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HEADLINES
News from the BW Group
Isle of Man enters into Tax Co-Operation agreements with New Zealand
The Isle of Man Government has entered into two Taxation Information Exchange Agreements (TIEAs) with New Zealand. The Manx Government has now signed 17 agreements which meet the Organisation for Economic Co-operation and Development (OECD) international standard on tax co-operation and transparency.
The Isle of Man Treasury Minister Allan Bell MHK, and New Zealand High Commissioner to the United Kingdom His Excellency Mr Derek Leask, signed the agreement in a ceremony held at New Zealand House in London on 27th July.
The two agreements are:
- A TIEA based on the OECD model
- Agreement regarding the allocation of taxing rights over certain income of individuals and establishing a mutual agreement procedure in respect of transfer pricing adjustments.
Speaking at the event, Minister Bell said, "Part of the Isle of Man's economy is based on financial services, and it is vital such financial services operate to the standards required by the global economic community. The Isle of Man has been committed to the OECD standards of transparency and effective exchange of information for tax purposes for over eight years and this latest TIEA is part of our continuing work and mutual co-operation not only with New Zealand, but with all other countries with which we have agreements."
The agreements are also expected to lead to stronger political, economic and cultural ties between the two countries.
Recognised as one of Europe's most successful economies, posting consecutive average growth of 6 per cent per annum for over 25 years, the Isle of Man has a diverse economy based upon finance, shipping, aerospace, telecommunications and e-commerce and the signing of this latest international agreement is sure to strengthen the Island's reputation as a leading international business centre.
Isle of Man Government signs comprehensive Double Taxation Agreement with second EU Member State
On the 16th July, the Isle of Man entered into its second Double Taxation Agreement (DTA) with an EU Member State.
Isle of Man Treasury Minister Allan Bell and Mr Didier Reynders, the Belgium Deputy Prime Minister and Minister of Finance signed the agreement at a special ceremony held in Brussels. The agreement, which meets OECD, agreed international standards for international tax transparency and co-operation also facilitates the movement of goods and services, technology, people and capital by removing double taxation obstacles.
Commenting on the signing, Treasury Minister Allan Bell said: "Along with Estonia, this is the second double taxation agreement the Isle of Man has signed with a European Union member state outside the UK. It shows that the Island is continuing to forge ahead in the field of tax co-operation, and further strengthens our reputation as an international business centre."
He continued: "This signing is further evidence that we will continue to meet high standards in international tax co-operation and transparency."
The signing of the agreement also marks the beginning of a new phase in the Isle of Man's relationship with Belgium, which it is hoped will lead to stronger cultural, political and economic ties between the two countries. The signing and ratifying of Double Taxation Agreements and Tax Information Exchange Agreements and the decision to move to Automatic Exchange of Information under the EUSD, is also seen as further confirmation of the Island's position at the forefront of tax co-operation.
Double Taxation Agreements with the Netherlands, France and Germany are also awaiting ratification.
Isle of Man Scores Another Victory at Prestigious International Investment Awards
It was another successful night for the Isle of Man and its finance sector when the Isle of Man won the prestigious International Investment Award for 'Best International Finance Centre' for the 8th time out of 9.
Isle of Man companies fared equally well in picking up the lion's share, winning 8 other awards. Announcing the awards, host Steve Evans said "in the judges' opinion the winning centre had clearly identified the challenges that it faces and developed clear strategies to deal with these."
Other Isle of Man winners included AXA IOM (1 award), Fairbairn Private Bank (1 award), Royal Skandia International (3 awards), Standard Bank (1 award), and Zurich International (2 awards).
Isle of Man maintains its AAA (Triple-A) rating
The Isle of Man should be able to weather the challenges in the global economic environment, according to external ratings agency Standards and Poors. Standard and Poors and Moody's in December confirmed that the Isle of Man has retained its 'AAA' rating, the highest rating that either agency awards.
Despite recent events in world financial markets Standard and Poors note that 'the Isle of Man Government's overall robust financial position and policy flexibility should enable the Isle to weather the ongoing challenges in the global economic environment'.
Treasury Minister Allan Bell said: 'I welcome the fact that Moody's and Standard and Poors have reviewed their ratings and have both concluded that the Isle of Man is well placed to ride out the recent storms and will be able to withstand any future global economic downturn.
'We continue to attract global investment precisely because of our stable public finances and ability to respond quickly when required'.
The Isle of Man Government Welcomes the Inclusion on the OECD "Whitelist"
The Isle of Man Government has welcomed the Island’s inclusion on the OECD ‘white list’ of countries complying with the global standard for tax co-operation and exchange of information.
The list, produced following the G20 summit in London, places the Isle of Man in the top tier of jurisdictions - along with nations such as the UK, USA, Germany, France, Sweden and Ireland - that have 'substantially implemented the internationally agreed tax standard.'
The OECD has also drawn up a 'grey list' of 'tax havens' and 'other financial centres' that have committed to the standard but not yet substantially implemented, and a 'blacklist' of four jurisdictions that have made no commitment.
