Non-Believer Posted June 30 Author Share Posted June 30 (edited) 39 minutes ago, Max Power said: The SPCo are merely paying back the loans, the only income to government has to be purely the corporation tax on annual profits, our share of VAT, and personal income tax from employees who are registered here. Don't forget the annual levy to Treasury. Profit-based, £1M last year IIRC. Edited June 30 by Non-Believer Typo Quote Link to comment Share on other sites More sharing options...
Max Power Posted June 30 Share Posted June 30 (edited) 10 minutes ago, Non-Believer said: Don't forget the annual levy to Treasury. Profit-based, £1M last year IIRC. Is that not the same thing as corporation tax? If so, wouldn't that be paid by the previous owners too? Edited June 30 by Max Power Quote Link to comment Share on other sites More sharing options...
Ringy Rose Posted June 30 Share Posted June 30 (edited) If the Steam Packet massively cut fares and started losing money then we’d have the same voices crying about government incompetence. It’ll be interesting if the Steam Packet management get their wish and manage to sell the Ben. I think it would make decent money if it was sold. That might help. Edited June 30 by Ringy Rose Quote Link to comment Share on other sites More sharing options...
Manxman2000 Posted June 30 Share Posted June 30 45 minutes ago, Ringy Rose said: It’ll be interesting if the Steam Packet management get their wish and manage to sell the Ben. I think it would make decent money if it was sold. That might help. Better to keep the Ben and sell the cat, the cat is life expired and will cost a lot to keep running, just like SeaCat IOM. Fuel is getting more expensive, the Ben is frugal in comparison with the cat. 1 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted June 30 Author Share Posted June 30 (edited) 1 hour ago, Max Power said: Is that not the same thing as corporation tax? If so, wouldn't that be paid by the previous owners too? Allinson, February 2023. It's a dividend. "For the benefit of the people of the Island". Edited June 30 by Non-Believer Typo Quote Link to comment Share on other sites More sharing options...
Two-lane Posted June 30 Share Posted June 30 Covid was a while ago. If it was making £20 million per year then, why is it not now - is it just down to fuel costs? Quote Link to comment Share on other sites More sharing options...
John Wright Posted June 30 Share Posted June 30 1 hour ago, Two-lane said: Covid was a while ago. If it was making £20 million per year then, why is it not now - is it just down to fuel costs? The last year before Covid was 2018/9. 2019/20 was hit in the last couple of months. 2020/21 was a write off, 2021/22 and 2022/23 were recovery years. Recovering passenger figures, not full. That’s the £11 million profit year with £1m dividend. 2023/24 results aren’t out yet. The new boat wasn’t in service or even being brought from Korea during 2022/23. Of course the Manxman higher operating costs and capital amortisation and loan repayments plus the fact it now owns 4, not two, boats will have an effect on bottom line. As will buying Arrow out of cash reserves for £9million. Plus I’m not so sure the £20 million figure was correct. You’ll recall that SPCo was owned by an infrastructure investment fund, managed by McQuarrie, and had borrowings from Banco Spirito Santo. The interest and capital repayments weren’t being made and the Bank, a rescue bank set up to hold assets after the collapse of the Portuguese banking industry in 2008, seized the the shares due to non performance. That doesn’t happen if you have £20 million profit. Quote Link to comment Share on other sites More sharing options...
John Wright Posted June 30 Share Posted June 30 3 hours ago, Max Power said: Is that not the same thing as corporation tax? If so, wouldn't that be paid by the previous owners too? It’s a trading company. Company income tax ( not corporation tax ) is 0%. There wasn’t much tax payable as the financial structure and loan repayments to Banco Spirito Santos, were allowed against tax. Quote Link to comment Share on other sites More sharing options...
finlo Posted June 30 Share Posted June 30 They should be sweating their assets, the Ben is mostly idle and Arrow seems to be permanently languishing in Larne at a time when CalMac are desperate for tonnage? Quote Link to comment Share on other sites More sharing options...
Dirty Buggane Posted June 30 Share Posted June 30 (edited) Right let me see if I have got my head round this, we are keeping prices for travel on the boat higher because if we don't the share holders (Us the greater manx public) will see a cut in dividends. So we end up paying more to travel on a boat we own so the dividend remains high, also on the freight which in turn the users end up passing the extra cost onto us the greater manx public. I think I would rather cheaper travel and prices on goods, than the boat taking my money and increase on goods. Which in a roundabout way is another stealth tax and more of my money ending up in government hands to be spunked away on unicorns or other shite ideas, or more likely to prop up pensions for the upper echelons whom probably thought up this idea. Edited June 30 by Dirty Buggane Quote Link to comment Share on other sites More sharing options...
finlo Posted June 30 Share Posted June 30 2 minutes ago, Dirty Buggane said: Right let me see if I have got my head round this, we are keeping prices for travel on the boat higher because if we don't the share holders (Us the greater manx public) will see a cut in dividends. So we end up paying more to travel on a boat we own so the dividend remains high, also on the freight which in turn the users end up passing the extra cost onto us the greater manx public. I think I would rather cheaper travel and prices on goods, than the boat taking my money and increase on goods. Which in a roundabout way is another stealth tax and more of my money ending up in government hands to be spunked away on unicorns or other shite ideas, or more likely to prop up pensions for the upper echelons whom probably thought up this idea. A crutch for government finances. 1 Quote Link to comment Share on other sites More sharing options...
Two-lane Posted June 30 Share Posted June 30 41 minutes ago, John Wright said: Plus I’m not so sure the £20 million figure was correct. You’ll recall that SPCo was owned by an infrastructure investment fund, managed by McQuarrie, and had borrowings from Banco Spirito Santo. The interest and capital repayments weren’t being made and the Bank, a rescue bank set up to hold assets after the collapse of the Portuguese banking industry in 2008, seized the the shares due to non performance. That doesn’t happen if you have £20 million profit. The statement further up the page is attributed to Allinson (although I did not find the original). Allinson is Treasury Minister, so he knows a bit about money. Surely the Treasury Minister could not have made a mistake of that magnitude. 1 Quote Link to comment Share on other sites More sharing options...
Dirty Buggane Posted June 30 Share Posted June 30 Alinson knows fuck all about finance, he is just regurgitated what he is told. 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted June 30 Author Share Posted June 30 5 minutes ago, Two-lane said: The statement further up the page is attributed to Allinson (although I did not find the original). Allinson is Treasury Minister, so he knows a bit about money. Surely the Treasury Minister could not have made a mistake of that magnitude. I cropped it from this, IoMToday Budget 2023 report. 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted June 30 Author Share Posted June 30 11 minutes ago, finlo said: A crutch for government finances. Was always intended to be so and now shown to be at the cost of local export (and import) producers/operaters. Govt looking after itself again. Another form of unavoidable taxation unless you can exist purely on locally produced commodities. Quote Link to comment Share on other sites More sharing options...
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