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The Isle of Man
The Isle of Man is situated in the middle of the Irish Sea and is approximately 32 miles long by 12 miles wide with a population of almost 86,000 people. The Island is not part of either Great Britain or the UK but is known as a “Crown Dependency”. It is self-governing and is independent in all matters except for foreign relations and defence. The Head of State is the Queen who holds the title “Lord of Mann”.
UK Property Taxes – This Time, it’s Commercial
I’ve written before about the various new tax regimes that have come out of HMRC since 2012 specifically targeting UK real estate. It started in 2013 with Annual Tax Enveloped Dwellings (“ATED”) and a new capital gains tax system for high value residential property. This was followed by the introduction of non-resident capital gains tax on all UK residential properties and most recently, the inclusion of all UK residential property, however owned, within the inheritance tax regime.
Why family office?
Recent years have seen a continual increase in high net worth individuals establishing family offices on the Isle of Man as a means to protect and manage wealth for future generations. Skills required to manage wealth are often different from those used in generating it, and in many cases people wish to pass these responsibilities to professional advisors when they become too time consuming or complex to deal with.
Trust Registration Service (“TRS”)
In the simplest terms, TRS is a methodology for trustees to register, when required to do so, with Her Majesty’s Revenue and Customs (“HMRC”). It provides HMRC with information on the “beneficial owners of a trust”. The details to be provided include personal information on the Settlors, Trustees and Beneficiaries of a relevant trust, as well as some information on trust assets.
Seeing through the Cloud
As we know, cloud computing has transformed the accountancy profession in recent years. With ever increasing coverage and speed of internet access, the days of hosting software on individual machines appear to be numbered. It is not without its challenges however, and I outline below some considerations for people deciding on how best to proceed.
For many entrepreneurs from less developed countries travelling to first world countries can become a difficult and often daunting prospect. Acquisition of visas and collecting the correct documentation can often be time consuming and tedious as are the queues and questioning by immigration officials. This coupled with other domestic issues makes the prospect of acquiring a second passport that can smooth entry at the border of their next destination an attractive proposition to many individuals.
Q&A Feature - as seen in Portfolio - Stuart Foster
I have been with Peregrine for nearly 14 years and have been a director for 10 years. I moved to the Island as a trainee accountant in 2004 having previously worked in various locations around the UK. After graduating from University, I tried a few different roles, working in public utilities as a business customer relationship manager in Leeds, in the settlements department of the Bank of New York in Liverpool and for a credit card company in Chester.
Isle of Man Budget Comment - Stuart Foster
For businesses operating in the Isle of Man, the budget showed promising signs that the Island’s economy is doing well which can only benefit marketing our jurisdiction. There is welcome news for businesses who have struggled to recruit staff in recent years with signs that the economy is growing, and suggestions the Island’s population is increasing. I’m sure most businesses will be hoping this news and other measures introduced in the Budget will attract a new pool of talent to the Island.
Three Things the Isle of Man Government must consider in 2018….as seen in Portfolio
The last few years have been extremely interesting for the Isle of Man’s latest Government, and there are a number of changes coming into effect this year that will ensure the challenges keep coming during 2018. The Island’s Government needs to look ahead at this New Year positively to build on what it has done well over the last few years whilst always looking to improve and evolve.
Register of Beneficial Ownership of UK Land and Property - Stuart Foster
The UK government recently closed a consultation during which it took views as to how a new public register of the beneficial ownership of UK land and real estate property may be introduced. This new register of property ownership, that is expected to include all overseas companies, has been proposed for some time now and it seems only a matter of time before it is brought into force. The question for us to consider is how the introduction of such a register will affect clients of Peregrine.