Chief Minister Tony Brown MHK said: 'The OECD white list provides recognition at the highest level of the Isle of Man's place in the mainstream of economies that comply with the global standard on tax. This is a defining moment for us, confirming our position amongst the most responsible and co-operative countries of the world.'
Isle of Man Ranked 4th "Most Business-Friendly" in Europe
The Isle of Man is one of the most business friendly regions in Europe and was ranked 4th "Most Business Friendly" area in fDi's European Regions of the Future 2008/09.
So how do we make it easy to do business?
The Government of this independent nation is agile and responsive, able to meet the needs of both business and local communities by creating effective new legislation, cutting red tape and reducing bureaucracy.
The Isle of Man also shows that small is beautiful Ð business leaders can gain access to Ministers and senior officials rapidly.
Isle of Man Consistently successful economy
The Isle of Man economy is currently in its twenty fifth consecutive year of growth with the economy currently experiencing a growth rate estimated at just under 8% p.a. Banking generates typically around one fifth of the Island's gross domestic product, with the rest of the finance industry combined adding another 15%-20%.
One consequence of the economy's performance has been an ongoing strengthening of public finances. Over the last seven years alone Treasury's receipts more than doubled to stand at over £0.6bn in 2007.
Diverse economy
The Isle of Man, however, is no 'one-trick pony' when it comes to its economy and contains a host of diverse, successful sectors developed over recent years. For example:
• One consequence of the economy's performance has been an ongoing strengthening of public finances. Over the last seven years alone Treasury's receipts more than doubled to stand at over £0.6bn in 2007.
• Ship registration and management - the Isle of Man's Ship Register is one of the best in the world and is supported by international companies offering specialist maritime services in both ship and yacht management, finance, maritime insurance, maritime law and company formation.
• Space - the Isle of Man is a leading jurisdiction for the location of companies in the exploration of space and is home to the International Space University's Institute of Space Commerce.
• Manufacturing - high-tech manufacturers produce essential components for use in airliners, submarines, spacecraft and oil rigs, to name but a few.
• Film - the Isle of Man is one of the busiest areas of film production in the British Isles, having co-produced and co-financed over 85 films, television drama and animation projects since 1995.
Budgeting for success
An important element of the Island's fiscal strength is the long established and self-imposed legislative requirement that the Isle of Man Government must budget for a surplus in respect of its annual revenue spending.
Whilst meeting this requirement Government has continued to invest in developing and updating the Island's infrastructure, for economic as well as social benefit.
The Tax Environment in the Isle of Man
The Isle of Man operates its own tax system entirely separate from the United Kingdom. Its parliament Tynwald is responsible for enacting all of its tax law.
Corporate taxation in the Isle of Man is simple to understand and provides significant benefits to companies doing business in the Island.
There is no capital taxation at all in the Isle of Man. Therefore resident individuals and companies pay no wealth taxes, inheritance, gift or capital gains taxes.
For further information please click to download a PDF.
Isle of Man Tax Cap - “An example of Preserving Prosperity”
Budget package caps personal tax at £100000 and introduces 0% corporate taxes.
On 21st February 2006 the Isle of Man Treasury Minister, Hon. Allan Bell, announced a package of measures to further stimulate the inflow of investment and business to the Island as part of his 2006 Budget speech to Tynwald, the Isle of Man Parliament.
For further information please click to download a PDF.
ARTICLES
Family Partnerships in the UK
Since the Crusades of the 11th and 12th centuries, trusts have been used to protect beneficiaries and their assets with great success. Here in the 21st century, the introduction of the 2006 Finance Act brought considerable changes. Suddenly it seemed as though war had been declared on the trust and estate planning industry as trusts of all types became subject to the special Inheritance Tax charges (IHT), which had previously applied only to discretionary trusts.
Jones and Partners in association with BW Group
We believe that the synergy between Jones and Partners and BW Group delivers a clear and simple message. "Professionalism, fiscal innovation, the application of sound and competent advice and guidance in dealing with all of our client's financial affairs."
UK Revenue Disclosure of Offshore Accounts
HM Revenue & Customs ("HMRC") is offering to holders of offshore accounts the opportunity to come forward and settle all undeclared liabilities with its introduction of "The Offshore Disclosure Facility".
Why the Isle of Man?
The Isle of Man has won many awards, the most recent being 'Best International Financial Services Centre' at the International Investment 2007 Awards and '2005 Financial Centre of the Future' in the Financial Times 'Banker' Awards. These awards recognise the Isle of Man as a centre of excellence in the financial services industry and reaffirm its position as a leading global offshore centre.
Asset Protection
Read how a BW offshore trust could provide you with the maximum flexibility for your tax planning and protect your family estate from unforeseeable creditors.
Guarantee Companies
A guarantee company can provide some very interesting tax planning opportunities. Learn more about how BW could help you here.
Acquiring UK Property
It is highly recommended that you seek specialist advice prior to taking any steps connected with the purchase of UK property. Substantial tax savings may be achieved with the proper use of tailored solutions developed and administered by the BW group, solutions designed to maximise your investment in accordance with your intentions, whether they be that of acquiring property to let, to use as your main residence, or to engage in the business of property development.
