Manx Radio has just announced:
The Chief Minister has warned a revision of the VAT sharing agreement will have a significant impact on the Isle of Man, but stresses we are equipped to deal with it.
Tony Brown says while the subject is still under discussion it’s not possible to establish what the full repercussions for the Island will be.
Tynwald members attended a briefing earlier today (Wednesday) amidst concern the Island could be forced to revise the Customs revenue sharing deal it has with the United Kingdom, which currently provides more than half of the Manx government’s income.
I draw attention to my comments on the reliability of announcements by Chief Ministers and then add three additional comments. First, there seems to be no denial that the UK can do this. Second, there seems to be no denial that there might be some mistake — that the Isle of Man is rightfully owed this sum and therefore challenge will be made. Third, all the evidence that is needed that the Isle of Man have always known they were subsidised — whilst vehemently saying I was wrong on this matter - is clearly now available.
So I go back and draw attention to what Chief Minsters do. How can there have been such persistent denials of there being a subsidy if it is now clearly true that there is one without someone, somewhere not telling the truth?
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Richard, I hope those who have posted comments here asserting that you were incorrect in what you have been confidently asserting all along about the UK subsidising the IoM will have the courtesy to apologise to you. Chickens are coming home to roost on the IoM. Manx Radio had to put its microphone in the sand to hear what Tony Brown had to say.
Jim
http://ksfiom-blog.blogspot.com
(Google’s leading blog on Kaupthing Isle of Man)
Richard
The one point that I have never seen you address is this. If the UK Treasury employs regiments of very bright people who know how to draw up and operate international agreements, why have they knowingly (if your data are correct) allowed a disproportionate flow of money to go to the IOM? Your subsidy assertion simply makes no sense unless there is a strategic reason for the UK to have its agreement with the IOM and to ‘pay’ over the odds for it.
Glad to note you’re back Girrl
You have to recall this scheme was designed to alleviate poverty in the IoM from 1911 (if I recall correctly) onwards – so subsidy was the intent.
It was revised in 1973 and again in 2007. In 73 subsidy was still appropriate. It’s clear now the 2007 revision was a mistake that is being corrected
I can see no conflict between the facts and my argument – indeed – the facts say the subsidy was deliberate but has been allowed to continue for far too long – and is now being corrected
Richard
@Richard Murphy
Richard
What do your contacts in HM Treasury say about this? It must be UK government policy.
I have not asked them
I read it as policy
I think it the right policy
I also think what happened the right interpretation of the EU STD and the right and required reform of the CPA
But they, I am sure, can speak for themselves if they wish. That’s not my job – and I would never presume it was
@Richard Murphy
But you opine about everything else!
Why would the CDs go 0/10 if they were sure it wouldn’t be Code compliant? That would be plain daft.
The UK supported it – so what has changed?
Girrl
The finance industry designed this
PWC supported it
The States were desperate
The UK were not told the whole story
Now they believe my argument after Foot appraised all the evidence – including the reports I have written over the years
And they have changed their minds
Game over for you
That’s my guess
Richard
@Richard Murphy
Poor sweet
You have to guess because this week has left you gasping. I am sorry, but you are dodging the question – what is the UK’s role in this? I know that they have no interest at all in your argument/s.
The Girrl
It’s certainly fair to say that this has caused a great stir in the Isle of Man.
Time for a certain amount of soul-searching, perhaps.
Clearly the UK / EU could, if they so wished, inflict a humiliating defeat of Carthaginian proportions on the Island, but I do wonder what they would gain by that.
Do they want to continue subsidising, much more overtly, a newly impoverished (or re-impoverished) offshore island, or will some sort of compromise be achieved?
Perhaps it comes down to two questions:
What do you do with a failed tax haven?
And are tax havens really obsolescent? (Probably not, to judge by the activities of many other countries worldwide.)
I’d be interested to know how you would like to see the CDs operating in your ideal future, Richard. Or would they have vanished from the face of the earth, like Carthage?
Why would the people in the Isle of Man be worried? Surely all they would do is stop collecting VAT for the UK. Create a new tax of their own and Keep it all..?? If they are not part of the UK whats to stop them??
