In November 2011 I worked with International Tax Review to leak that the UK's Crown Dependencies were going to sign what have been called 'son of FATCA' automatic information exchange agreements.
Now the Isle of Man has signed up, taking a lead as is their practice (which I have to acknowledge).
These deals are not perfect. But they're a major step forward.
Campaigning against tax havens has worked. But let's be clear, we still have a long way to go. Including with the Isle of Man.
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The position will be Richard that it will be the EU DTA jurisdictions that will now be takin the lead in “tax planning” structures for large international groups.
What is happening is that tax planning will become the preserve of the 1% of businesses which will in turn lead to quasi monopolies as the smaller companies will not be able to compete.
The Isle of Man has consistently lead the agenda on international tax cooperation.
To some extent I agree
Richard
But this will only affect personal money that is hidden in the IOM. A company resident in the IOM can still keep its money there, legitimately tax free.
Any personal money that was in the IOM has found its way to Singapore.
FATCA looks through that
But isn’t this absolutely worthless for all countries except the UK? It gives IoM a chance to say they’re not a tax haven, but that’s only true for the UK. It’s merely a marketing opportunity for these tax havens.
Mark
HMRC say they will pass data on – so get those requests flooding in I say to other countries
And of course there is PR advantage
But it is progress – and if we only ever refused to recognise that we’d get nowhere
I have massive criticisms left – of course – but son of FATCA is better than nothing
Richard
As a group who has accumulated years of knowledge/experience courtesy of “suffering” the Isle of Man government, its office of fair trading, its financial services supervision commission and other regulatory bodies we would advise everyone never to trust this jurisdiction a single inch.
Any superficial “improvements” in the conduct of the so-called “government” are the outcome of foxy flimflam and even deeper concealment of the island’s infamous financial activities.
Q: How do you tell when the Isle of Man is lying?
A: Whenever it moves its lips.
Never bank, invest or shelter any of your assets anywhere near this island.
If you do you will eventually regret it.