As International Adviser reports:
Deposits on the Isle of Man decreased by £2.1 bn to £48.1bn in the first quarter of 2011, according to the latest statistical bulletin from the Isle of Man financial Supervision Commission.
Figures from the regulatory body's latest report also revealed that deposits in the year to 31 March 2011 decreased by £3.96 bn, representing a 7.6% fall on the corresponding figure in March 2010.
The Crown Dependencies' tax haven model continues to sink, and rightly so.
Campaigns to stop the abuse are working, albeit slowly, bit none the less effectively.
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According to the three fm radio station site the OECD has commented that the Isle of Man’s “sharing of tax information has been effective and expeditious.”
http://www.three.fm/newscentre/isle-of-man-news/isle-of-man-commended-for-transparency-and-tax-information-exchange-system-3599
I find that I am somewhat confused as it seems at odds with what you recently reported the HMRC thought about the same place!
OECD created the dire system of tax information exchange agreements
Of course they say they work
Will the Isle of Man ever be able to win?
@Dick – You write “Will the Isle of Man ever be able to win?”
The answer is No. Not until the island is rid of a mendacious government which favours the finance industry above all else — and in doing so causes misery and torment to millions of people across the world. The Isle of Man (Jersey and Guernsey and other secrecy jurisdiction) generate arcane tax and investment instruments (which the “regulator” is unable to control or more likely simply ignores) for tax diminution for a privileged few who have no regard for the stability of world economies.
Immersed in an Avarice-in-Wonderland dream this industry pays gargantuan salaries/bonuses to distort balance sheets in an industry wich has only notional legality. In reality it is fraud as old as accounting itself — accept now it is conducted on a monumental scale with the approval of the Isle of Man government with the tacit connivance of auditors and so-called “regulators”
The magnitude of this “industry” is almost inconceivable – for example a million dollars in $100 bills is 12 cms high — but a $ trillion is 100 kms high – that’s how much tax is misplaced or evaporates every year!
Meanwhile the misdemeanours occurring on the Isle of Man and places like it will be paid for by millions of people in the real economy losing their jobs — and in the developing world millions of people losing their lives
The world will never prosper until this tax avoidance/evasion industry based in the “secrecy jurisdictions” is destroyed — and the Isle of Man will only win when it stops sheltering this repulsive “industry”.