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Death and taxes…the April 2017 non-dom changes

“In this world nothing can be said to be certain, except death and taxes” as Benjamin Johnson famously wrote to Jean-Baptiste Leroy in 1789.  More than 200 years later, this statement still rings

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Draft legislation: deemed domicile - Income Tax, Capital Gains Tax and Inheritance Tax

This measure amends the rules for certain non-domiciled individuals so they will be treated as domiciled in the UK for the purposes of Income Tax, Capital Gains Tax and Inheritance Tax from the 2017

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HMRC releases most optimistic Self Assessment expense claims

Ahead of the 31 January deadline, HMRC has released its latest list of the most outlandish items which have been claimed as expenses. See here

Obtain financial assistance to expand your workforce

Financial Assistance is available (up to the value of £10,000 per position) to encourage employers in target sectors to bring staff to the Isle of Man.

See here

“My tax return was on my yacht…which caught fire”

Each year HMRC receives a number of unusual excuses from Self Assessment customers who didn’t complete their tax return on time - see here

White Rabbit Charity

We have decided not to send Christmas cards this year. Instead we have chosen to make a donation to a very worthwhile charity that provides Christmas dinners to local families in need. Please see the

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Tackling offshore tax evasion: A requirement to notify HMRC of offshore structur

HMRC have published a consultation on a proposed new legal requirement for intermediaries to notify HMRC upon the creation of certain complex offshore financial arrangements. The consultation closes

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Review of the Autumn Statement – impact on Manx businesses

We’ve had a look at the Autumn Statement, and have started analysing the draft provisions for Finance Bill 2017 which were published on 5th December.  Once again we are wading through treacle.  We

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HMRC guidance on profits from a trade of dealing in or developing UK land published today

HMRC guidance on profits from a trade of dealing in or developing UK land published today - see here

Due Diligence and Cyber Crime

Our Tax Senior, Mel Graley has recently attended the Digital Due Diligence and Cyber Crime courses provided by Colin Tansley of Intelect Solutions Limited.

Tax advisers to send warning letters on taxing offshore assets

HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax

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Taxpayer’s appeal dismissed in relation to inheritance tax relief for gifts to charities

Mrs Coulter died domiciled in Jersey, leaving the residue of her estate to be held on trust, including UK assets, to “accumulate the income of the Coulter Trust and to distribute the Coulter Trust

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Isle of Man Bart’s Bash

Hotchkiss Associates Limited were proud to sponsor the Isle of Man Yacht Club’s Bart’s Bash event held Sunday 18 September 2016.

Bart’s Bash is a global sailing race taking place at hundreds of

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EU Commission launches work to create first common EU list of non-cooperative tax jurisdictions

The European Commission has published a scoreboard as part of its ongoing process to draw up a first common EU list of non-cooperative tax jurisdictions, which features the Isle of Man along with 80

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Worldwide Disclosure Facility: make a disclosure

On the 5 September 2016, HMRC opened the Worldwide Disclosure Facility (WDF). Before automatic exchange and new sanctions come into force, the WDF will be the final chance to come forward before HMRC

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