're gone.

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On what basis?

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On the basis that adopting the Euro implies joining the European Central Bank and there is no way that the ECB would permit the present UK relationship with the Isle of Man to exist.

[P.K.]

Absolutely right. One of the ECB rules is that there are no "anomolies" with regard to taxation and so forth within the framework. It would catch The Channel Islands as well.

 

The economy over here is not as good as portrayed. Last week one of our groups was made redundant. About 20 people. There is $55 million set aside this quarter for RIF. This morning we have heard that our pension rights have had to be "adjusted". Previously you could take your pension early with a 3% annual sacrifice up to age 60. So if you retired at age 55 you would sacrifice 15% (5 x 3). They have just added a further 1% per annum up to age 65. So now retiring at 55 costs you a whopping 25% ((5 x 4) + 5)!!!!

 

I wonder what will be left when I finally get there?

[When Skies Are Grey]

PS - The UK adopts the Euro and you're gone.

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On what basis?

<{POST_SNAPBACK}>

 

On the basis that adopting the Euro implies joining the European Central Bank and there is no way that the ECB would permit the present UK relationship with the Isle of Man to exist.

<{POST_SNAPBACK}>

 

Fair enough although thats not necessarily confirmed to happen - there are enough "special" relationships in other Member States (France/Monaco - Portugal/Madeira) and they are members of Euroland. Changes doesnt necessarily mean death knell.

[P.K.]

Monaco has a Royal Family and a Head of State.

 

You have ex-tractor salesman Donald Gelling.

 

Still fancy your chances?

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[When Skies Are Grey]

Monaco has a Royal Family and a Head of State.

 

You have ex-tractor salesman Donald Gelling.

 

Still fancy your chances?

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A Royal family is hardly evidence of financial and moral upstanding but I get your point.

[P.K.]

Don't get me wrong. The last thing I want to see is my relatives and friends falling on hard times. Unfortunately the finance sector is getting more and more "portable". They can up sticks and leave an awful lot quicker than it took them to set up.

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[manxman8180]

Quite right. The IoM, you could say, has benefited from it's portability in the past, and could equally lose out to it in the future.

 

We definitely have some interesting times ahead. And, yes, it would be nice if the Govt of the day looked like they were capable of handling it.

 

Pensions are going to be another PITA. We could all be paying into something that has little or no worth at the end of it. A bit worrying deffo.

[traveller]

In any case I know that our MP intends to raise the whole matter in the next parliament.  Like me he, and now a few more who have become aware if thie situation,  sees the situatiion where a tax haven receives UK taxpayers money nothing short of disgraceful.

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What "UK taxpayers" money does the IOM receive?

[Rog]

In any case I know that our MP intends to raise the whole matter in the next parliament.  Like me he, and now a few more who have become aware if thie situation,  sees the situatiion where a tax haven receives UK taxpayers money nothing short of disgraceful.

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What "UK taxpayers" money does the IOM receive?

<{POST_SNAPBACK}>

 

 

First off The Isle of Man is a gross beneficiary from the common Purse agreement. the money comes from the UK tax payer.

 

Next benefit in kind. By making use of various UK resources, especially within the NHS such as those in Walton and other major hospitals, the IOM gets a service that is at a lower cost by virtue of the benefits of scale than could be provided on the IOM if it had to be entirely self sufficient.

[When Skies Are Grey]

In any case I know that our MP intends to raise the whole matter in the next parliament.  Like me he, and now a few more who have become aware if thie situation,  sees the situatiion where a tax haven receives UK taxpayers money nothing short of disgraceful.

<{POST_SNAPBACK}>

 

What "UK taxpayers" money does the IOM receive?

<{POST_SNAPBACK}>

 

 

First off The Isle of Man is a gross beneficiary from the common Purse agreement. the money comes from the UK tax payer.

 

<{POST_SNAPBACK}>

 

Ah but not all the funds received via the common purse agreement is as a result of UK taxpayers efforts. There is a mechanism through the VAT agreement for a claw back of VAT on locally generated business activities so its not as one sided as you might first think.

[Rog]

The fact remains that through the common purse agreement the IOM is a gross beneficiary and that the money comes from the UK treasury - hence UK taxpayers money.

[When Skies Are Grey]

The fact remains that through the common purse agreement the IOM is a gross beneficiary and that the money comes from the UK treasury - hence UK taxpayers money.

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I would like to see the figures to support that claim.....whilst the IOM may be a net receiver of funds from the UK it is not necessarily the case that the economic activity that produces this income is as a result of the UK and the UK tax payers....

[Rog]

I will try to dig out the latest returns but the cash that the IOM sends to the UK is less than it recieves back in serviecs and refund