Tony Brown Chief Minister stated on Manx Radio that the government has contingency plans. Why does he keep them secret? Ooops! daft question — he’s only 17% transparent. The game play continues with unwary international depositors being the piggy in the middle. The Crown dependencies are the last place that expats & others should put their life savings. If they are already ‘in’ they should get out quick before the IoM golden cookie crumbles into sand.
Jim
http://ksfiom-blog.blogspot.com
There seems to be the implication here that Isle of Man residents are all wealthy tax exiles sitting back drinking Pimms. The vast majority of people on this island are ordinary middle and working class people trying to pay their mortgages and send their kids to school as most people do in the UK. I’m actually financially worse off in the Isle of Man, because although income tax is lower, I don’t receive the tax credits that I used to get from the UK government for having small children. Ordinary people here are feeling victimized by the UK government. First the recipricol health agreement was cancelled; now VAT receipts are being slashed. For years now the Isle of Man has led the world in being a highly-regulated and transparent finance centre, having been praised by the IMF and White-listed by the OECD. Rather than praise the island for its initiative the UK government and others choose to attack it for its success.
Manx Vicar
Manx Vicar
What an egocentric and parochial view for a vicar
And how blinkered your view of success
Have you not read Christian Aid’s reports?
Come to Norwich Diocese
I’m discussing tax justice with two Bishops in the next 4 weeks in public debate
Richard
It seems to me if the Isle of Man has been pro-active in promoting transparency and automatic exchange of information and has been praised by the IMF and white-listed by the OECD, then simply dismissing it as a “tax haven” hardly seems fair. Does the local perpective have no value at? I’m not saying that the island or its government are perfect, but perhaps things are a little greyer than the black and white picture that you present.
Vicar
Nothing is black and white on this issue
And you’re right – the IoM is better than some
But please don’t be naive. It has only ever taken any action at allk under duress or in a desire to outdo the other Crown Dependencies.
On transparency it has signed a few, almost useless TIEAs
On automatic information exchange it has no complete system as yet and is only introducing it for a tiny category of funds because the EU STD will have a with holding tax of 35% in 2011.
It maintains effective bankign secrecy through utterly opaque companies and trusts.
Massive fraud in the isalnd is well documented
Its banks harbour significant tax evaded funds which they make no attempt to disclose or the UK ytax amnesties would not be needed
And it persists in creating abusive tax systems designed to undermine the poor of the world by transferring their wealth to the rich
We’ve just started a year of reading Luke as the Gospel in most churches. Note what he said his mission was in his first teaching in the synagogue – to bring good news to the poor. The IoM does the exact opposite – it harms the poor and brings good news to the rich. Please reconcile that with Luke
Richard
Ahoy there, Richard. Any chance of a response to my only vaguely rhetorical questions?
By the way, I think vicars are supposed to have parochial views. It’s in the job description.
The Church in Guernsey also believe that Guernsey Bankers were made in His image.
Please educate my spirituality. In which part of the very human, empathetic teachings of the Christ-Representation does this highly malignant and rampant abuse of natural law take place in?
I was speaking to someone about my obsession with justice, particularly the all-level, all-learned-human-wisdom perverse promotion of undeserved wealth in society.
They said I would only be happy if Guernsey became the Isle of White. That is always the first line, by the way, in argument against banks in Guernsey. They must’ve learned it with those millions of Guernsey tax payer money (Taxpayers Alliance take note – There is no data on the efficacy of promoting tax abuse structures in China – cost so far – £2M, then there’s the £200M and counting for a subversive and undeclared raid on the public by the private sector under the PERFECT lie of EU compliance (in Guernsey it would seem you only have to say “EU’s fault” and the public will accept whatever you say). And then they must’ve got their professorships with all those consultations with accountants, lawyers (let’s not forget the shadows pulling the strings in Guernsey), all stating how great it’ll be, sign here, thanks that’s £££ to you Trott but stash it yeah
Anyway, it has to be said that I’m losing friends! (I wasn’t allowed to go to a local fundraiser for ActionAid Guernsey because I wanted to see if they believed the recent policy document, and if not why not, and if so, why no noise). It’s actually very difficult to say anything critical about anything without being shunned in these communities, if the ‘local pound in the pocket’ argument is challenged.
