MikeW Posted March 20, 2013 Share Posted March 20, 2013 George Osborne today: "Today I am unveiling one of the largest packages of tax avoidance and evasion measures. And they include agreements with the Isle of Man, Guensey and Jersey." - Source: The Budget 2013. Video by the BBC: http://www.bbc.co.uk/news/business-21863522 Any idea what the large package he refers to actually means in practice and what aspects of it relate to the Isle of Man? I'm guessing it's targeting "offshore" employment umbrellas and managed service companies. But who knows what other little nuggets are in there that might reduce or discourage SME businesses from relocating to the island? Link to comment Share on other sites More sharing options...
Tourettes Posted March 20, 2013 Share Posted March 20, 2013 Treasury Minister, Quotes The Minister also noted that, as usual, he and his Treasury colleagues and staff would be working through details of the UK Budget in the next few weeks. But i would go with "employment umbrellas and managed service companies". http://www.gov.im/lib/news/cso/treasuryminister40.xml Link to comment Share on other sites More sharing options...
Donald Trumps Posted March 20, 2013 Share Posted March 20, 2013 I gather that to avoid excessive taxation and burgeoning living costs the low paid should now move to the UK, particularly Scotland or Wales Link to comment Share on other sites More sharing options...
MikeW Posted March 20, 2013 Author Share Posted March 20, 2013 George Osborne today: "Today I am unveiling one of the largest packages of tax avoidance and evasion measures. And they include agreements with the Isle of Man, Guensey and Jersey." - Source: The Budget 2013. Video by the BBC: http://www.bbc.co.uk...siness-21863522 Any idea what the large package he refers to actually means in practice and what aspects of it relate to the Isle of Man? I'm guessing it's targeting "offshore" employment umbrellas and managed service companies. But who knows what other little nuggets are in there that might reduce or discourage SME businesses from relocating to the island? Its the new General Anti Avoidance Rule - GAAR http://www.guardian....x-avoidance-3bn If you're moving here then I assume you fully intend to not be resident and ordinarily in the UK at some stage so I doubt it will make any difference. If that's not the case you're probably wasting your time. It doesn't sound like it would affect me personally in the spirit of the legalisation but as you know, the devil is in the details. As an example of the detail: The recent IoM budget contained this little gem. UK "IR35" style personal service company legalisation (see: http://www.gov.im/treasury/incometax/ConsultationDetail.gov?id=331) which incidentally has been a net financial loss to the UK treasury over the past decade. Which for the uninitiated makes operating as a freelancer incredibly complex and is something the IoM has managed to avoid implementing until now it seems. Mike Link to comment Share on other sites More sharing options...
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