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Isle of Man Budget Comment - Nick Kelly
This year’s Budget was presented to the Manx people by new Treasury Minister, Alfred Cannan MHK, which was no doubt a difficult task. He announced this budget intending to help the working families and individuals who have had to tighten their belts over the past few years.
Portfolio feature - Three things the Isle of Man Government must do in 2017
The Isle of Man witnessed its fair share of intriguing events during 2016 but the Island must now look ahead and take advantage of what 2017 has to offer. In these, seemingly ever, challenging times, here are three things the Isle of Man Government must do in 2017...
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”.
UK Residential Property
In recent years, HMRC have turned an extraordinary amount of their focus to the owners of high value UK residential property. Below, Peregrine investigates what the potential impacts may be for existing and future property holding structures and what property owners should be considering before 6 April 2017.
Trusts - Looking to protect your wealth?
Trusts are a popular way of safeguarding family wealth, protecting assets from unexpected claims from third parties or avoiding forced heirship.
Tax Planning & Mitigation
Using legitimate tax planning techniques can help to maximise the value of your assets.
Ship Management - Do you own a Yacht?
Managing any vessel in today’s highly regulated environment is a difficult task and it is important that it is done correctly. The pressures of rising operating costs can often add to the challenge. The Isle of Man is perfectly placed and is easy to access. Here at Peregrine, we can help you and your business with the initial registration and ongoing administration of your vessel.