Joint liquidators have been appointed to the New Earth Group of Funds following an application by the Isle of Man Financial Services Authority (IOMFSA). The application was made with the knowledge and consent of the funds’ directors.
The Isle of Man has introduced new legislation to regulate crowdfunding platforms in a bid to attract more of the peer-to peer lending startups to the island.
Axa Wealth, the UK life insurance and wealth management arm of France’s Axa Group, boosted funds under management by 9% in the first quarter this year, helped by a 30% rise in pension product sales following the government’s reforms to the sector.
The Federation of European IFAs (FEIFA) has formed an affiliation with Kreston IoM, with the new partner advising members on structures to mitigate tax, aid succession, international pensions, and delivering guidance to high net worth clients.
Axa has agreed to sell its Isle of Man-based operation to specialist M&A firm Life Company Consolidation Group (LCCG), which plans to continue “successful relationships” with Axa’s offshore bond business in Dublin.
Canada’s Revenue Agency (CRA) has audited 3,000 electronic funds transfers to the Isle of Man, made by around 800 Canadian taxpayers totalling C$860m (£472.2m, $672.5m, €593.4m).
The Isle of Man and Jersey have formally committed to provide beneficial ownership information to law enforcement and tax authorities in the UK, with Guernsey set to follow suit after its upcoming general election.
The Isle of Man is to set up a central database of beneficial ownership information that it will share with law enforcement agencies in the UK.
International pensions provider Boal & Co has cut fees across its Qrops range following feedback from introducers.
The UK’s double tax agreements (DTA) with Guernsey, Jersey, and the Isle of Man have been amended so that non-UK resident property developers will no longer be able to avoid paying income or corporation tax in the UK.
Private equity firm Origo Partners is considering its options after Brooks Macdonald Asset Management filed a claim with the Isle of Man High Court seeking an order to wind up the closed-end investment company.
While other offshore financial centers have suffered ratings downgrades of late, Lichtenstein has had its AAA rating affirmed by Standard & Poor’s.
