Bad Publicity For The Isle Of Man Again

[b4mbi]

After reading the article, I didn't think the Island was given bad publicity from this story.

 

At no point were there accusations that anything illegal had occured or that anyone had done anything wrong.

 

Why shouldn't UK individuals take advantage of legitimate tax planning structures that allow their wealth to accumulate in a low/zero tax environment?

 

the problem they will have, of course, is repatriating the funds to the UK. In this case, once the funds were repatriated, the UK Chancellor took his cut, so all was fair and above board.

 

"Tax dodging" as you put it, is illegal "Tax Planning" on the other hand isn't and strikes me as a sensible option to consider for your personal wealth management.

 

but then again, this also depends on your political / social-economic viewpoint....

 

which is a whole new forum thread in itself....

[b4mbi]

quite correct lonan3.

 

I assumed (a dangerous thing to do on a forum ) by "tax dodging" rog, knowing what he's talking about, meant by this "tax evasion"

 

[Darth Vader]

Here is some more skeet! The Yukos Affair and the Manx connection.

 

http://www.kommersant.com/page.asp?id=578158

 

Quote....

 

Given the scope of the case, before starting to read the verdict, presiding judge Kolesnikova allowed everyone to hear her decision while seated. After she pronounced the words “the court has established,” the room froze. In the next few minutes, it became clear that the verdict would be guilty. The court found Khodorkovsky and Lebedev guilty of fraudulent acquisition of 44 percent of the shares of the Research Institute of Fertilizers and Insectofungicides; of failing to execute court rulings on returning these shares, as well as 20 percent of the shares of Apatit, to the state; misappropriation of $2.8 million from the sale of Apatit's products; and tax evasion through offshores on the Isle of Man.......

 

 

FSC = Cowboys

 

Ha ha ha

[ButterflyMaiden]

It is also inevitable that the whole island will be – and in fact is – associated with such things.

<{POST_SNAPBACK}>

 

Quite an assertive statement ..doesnt it require some firm evidence ?

[Rog]

Based on comments made over a number of years meeting with people in a variety of countries, some at government ministerial level in connection with the business in which I was engaged.

 

Sorry folks, the Island does not have a good reputation as a result of its involvement with the ‘finance sector’ aka tax dodging, for that is what it is all about.

 

What a shame ‘FSFO’ was not heeded. The Manx would not have been so cash rich yet reputation poor and the Government scandals have only made the situation worse.

 

Not nice but no point in pretending it isn’t the case.

 

Sorry, but there it is.

[When Skies Are Grey]

Ah but there is a fundamental difference between tax evasion and tax avoidance. There are rules there that if correctly followed allow certain people to benefit from tax efficiencies and other people to make money from doing it. Personally I dont really see a problem, moral or otherwise. Especially as it keeps a roof over my head!!

[manxman8180]

What a shame ‘FSFO’ was not heeded.  The Manx would not have been so cash rich yet reputation poor and the Government scandals have only made the situation worse.

<{POST_SNAPBACK}>

Yeah, because then we would have a great reputation as a wonderful little island in the middle of the Irish Sea, a haven of tranquility.

 

Very few people would have a job of course, the little population that could afford to stay on the Island would be living it up, surrounded by the squalor of those who can't afford to live on such an Island, but chose to stay.

 

Sounds great Rog.

 

I'd rather my homeland had a 'poor' reputation thanks. Anyway, as someone residing in the UK who is also a fervent supporter of Israel, I think you may have more of a 'reputation' issue than I.

[When Skies Are Grey]

And the only reason we hear about it is because people still feel that offshore jurisdictions are solacious, coupled with the fact that "us manxies" tend to notice our name in the paper. The UK is a far worse jurisdiction for money laundering and financial scandal.

[b4mbi]

What a shame ‘FSFO’ was not heeded.  The Manx would not have been so cash rich yet reputation poor and the Government scandals have only made the situation worse.

 

<{POST_SNAPBACK}>

 

Just interested to know the last time you were a permanent resident here?

 

How on earth you could possibly imply that the finance sector has been a bad thing for the Island over the past 20 years or so is beyond me.

 

Without business / employment this industry has generated, the Isle of Man would be a much worse place to live IMHO.

 

IOM Government is not unique in having scandals.... in fact, show me a Government that hasn't at some point in the last 20 years had some form of financial scandal.

 

I think the majority of residents are reasonably happy with the low crime, full employment, higher GDP per person than UK and general standard of living on the Island and therefore are not really too bothered about "a poor reputation"

 

Until such a time as this perceived reputation starts to impact on these other factors, we're alright jack, thank you very much.

[Rog]

to know the last time you were a permanent resident here?

 

How on earth you could possibly imply that the finance sector has been a bad thing for the Island over the past 20 years or so is beyond me.

 

Without business / employment this industry has generated, the Isle of Man would be a much worse place to live IMHO.

 

 

Until such a time as this perceived reputation starts to impact on these other factors, we're alright jack, thank you very much. 

<{POST_SNAPBACK}>

 

Oftentimes a prostitute can afford a fine lifestyle, but at a horrible cost to her reputation.

[Addie]

Oftentimes a prostitute can afford a fine lifestyle, but at a horrible cost to her reputation.

<{POST_SNAPBACK}>

 

Not confusing the oldest parliament with the oldest profession are you Rog?

[When Skies Are Grey]

to know the last time you were a permanent resident here?

 

How on earth you could possibly imply that the finance sector has been a bad thing for the Island over the past 20 years or so is beyond me.

 

Without business / employment this industry has generated, the Isle of Man would be a much worse place to live IMHO.

 

 

Until such a time as this perceived reputation starts to impact on these other factors, we're alright jack, thank you very much. 

<{POST_SNAPBACK}>

 

Oftentimes a prostitute can afford a fine lifestyle, but at a horrible cost to her reputation.

<{POST_SNAPBACK}>

 

My word you are talking in riddles lately!! But if there are people willing to pay the prostitute and the prostitute doesnt mind about the occassional slur to her reputation then where's the harm

[b4mbi]

...a poor allegorism which hasn't answered the question of your residency....

 

 

are you a politican who hasn't had foresight to make adequate financial planning and has recently been stung with an enormous tax bill ??

 

heh heh

 

or are you just trolling ? in which case I should know better....

[Amadeus]

Hm..wonder how many people here would be willing to pay UK taxes...

 

Oh, and you don't need a "tax haven" to avoid paying tax - look at that Tetra-Pack guy:

 

He's one of the richest people in the UK and never paid a penny tax there, as he only resides in the UK but is not a resident. His books are done by a company owned by him and any profits made by his accountants are donated to a charity - you guessed it - also owned by him. The charity then suppports political issues he likes, so he gains influence by not paying taxes - and no Isle of Man involved...

[When Skies Are Grey]

Yes it a bit rich of the British establishment to criticise the "tax haven" issue when the UK residency/domicile laws allow plenty of wealthy people to live in London and the rest of the UK with little or zero exposure to taxation.