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Changes to Taxation of UK Residential Property - update November 2016
Since the introduction of the annual tax on enveloped dwellings (“ATED”) for periods starting 1 April 2012, we have seen extraordinary, unrelenting and ever increasing pressure on those using simple offshore structures to hold UK residential property.
Why move to the Isle of Man?
It was during my visit to Washington to attend the annual TAG Alliance conference that I started to think about the reasons people move from their country of birth to find a better life. It was the week prior to the United States Presidential election - one of the candidates campaigned to “Make America Great Again”; the other was campaigning for America to be “Stronger Together”. The local lawyers and accountants that I spoke to seemed to be unsure how they had been left with the choice between two uninspiring candidates.
Political Factors Affecting the Isle of Man
The Isle of Man has witnessed a number of significant world events in 2016 (Brexit and the result of the US Election to name just a couple), but closer to home the Island has also seen its fair share of political developments.
General Data Protection Regulation – Better safe than sorry
Fresh in the wake of FATCA and the Common Reporting Standard (“CRS”) the next big thing to affect the industry (not least given the Panama Paper revelations) is considered to be the General Data Protection Regulation (“GDPR”), described as the “biggest attempt so far by a legislator to grapple with the realities of global, ubiquitous data in the internet era”.