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New substance requirements for offshore companies

Last month, the Treasury published a draft of the proposed Income Tax (Substance Requirements) Order 2018. If approved by Tynwald (in December 2018), this draft Order will have effect in respect of

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In my earlier document on substance I set out the basic parameters of the draft Income Tax (Substance Requirements) Order

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Isle of Man Substance

General overview of the new substance requirements for offshore companies, including the Isle of Man, effective 1 January 2019

Earlier this week, the Treasury published a draft of the proposed

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UK Budget - November 2018

UK Budget

On Monday 29 October 2018 Philip Hammond delivered his third Budget as Chancellor. Mr Hammond did admit that a no-deal Brexit would require a new Budget that “set out a different

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Cryptocurrency & the Isle of Man



Department of Enterprise announcement

Department for Enterprise
Rheynn Lhiasaghey Tarmaynagh

News Release
Isle of Man Department for Enterprise
St George’s Court
Upper Church Street
Isle of Man

Issue date: 19th July

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Inheritance Tax and Living on the Island

Inheritance tax and living on the Island
It is becoming more commonplace for individuals who live in the Isle of Man to own UK assets, which may include shares in UK companies.  Individuals who hold

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A brave new world?

In quiet corners, there are signs of muted celebration regarding the OECD’s recent publication: the Isle of Man is ‘COMPLIANT’.  Yes: capital letters are appropriate!  There are a few who are

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HMRC loses ‘common sense’ case over business property relief

For further details please see here:

Finance Bill

Ministers confirmed today that the Finance Bill will be introduced as soon as possible after the summer recess. This will legislate for all policies that were included in the pre-election Finance

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We are hiring

We are looking for a Tax Manager to join our dynamic and expanding team.  Do give us a call if you like to know more details.

To report or not to report: that is the question

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) came into force on 26 June 2017 (see here).  There is limited guidance

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Impact of the Panama Papers

In June 2016 the European Parliament set up a committee to consider the impact of the Panama Papers, referred to as the PANA Committee.  It has now published its first findings in a draft report hereRead more

HMRC claims final victory in Rangers EBT case

HMRC has won the seven-year legal battle over the use of employee benefit trusts (EBTs) as a means of paying players and staff at Rangers football club, with the Supreme Court ruling that the

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Discussion draft on the attribution of profits to permanent establishments

The OECD has issued a discussion draft on the attribution of profits to permanent establishments (PEs), following the report on Action 7 (Preventing the artificial avoidance of PE Status) of the BEPS

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