But the unanswered question is also always the same:
Why can’t the industry by transparent and operate in society’s best interest?
However, I have not sought a vocation based on spreading peace and harmony, basing my life on those principles, and sacrificing my fleeting human consciousness to the will of God, being an ultimate aim for All Creation.
Vicar, which I doubt, why would you condone the theft from the poor in order for the rich to become less close to God?
Rowan Williams was spot on the other day, and I don’t do church, although my Godhead is compatible.
In the Isle of Man and the United States, they allow money which is given to charity to be tax deductable. Isn’t it better that money be given by individuals freely, rather than taken by governments who spend it on moats and duck houses for their MPs
Your Reverence
Actually, there is tax relief on charitable giving in the UK as well. I am surprised that you would not know that if you had ministered on the mainland before going to the Isle of Man?
Whilst the mosts and duckhouses were an outrage, in terms of the big picture of government spending they are really quite trivial. They are quite simply a distraction from the real questions about tax as I am sure you know, father.
As Richard says, you do not seem to be wholly up to speed on the debate on the role of secrecy jurisdictions. You should be aware of the link between the role of places like the IoM and third world poverty or are you not in communication with Christian Aid?
Undoubtedly, the majority of manx citizens are ordinary folk. That does not change the reality of the role of the IoM in the world.
James
You beat me to it!
Please answer the real question Vicar and not seek excuses for abuse
And getting your facts right would help. As James points out – and as the tax relief my parish enjoys on my donations proves – the Uk does give tax relief on donations – although rather absurdly part goes to the donor.
Richard
It is the obligation of all Christians to look after the poor, and the Manx people are the most generous givers to charity I have ever met.
Given the outrage of billions being spent on unjust and unwinable wars in Iraq and Afghanistan and the legacy of financial meltdown in the City of London and “Fred the Shred”, I don’t see why the UK should be considered any more a responsible tax jurisdiction than the Isle of Man. It seems that you are willing to endorse the OECD and IMF when it supports your agenda and dismiss it when it does not.
The Financial Times on the 12th of November 2008 presented a far different picture of the finance industry on the Isle of Man than you do. The industry is portrayed as being highly regulated and responsible In some areas, taxes are actually higher than the UK, and regulations on insurance and trusts are actually MORE thorough than the UK. I am not convinced that all Off-shore finance centres should be tarred with the same brush that you choose to impose on them.
Manx Vicar
Vicar
I have acknowledged the IoM is better than most
Equally acknowledge that the rules complied with were of the same quality that allowed the financial, crisis i.e. useless
Now answer my question – please reconcile your position with Luke
Why not talk about something you should know more about than me?
Richard
PS The people of Man will need to be generous now – your government is collapsing
It seems very odd that you take such pleasure in the attempted destruction of a nation.
In order to respond to your question, I need you to elaborate on your assertion that the Isle of Man harms the poor and brings good news to the rich. Does your assertion take into account the revenue that the island brings to the British Isles and the City of London that might not otherwise exist.
If the UK continues to pressure the island and businesses collapse or leave, then the island might have to be bailed out or absorbed into the UK. How much money would that take away from the poor?
Oh dear Vicar, you really aren’t too good at this stuff, are you
1) Answer my questions
2) Note what I said here http://www.taxresearch.org.uk/Blog/2009/10/13/fears-over-islands-vat-deal-isle-of-man-today/comment-page-1/#comment-557866 comment 21
3) The poor will be better off without the City – haven’t you noticed the massive cost it has placed on UK society of late?
4) Why are you ignoring developing countries?
5) I am not seeking to destroy the Isle of Man – it could be balance its books again by doubling all income tax rates – the basic rate will then be 20% and the top rate 36% – no big deal
Now answer the questions – or be branded a hypocrite and a Pharisee
Richard
Before I respond to your theological question, I need you to answer some financial ones:
1. If it has complied with all of the international regulations and standards required of it, why is the Isle of Man a tax haven?
2. How does the Isle of Man abuse and oppress the poor?
3. If the Isle of Man has jumped through all the hoops placed in front of it, and the right additional hoops are not being placed in front of it, then aren’t the international regulators at fault rather than the Isle of Man?
