The Isle of Man is not in the UK

Post by lawlessone » Thu, Oct 10, 2019, 10:20 AM UTC

pavlov wrote: post #59

peteretep wrote: post #15

Isle of Man has zero percent corporate tax on (most) money earned outside the Isle of Man, which includes money earned in the UK. If you're a non-resident citizen of the UK, you can deposit your dividends from your Isle of Man company in your UK bank account, tax free. For the time being, IOM companies have GB VAT numbers, and a banking system that integrates seamlessly with the UK one, as well as a postal system (qu…

After living in the UK for a year and encountering this tax system firsthand, I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization could one day take away their sweet loopholes and convenient neighborhood tax havens. I've personally benefitted from the system as a "resident non-domiciled" foreign citizen. But on the whole it's not fair to British t…

Post by ollie87 » Thu, Oct 10, 2019, 10:34 AM UTC

pjc50 wrote: post #52

peteretep wrote: post #49

Earlier quoted context omitted.

How would that be easier than VAT fraud in the UK proper?

"Carousel fraud", involving moving goods in and out of the EU and reclaiming VAT, maybe? Or the private jet / yacht scheme I mentioned above. I remember when Amazon shipped all their CDs from Jersey to avoid VAT too.

Post by pytester » Thu, Oct 10, 2019, 10:43 AM UTC

pavlov wrote: post #59

peteretep wrote: post #15

Isle of Man has zero percent corporate tax on (most) money earned outside the Isle of Man, which includes money earned in the UK. If you're a non-resident citizen of the UK, you can deposit your dividends from your Isle of Man company in your UK bank account, tax free. For the time being, IOM companies have GB VAT numbers, and a banking system that integrates seamlessly with the UK one, as well as a postal system (qu…

After living in the UK for a year and encountering this tax system firsthand, I'm convinced that one of the main reasons for Brexit is that rich people in England are worried that EU tax harmonization could one day take away their sweet loopholes and convenient neighborhood tax havens. I've personally benefitted from the system as a "resident non-domiciled" foreign citizen. But on the whole it's not fair to British t…

Post by nikanj » Thu, Oct 10, 2019, 10:47 AM UTC

lawlessone wrote: post #78

marcus_holmes wrote: post #68

Earlier quoted context omitted.

I lived for four years in the IoM, had an amazing time (until Bushy's closed anyway). But in the process, I opened an IoM bank account to pay my salary into. I carried on using this account for years afterwards (it was with the IoM branch of a UK bank). I benefited from not paying any tax on the interest on my savings account, because tax haven. Not a huge perk, but a nice one anyway. And then, in the wake of the tax…

>The final bill came to about fifty quid, I'm thinking you weren't really who they wanted to target anyway.

Post by KSteffensen » Thu, Oct 10, 2019, 10:50 AM UTC

tristanperry wrote: post #62

growlist wrote: post #43

Earlier quoted context omitted.

Whenever the voters vote the wrong way the EU subverts it with the result in effect being overturned in one way or another, so the UK will probably end up staying in and this ATAD will be implemented.

For those downvoting, there is truth in this e.g.: * Ireland voting (twice) on the Nice Treaty - 2001 then 2002 * Denmark voting (twice) Maastricht Treaty - first 1992 then 1993 * Ireland (again) this time on the Lisbon Treaty - 2008 then 2009 There was also a case where the Labour government (in the UK) promised a referendum on a couple of EU treaty changes, before changing their mind after other countries' referend…