The EU has told the Isle of Man if it wants to stay off its tax haven blacklist, the island’s government needs to address the “lack of legal substance requirements” for all companies doing business on the island, according to chief minister Howard Quayle.
The Isle of Man’s chief minister, Howard Quayle, says the jurisdiction faces the “very real danger” of being put on the EU tax haven blacklist.
IFA firms should “wrest control” of their businesses from life companies based on the Isle of Man before the Conduct of Business Code comes into force, the director of Thames River International has argued. A move described by one industry source as “dodgy” and a “stain on the industry”.
The Isle of Man budget on 20 February introduced the concept of pension freedoms to the island’s pensions legislation, setting out some stark differences to the already established UK rules.
Legislation that will introduce pension freedoms to the Isle of Man has been included in the island’s 2018 Budget, a move treasury minister Alfred Cannan said will allow people to “look after their own savings”.
Liquidators of the failed New Earth Recycling and Renewables (NERR) fund now have more than 200,000 documents in their possession and want to establish if there is a case to take legal action against any party deemed liable for the collapse.
Insurance firm RL360° is the subject of a law suit on the Isle of Man for damages alleging breach of contract and negligence after it paid out a policy belonging to a deceased doctor, who turned out to be alive and the victim of identity theft.
The Isle of Man Financial Services Authority (FSA) is taking a “proactive initiative” to clamp down on financial services professionals conducting regulated activities without a licence.
The Isle of Man has hit back against claims by a news agency that it failed to respond to requests for information from Indian authorities in relation to a bribery and corruption investigation.
Isle of Man-based Premier Group (PGIOM), the company behind the ill-fated £300m New Earth Group of funds, has had its financial services operating licence revoked by the island’s regulator.
Isle of Man politicians have strongly defended the island’s economy following the Paradise Papers revelations, with one minister describing them as “a deliberately orchestrated attack from the international media”.
Jersey and the Isle of Man have topped the Organisation for Economic Cooperation and Development’s compliance table for the exchange of tax information.