I’m not a hypocrite or a Pharisee; I honestly don’t understand the specifics of what you are asserting. Please enlighten me.
I will
You answer my questions first
Richard
I cannot reconcile taking from the poor and giving to the rich with the social justice context of Luke’s Gospel, but I have yet to see substantive evidence that the Isle of Man actively does this. If I had the evidence, I would value the opportunity to challenge my MHK.
It seems to me that it would be easier to get a straight answer out of a politician than you Richard. This is your bog is it not?
John J
Yes, this is my blog
What straighter answer is there than that?
Richard
Vicar
Try this http://www.christianaid.org.uk/images/deathandtaxes.pdf
Read this site secrecyjurisdictions.com
And look at this http://levin.senate.gov/newsroom/release.cfm?id=260036 which catalogues abuse in the IoM
Then come back to me
Richard
right then here we go I live on the isle of man but originally born and bred on the wirral and I have 2 questions for you .The first as i’ve paid my taxes and N.I. to the uk govnnt why should I need insurance to travel back to see my family in case I need to stay in hospital.secondly we all know that this global economic meltdown was brought on by the banking system not us the ordinary person in the street so WHY HAVENT THESE *ANKERS BEEN BROUGHT TO JUSTICE AND HAD THEIR ASSETS TAKEN FROM THEM WHY ARE THEY (I KNOW THATS 3 QUESTIONS) STILL BEING ALLOWED TO GIVE THEMSELVES BIG BONUSES ETC ETC WITHOUT HINDERANCE THAT WE ,ESPECIALLY IN THE ISLE OF MAN WILL HAVE TO PAY FOR BECAUSE OF THE UK’S INADEQUESIES IN KEEPING THESE BALLON HEADS IN TOE .I THINK ITS FAIR IF YOU TAKE FROM US YOU SHOULD TAKE FROM THEM ALSO OR ARE YOU ALL IN TOW WITHEACH OTHER YOURS FROM A VERY ANGRY EXPAT
Ray
I think you ought to appreciate that its bankers who run the Isle of Man
You are a much bigger part of the problem than the UK is
Bankers in London avoided regulation because of the existence of places like the Isle of Man
So – please solve the problem. Put your house in order
Richard
Richard, as a Manxman, I find your blog informative, and factually correct, which makes it a rarity I think! However, I do feel that there is an undercurrent of glee at the misfortune of the Isle of Man. I don’t like this flavour of the blog, primarily because of the difficult situation that personal friends find themselves. It is disappointing that someone with strong religious convictions would revel so in others misfortunes.
I do not want to overplay this — no one will starve to death or die of a treatable illness on the IoM, but the fraught future for families who bought houses at the end of 2007 is not enviable. After all, what crime are these people guilty of that you feel free to enjoy their misfortune? They did not understand the issues of hidden subsidies and tax avoidance.
I have 2 degree level qualifications, 1 of them financial, and I do struggle to understand all the points you raise — yes I am certainly not as clever as you! But is it not intellectual arrogance to claim workers on the Isle of Man brought this on themselves as they did not understand highly complex financial issues. Are they not yet more victims of a total failure of financial regulation?
Instead you appear to be intellectually arrogant and aggressive to anyone challenging your undoubted expertise, especially if they happen to be Manx. I note that you insulted the Manx Vicar, not once (egocentric), not twice (parochial) but three times (blinkered) in one short reply!
Your blog and arguments are persuasive and essential reading, but some of the comments seem a little (dare someone with no religious background say) unchristian?
Nyj
I concede: I’m pleased to have been proven right. Wouldn’t you be when you had been persistently told you were wrong by ministers in the Isle of Man?
And ye – I do hope this puts a spanner in the works of the tax haven – why not? These cause massive untold misery around the world. Of that I am certain.
And who should I be more concerned about? Those families who bought houses in the Isle of Man in 2007 or the billion or more most poor in the world – for whom the closing of tax havens would offer the chance of the UN Millennium Development Goals being met?
