pongo Posted July 9, 2012 Author Share Posted July 9, 2012 I think it is fair to assume that the Treasury consultation document addresses any changes which will likely be postulated anywhere this side of the horizon. Even then I doubt that any very significant changes would now happen this side of another election. Anything not discussed in that document is almost certainly several elections away given the politics. Link to comment Share on other sites More sharing options...
Cambon Posted July 9, 2012 Share Posted July 9, 2012 True. Link to comment Share on other sites More sharing options...
Evil Goblin Posted July 9, 2012 Share Posted July 9, 2012 I think it is fair to assume that the Treasury consultation document addresses any changes which will likely be postulated anywhere this side of the horizon. Even then I doubt that any very significant changes would now happen this side of another election. Anything not discussed in that document is almost certainly several elections away given the politics. It depends when the ready cash realisable from the Reserves looks like running out - in practice, Al and Eddie's hand could be forced. Link to comment Share on other sites More sharing options...
GD4ELI Posted July 9, 2012 Share Posted July 9, 2012 It depends when the ready cash realisable from the Reserves looks like running out - in practice, Al and Eddie's hand could be forced. If a major employer pulls out then this will happen soomer, also there's a lot of sentiment and optimism which can keep a market boyant. If this optimism turns to dispair then it'll happen sooner. Link to comment Share on other sites More sharing options...
Evil Goblin Posted July 9, 2012 Share Posted July 9, 2012 I'd get a less rigid form of hat if I were you. It's first class non-stick tin foil - what more could you ask? Link to comment Share on other sites More sharing options...
Evil Goblin Posted July 9, 2012 Share Posted July 9, 2012 IHT would be a nightmare, as would CGT. For example, in the uk you have a separate allowance for tax relief against CGT. That would have to be mirrored here. After which you would have to pay an accountant to produce a consolidated tax analysis. Other countries seem to handle it - make deliberate undervaluation of assets/non-disclosure criminal offences for which they can throw the key away and by and large people would comply. They would not necessarily need to replicate the UK system of CGT, where your CGT rate is a function of your taxable income - could just be a straight rate after a taxable allowance. As to the need for accountants, if Govt needs ths cash they won't give a damn about that - the expense will fall on the taxpayer. Link to comment Share on other sites More sharing options...
GD4ELI Posted July 9, 2012 Share Posted July 9, 2012 IHT would be a nightmare, as would CGT. For example, in the uk you have a separate allowance for tax relief against CGT. That would have to be mirrored here. After which you would have to pay an accountant to produce a consolidated tax analysis. Other countries seem to handle it - make deliberate undervaluation of assets/non-disclosure criminal offences for which they can throw the key away and by and large people would comply. They would not necessarily need to replicate the UK system of CGT, where your CGT rate is a function of your taxable income - could just be a straight rate after a taxable allowance. As to the need for accountants, if Govt needs ths cash they won't give a damn about that - the expense will fall on the taxpayer. Agreed. Weath tax in Switzerland is (House + investments + cars - outstanding mortgage). We have neither CGT nor IHT. Stamp duty would be simple to implement. Link to comment Share on other sites More sharing options...
Lxxx Posted July 9, 2012 Share Posted July 9, 2012 I'd get a less rigid form of hat if I were you. It's first class non-stick tin foil - what more could you ask? Good choice, same one I use. I take it back. Link to comment Share on other sites More sharing options...
ScotsAlan Posted July 11, 2012 Share Posted July 11, 2012 it may be a question of time before there is a stampede.. where are they going to go ? China? Link to comment Share on other sites More sharing options...
Lxxx Posted July 11, 2012 Share Posted July 11, 2012 it may be a question of time before there is a stampede.. where are they going to go ? China? I know one wealthy individual who is off to Singapore. I've heard it isn't as 'low-tax' as many make out but at least you get some sunshine so that's one advantage over IoM. Link to comment Share on other sites More sharing options...
GD4ELI Posted July 11, 2012 Share Posted July 11, 2012 I know one wealthy individual who is off to Singapore. I've heard it isn't as 'low-tax' as many make out but at least you get some sunshine so that's one advantage over IoM. I'll tell you one thing for free - you've got to be a class A nutter to move to the rock at the moment. AB & ET & Co. really are a class act. Link to comment Share on other sites More sharing options...
Donald Trumps Posted July 11, 2012 Share Posted July 11, 2012 it may be a question of time before there is a stampede.. where are they going to go ? China? I know one wealthy individual who is off to Singapore. I've heard it isn't as 'low-tax' as many make out but at least you get some sunshine so that's one advantage over IoM. Does he work for Manx Radio? Link to comment Share on other sites More sharing options...
pongo Posted July 11, 2012 Author Share Posted July 11, 2012 I'll tell you one thing for free - you've got to be a class A nutter to move to the rock at the moment. AB & ET & Co. really are a class act. Who would you have in their place? And how would you do things differently? Link to comment Share on other sites More sharing options...
GD4ELI Posted July 11, 2012 Share Posted July 11, 2012 Who would you have in their place? And how would you do things differently? 1) In their place - those I know with the competence have left the Island. 2) I would be following the Latvian PM's approach to austerity (see Baltic model). 3) By now I would have addressed the endless flow of money spent by the government. I'm with Albert on the approach to be taken - hope for the best and prepare for the worst. The IOM is hoping for the best and preparing for it at the same time. Link to comment Share on other sites More sharing options...
ballaughbiker Posted July 12, 2012 Share Posted July 12, 2012 Someone I know, who has recently graduated with a hons. M.Eng, got very short shrift from a significant gov supported local company who had previously (under the eye of its fairly recently retired CEO) been most interested in his future career since he was 16. He would have been perfectly happy to join them in a lowly post for a few years but they weren't interested at all. As a result he has left the island and got a 'proper' job straight away with a worldwide company at their UK base. On reflection, with the way the island is going, I think the local rejection might now be 'divine provenance'. Link to comment Share on other sites More sharing options...
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