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New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.
 

 
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Tax News: Global tax news, continuously updated through the day.
Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor. Sponsored by HSBC Bank International.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
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US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
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LOWTAX OFFSHORE

ISLE OF MAN: OFFSHORE BUSINESS SECTORS


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BACK TO ISLE OF MAN INFORMATION: BUSINESS, TAXATION AND OFFSHORE

In this Section:

- ISLE OF MAN OFFSHORE BUSINESS SECTORS
- ISLE OF MAN COMMERCIAL TRADING COMPANIES
- ISLE OF MAN INVESTMENT AND FUND MANAGEMENT
- ISLE OF MAN BANKING
- ISLE OF MAN TRUST MANAGEMENT
- ISLE OF MAN INSURANCE
- ISLE OF MAN SHIP MANAGEMENT & MARITIME OPERATIONS


The UK's three IOFCs, Jersey, Guernsey and the Isle of Man have developed in different ways; the Isle of Man is not dominated by any one particular activity, but has across-the-board strength in the financial sector, with substantial business in banking, fund management and captive insurance. The Isle of Man has also encouraged manufacturing and trading operations, which can be fiscally offshore while staying within the EU's VAT regime. The island's trust sector is long-established and has a solid backing of law firms, trust managers and advisory practises. The Isle of Man has instituted favourable regimes for ship and aircraft management.

In December 2000 the Isle of Man government introduced the Corporate Service Providers Act 2000, which creates a licensing regime for corporate service providers (CSPs) and empowers the Financial Supervision Commission to process applications for CSP status and to investigate CSP license holders. CSPs must operate client accounts like other professionals. Under the act it is an offence for a CSP to operate without a licence.

In 2001 the government passed the Online Gambling Regulation Act, and the first three licences for international gaming operations were issued in September 2001. Although three more licenses were issued in 2002, the Island's regime came to be seen as too onerous by 2003, and a number of license-holders left. By 2006 however it was clear that changes to the regime had been successful in re-kindling interest in the sector.

Late in 2001 the government completed a new legislative regime for international pension schemes, and this became available for use early in 2002. For details, see the Insurance section via the link below.

The Island's 2003 budget included a major reform package for the Island's fund industry. Key measures included:

  • A zero tax rate for all third party fund administrators, and for Managers of EIFs and PIFs - representing an extension of the existing zero rate tax regime on fund managers' profits to both fund administrators and to managers of Experienced and Professional Investor Funds;
  • VAT Exemption for Experienced and Professional Investor Funds - representing an extension of the VAT exemption on management fees.
  • Overseas Funds Exemption in the context of Isle of Man regulation - such that an overseas fund may be administered in the Isle of Man without "dual regulation" where it is incorporated in a jurisdiction having an appropriate regulatory framework.

In July, 2006, the Isle of Man Financial Supervision Commission reported continued strong growth in the jurisdiction's financial services sector in the previous year, in spite of a "challenging" climate.

In its annual report for 2005/6, the FSC revealed that deposits on the island grew by 19%, while funds under management and administration grew by 76%. Total deposits in the year to September 30, 2008 increased by GBP3.82 billion (7.63%), to GBP53.9 billion. At the end of June 2009, the level of deposits stood at GBP55.09bn. Funds under management at the end of 2008 totalled USD43bn, but had fallen to USD33bn at the end of March 2009.

For 2005 and 2006 the number of new incorporations of Isle of Man companies also continued to increase, being up more than 40% between 2004 and 2005.

The number of companies incorporated under the Companies Acts 1931-
2004 fell, however, in 2007/08, according to the FSC's annual report for that year. The fall was larger than expected but was being seen as a consequence of the general turmoil in financial markets around the world.
Incorporations under the Companies Act 2006 showed much less of a decline, thus increasing their share of incorporations overall. Over 130 of the 180 Registered Agents have now incorporated a 2006 Act company.

The total number of documents received for filing by the FSC in was 7% lower in 2008 than in the previous year, at 88,612.

During 2005, the Commission commenced a major project to consolidate and modernise the Isle of Man's financial services legislation, and put forward important proposals to enhance its accountability and transparency as part of this project. The Commission also set out a mechanism under which there would be involvement of the industry in the setting of regulatory strategy.

This project also embraced innovative proposals for the regulation of e-money, to be drawn up in conjunction with the e-business sector which continues to have strong growth potential.

The Isle of Man's invitation to become a full signatory to the IOSCO Multilateral Memorandum of Understanding will also ensure that Manx-based businesses enjoy access into major markets overseas, the report stated.

Other developments during 2005 included the enactment of legislation for the licensing and supervision of trust service providers. The Commission took steps further to strengthen its own arrangements for good corporate governance. During 2006 and 2007 the IOM continued to fine-tune its investment and regulatory regimes with a plethora of legislative measures. In 2008, the Financial Services Act 2008, which recieved Royal Assent on August 1, 2008 and consolidated a number of legislative acts regulating the financial services industry.

This section of the lowtax.net site describes the most important types of offshore business activity carried out from the Isle of Man.

- ISLE OF MAN COMMERCIAL TRADING COMPANIES
- ISLE OF MAN INVESTMENT AND FUND MANAGEMENT
- ISLE OF MAN BANKING
- ISLE OF MAN TRUST MANAGEMENT
- ISLE OF MAN INSURANCE
- ISLE OF MAN SHIP MANAGEMENT & MARITIME OPERATIONS

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BACK TO ISLE OF MAN INFORMATION: BUSINESS, TAXATION AND OFFSHORE

 

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