And can you really tell me there is no one in the Isle of Man who did not know the basis on which its economy has been built? Ask any taxi driver – and they’ll say it is tax evasion. At least they did the last time I came – although I admit I have been to the other Crown Dependencies more recently.
And if I get angry – and I do – it is rightful indignation. The Vicar was not answering my reasonable question – why not get frustrated? You might have noticed my inspiration did.
So unchristian? If I am – it’s a fault. I’m sorry. being Christian acknowledges we all err – me too. It does not make you perfect. I’m certainly not.
But please don’t ask me to think the Isle of Man more important than people in deep poverty elsewhere – or even people in much worse situation sin the UK for whom this revenue can now be used. It is not – and only the naive can say anyone in the Isle of Man did not know just what it was doing.
Richard
Actually Richard, you hurled the insults at me before you asked the question. Then,I couldn’t answer your question, because I didn’t agree with its premise. I have glanced at the documentation you directed me to, but wish to read them in detail before commenting on them.
Vicar
I guessed most vicars could do some research for themselves
And that they might even know something about the place in which they serve
I am staggered you did not know of Christian Aid’s work on this issue. Where have you been?
Richard
PS You can call that an insult if you wish – I call it honest comment
Being Smug won’t win anyone to your cause!
Respectfully, I wasn’t being smug
I was making an honest point
It does rather seem you want me to do your research for you
And I might just have other things to do
1) If I was in your position and had identified the subsidy in the VAT, yes I would be proud (although isnt pride a sin too!). Incidentally I have been pointing out your analysis of the nonsense that IoM were net contributors to the CPA for sometime to friends and family.
2) “But please don’t ask me to think the Isle of Man more important than people in deep poverty elsewhere”
I actually did the opposite! – “I do not want to overplay this — no one will starve to death or die of a treatable illness on the IoM”
I will just put that down to your being tired, preparing for lectures or debates with bishops (not pride again I hope Richard!)
3) You give the impression that you believe every man woman and child in the IoM deserve what is coming to them, as all knew what was going on. Not withstanding the research you have done with 1 taxi driver, this just isnt the case. To understand the complexities of some of the shameful practises that you have helped bring to light requires a level of financial sophistication well above the average person. Yes, some certainly knew, but they are almost all at the top end of the pay scale and will correspondingly suffer little. Again, I make the point – surely the financial professionals employed by governments as regulators and the like are to blame, rather than a Manx plumber.
4) I agree you can and should reserve all your pity for the seriously disadvantaged. I also agree you are right to feel anger towards those in the IoM who have taken part in tax scams and fraud. But you should not be gleeful about the impact on innocent Manx families caught up in this – indifference about their plight is probably ok, but more negative feelings are simply wrong, and like I say maybe a bit unchristian
1) Noted
2) Noted. Since when has publicity been pride?
3) Untrue. Taxi drivers know
4) I am as sorry for families caught up in the UK – many, many more – an they have suffered the abuse of the Isle of Man for far too long
I was born in Birmingham. My grandfather was a ‘bus driver, my father was a chemist. For many years I lived in Coventry. I decided to move to the Isle of Man when, as a single parent I became fed up with the crime, violence, vandalism and drug dealing. I didn’t want my children to grow up in a society that looked upon these activities as the norm. I made sacrifices to make the move, my children left school/college, began work and we all pay our way. We are just ordinary people who have worked very hard for everything we have – which is not a great deal. No matter what happens I would never move back to the UK. As honest, working class people we certainly suffered more than our fair share of abuse in the UK. Money isn’t everything.
Obviously, you cannot answer a straight forward enough question Richard? Who are your backers and what are your motivations – your blog seems to be very righteous and therefore these are simple questions to which you have not replied (out of keeping with your ‘high moral ground?)? You obviously have enough means not to have to work as you have time enough to spend blogging all day? Would you pass the strict anti money laundering and compliance checks imposed (quite rightly) by the regulatory framework on the Isle of Man?
Jilly
You asked if anyone paid me to do this blog
They don’t
It’s done in my time
Of course I am paid to do other things
My main sources of income are the TUC, the Tax Justice Network to undertake research, writing broadcasting
That is not what you asked though
And candidly, stop asking silly questions
Richard
@Richard Murphy
Taxi drivers are like bloggers, big experts in a very small space LOL
Richard, you work on behalf of the TUC. Have you heard or read the comments by the Manx TUC representative, Miss Moffatt’s, comments on the unilateral change to the CPA ‘agreement’?
I think you would find the comments at odds with your obvious glee at another nail in the Manx coffin. It’s obvious the UK are determined to nail the manx to the Cross by any means.
It will be the rank and file that will suffer by this measure by the UK.
Phil this self righteous tone of trying to play the victim wont wash.
A friend of mine in the finance industry had this to say when he heard about the twenty four percent.
“…an antidote to recent hubris on the Island (or should I say “country”)?
In my view, the Island will have to engage in much better (and sustainable) housekeeping going forward. It has a good core income and it has to manage that carefully like any other jurisdiction. The Island also needs to ensure that it obtains good value for money in respect of its contracts which I think has been far from the case in recent “bonanza” years. Many of the executive posts are grossly overpaid given their level of responsibility when you consider that their counterparts are often having to cope in a jurisdiction with many many times the population size. It can cope and prosper but as the old saying goes “money doesn’t grow on trees” – it has to be earned. The Island has been enjoying “free lunch” for some time and now it has to manage its money carefully. The Island has been awaiting a “correction” (house price madness, tradesman fees, advocates fees etc) – perhaps this is it?”
Richard,
I have read the documents you referred me to, and now better understand the abuse you are referring to. As you have said yourself “the Isle of Man is better than most”, but clearly needs to do more to prevent this kind of abuse and the tremendous injustice it does to the poor.
I have also looked at the Tax-Justice website. It proposes “multilateral support for small countries to assist with re-structuring as part of efforts to clean up the tax haven scandal.” Clearly if a small nation with 80,000 people is going to have the infrastructure to provide its population with healthcare, education, and welfare, it needs to attract outside investment. I would suggest that this multilateral support is crucial if the kind of reform you are calling for is ever going to succeed. I have not seen much evidence that it is on offer.
Manx Vicar
Richard.
I would be very interested to hear your views on communism?
Some of your posts seem to have a very communist ring to them!
I am not talking of the damage that a “tax haven” does to the developing world. What I am refering to is simply what right the U.K or any other country have to dictate the taxation policy of another.
Much of your commenting appears to be a direct punch toward the Manx people not paying the same tax as the U.K
The fact that this low taxation policy attracts business from overseas is obvious. But who has the right to decide that policy?
Tell me, do you also blog about citizens living in an “over taxed” country? Or is it only the ones paying less than your own?
Also,is your source of income paid from U.K tax payer’s cash or private revenue?
When you holiday, do you purposely look for the most expensive place to visit, or do you visit where the food and beer is cheap? (usually as a result of low VAT and tax) Do you consider this exploitation of the country visited?
I do not wish to judge, because how you choose to deal with your finances is your own business? As is the Isle of Man’s.
How much U.K business has been lost to China and India recently?
And what affect does that have on poverty stricken areas, with the U.K no longer recieving revenue from the businesses?
But again, it is not for you to judge the policy of those government’s! They are independantly governed like the Isle of Man and no other country has the right to impose they’re own views upon them!
Maybe the I.O.M has had too much VAT returned. Maybe not.
But, if they choose to continue to offer low taxation after this reduction of revenue, what, exactly, does it have to do with you or your government?
I have to admit, Iliam, my comments were somewhat tongue in cheek, considering Richard is in the employ of the TUC.
Stephen
What do you mean by communism?
I holiday in the UK
And you are not an independent government – you are a Crown Dependency
Despite which you have considerable tax freedom – which you can exercise, like other places, if it is not abusive
When your laws deliberately facilitate crime – as they have – that is of concern to others
Stop pretending otherwise
Richard
Richard.
I appreciate your reply.
Agreed, the IOM is not an independent government. With regards to internal legislation, however, it has independence. Tax arrangements included.
Communism?
Your personal view on how the UK choose they’re own tax law is exactly that. Your own personal view.
The fact that you believe the IOM should follow suit with this is again, your own opinion.
The fact that you obviously believe the UK government have the right to try and force this change upon the IOM extends beyond opinion.
A crown dependancy is not the rightful property the UK.
Its own laws and taxation legislation should not be pushed upon its crown dependency, because the UK assumes it is right!
Because the UK government charge tax at one level, why exactly does that mean the IOM have to do the same?
The empire of Britain is no more. It is also just a small island.
If a larger, more powerful country wishes to impose they’re opinions and laws upon the UK, would you accept this? No!
The UK has the right to make it’s own decisions regardless of whether another country disagrees with them.
At what level you choose to charge tax does is irrelevant. Who are you to assume it is right?
Ok, using a large cut of the common purse to finance these ventures is wrong. However, will you still have issues with the Manx nationality if we continue on 10% tax without subsidy from the UK?
And, how do our laws “deliberately facilitate” crime?
I do not pretend to have as high an intellect as yourself.
However, I do part own a very successful engineering firm, supplying your government in many areas including military hardware.
I worked very hard to build this company up.
But, honestly, I do not believe without the IOM government assistance and concessions it would be a business today.
Nor, without the taxation arrangements, would this business have survived recession whilst cash strapped government departments ruthlessly withdrew order agreements.
For this, my own family and many others are extremely grateful.
Again, are you financed by the UK tax payer?
I have never said the UK should choose the IoM tax rate
I have said the IoM should not get a subsidy from the UK as it’s people have a higher GDP per head
And I have said the IoM should not pass law designed to abuse the Uk which is does because the IoM is a secrecy jurisdiction. Secrecy jurisdictions are places that intentionally create regulation for the primary benefit and use of those not resident in their geographical domain. That regulation is designed to undermine the legislation or regulation of another jurisdiction. To facilitate its use secrecy jurisdictions also create a deliberate, legally backed veil of secrecy that ensures that those from outside the jurisdiction making use of its regulation cannot be identified to be doing so.
all of which I contend are utterly reasonable
That’s it
What’s the issue?
And no I am not financed by the UK taxpayer but my wife does work for the NHS
Richard,
You said, “Secrecy jurisdictions are places that intentionally create regulation for the primary benefit and use of those not resident in their geographical domain.” Is this wrong in every situation? Many expats use Isle of Man banks to save or provide mortgages for properties in the UK they will use once they return after work or service overseas. If the UK refuses to service this legitimate need, why shouldn’t the Isle of Man, provided of course it is done in a regulated and transparent manner?
Manx Vicar
So, is it not true that the IOM has adhered to each and every requsition from the UK, EU and US regarding transparency of taxation arrangements?
I never said you think the UK should adopt the IOM tax rate.
You do suggest that you think the IOM should adopt the UK tax rate, however.
Bangladesh
Bosnia
Herzegovina
Bulgaria
Burkina Faso
Hong Kong
Ireland…..
And many, many more! All with corperate tax rates of between 0% and 20%. Tax haven’s?
The list goes on and on. Without even starting to mention places with residential taxation starting at 0%
Germany
Greece
France
Denmark
El Salvador… to name but a few!!
Why is the UK taxation arrangement so godly and politically correct?
With all of its taxes and mini taxes, it can still amass a national debt equaling over £13,500 for each and every one of it’s 60,000,000 citizens. Or £820,000,000,000 gross as of June 200. God only knows how much since??
I am a Manx citizen who has lived in the U.K and served within the British Army. I can honestly say, the rightous ways of the UK government are an embarrassment to all who live on it’s shores.
When the UK can get it’s own house in order, it can comment on the Isle of Man.
And when I see released figures of the calculated VAT figures in there entirety I will awknowledge your claim of subsidisation.
1- How much, by the way, do you claim the IOM was recieving in 2008 from VAT sharing?
2- According to your calculations, how much should have been the entitlement of the IOM under this agreement?
3- What documented, hard copy evidence led you to arrive at these figures? Not just a guestimated figure based on population.
Regards,
Steve
Steve
I really don’t mind if you agree of not
Fact is – it’s been proven to have been true
And you’re wasting my time on pedantry
Sorry – but I have no more time to spend dealing with your questions. I have published what I know and I have, I think, been proven right.
Richard