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The Isle of Man is not in the UK

bbc.com

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Re: The Isle of Man is not in the UK

#41

Post by thefounder »

Slimbo wrote: post #35
AndyMcConachie wrote: post #21

"And speaking of finance, the island has no capital gains tax, stamp duty or inheritance tax, making it an enticing prospect for many." This one sentence sums up why the Isle of Man exists the way it does. What a puff piece. Britain/UK/whatever are full of these little places to hide your money. That's all this is. Yet another crowny thing that allows the rich to avoid paying their due in an undemocratic society.

How do you separate avoidance of tax with competition between taxation venues? The IOM (and other small jurisdictions) cannot compete with larger countries on manufacturing and other big industry, but their small size and low cost of government allows them to be very competitive with Tax. If an individual is able to move his finances out of a country to a more competitive jurisdiction, isn't' that the fault of the or…

>> If an individual is able to move his finances out of a country to a more competitive jurisdiction, isn't' that the fault of the original country rather than the more competitive one?

You don't understand how secrecy works. A simple way to evade tax is to set-up a company in the tax heaven and send "fake" bills or loans to the real company. Without cooperation of the tax heaven country there is little the on-shore country can do except to black-list the said tax heaven from the financial market. As it happens special interests groups from the UK opposed a black-list of Isle of Man or Virgin Island.

https://www.theguardian.com/business/2017/dec/05/eu-blacklis...

Re: The Isle of Man is not in the UK

#42

Post by easytiger »

SamReidHughes wrote: post #7

You could tell, because there's no way their motorcycle race would be allowed in the UK. I was halfexpecting this article to tell us they still used pre-decimalized currency.

A similar race is held in NI

https://www.northwest200.org/the-history-of-the-nw200/

Re: The Isle of Man is not in the UK

#43

Post by growlist »

se6 wrote: post #32

UK and tax havens have a long history. It is pretty sad and tells a lot about the quality of information in UK that most British people do not know about ATAD: Anti Tax Avoidance Directive, a EU attempt to crack down on tax havens, which will come in effect on 1st of Jan 2020. Thanks to Brexit, UK will secure its tax havens, to the benefit of very few and to the detriment of many... See https://www.taxjustice.net/201…

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.

Re: The Isle of Man is not in the UK

#44

Post by smcl »

jacobush wrote: post #38
smcl wrote: post #29

Earlier quoted context omitted.

And "Shades of ${thing}" is shorthand for something like "This reminds one of ${thing}" or "There are similarities to ${thing}" So GP's last sentence can be interpreted as: "There are similarities to the radio game Mornington Crescent". I often forget how British phrases, cultural references and idioms can be completely inscrutable.

How can "shades of" be inscrutable in any language? Genuinely curious. I think I picked it up immediately from context.

The combination of the unusual game sharing the name with a tube stop and the unusual expression could leave anyone unfamiliar with either completely lost, as demonstrated by the OP. The way the expression is used it's often just in a sentence of its own, with the aforementioned ${thing} usually being some specific cultural reference. For example if a Czech person was watching English football and heard the phrase "Shades of 1966" I have no doubt they could parse and understand every word in the sentence ... but it's quite possible they'd have no idea what was meant because "1966" has special cultural significance for most English people, and the "shades of ..." doesn't really hint at anything on its own.

My girlfriend speaks English as a second language, and speaks it beautifully, but can struggle if I use idioms or phrases which are far more commonplace than this, partly because of how many we have in English and partly because they can be unusual.

Re: The Isle of Man is not in the UK

#45

Post by patchtopic »

se6 wrote: post #32

UK and tax havens have a long history. It is pretty sad and tells a lot about the quality of information in UK that most British people do not know about ATAD: Anti Tax Avoidance Directive, a EU attempt to crack down on tax havens, which will come in effect on 1st of Jan 2020. Thanks to Brexit, UK will secure its tax havens, to the benefit of very few and to the detriment of many... See https://www.taxjustice.net/201…

this is possibly the real reason why the right wing press are/have been banging the brexit drum so hard.. tax havens...

Re: The Isle of Man is not in the UK

#46

Post by oska »

baddox wrote: post #31

I’m relatively familiar with the geography, but why oh why, in an article with this headline and subject, is there not, before anything else, a map indicating the UK and the Isle of Man?

Here's one [1] that shows it as part of the Kingdom of the Isles at the end of the 11th century.

[1] https://en.wikipedia.org/wiki/File:Kingdom_of_Mann_and_the_I...

Re: The Isle of Man is not in the UK

#47

Post by brazzy »

Slimbo wrote: post #35
AndyMcConachie wrote: post #21

"And speaking of finance, the island has no capital gains tax, stamp duty or inheritance tax, making it an enticing prospect for many." This one sentence sums up why the Isle of Man exists the way it does. What a puff piece. Britain/UK/whatever are full of these little places to hide your money. That's all this is. Yet another crowny thing that allows the rich to avoid paying their due in an undemocratic society.

How do you separate avoidance of tax with competition between taxation venues? The IOM (and other small jurisdictions) cannot compete with larger countries on manufacturing and other big industry, but their small size and low cost of government allows them to be very competitive with Tax. If an individual is able to move his finances out of a country to a more competitive jurisdiction, isn't' that the fault of the or…

> If an individual is able to move his finances out of a country to a more competitive jurisdiction, isn't' that the fault of the original country rather than the more competitive one?

If the "competitive jurisdiction" allows people to "move their finances" there without actually living or doing real business there, then that "jurisdiction" is in fact a parasite.

Re: The Isle of Man is not in the UK

#48

Post by radicalbyte »

patchtopic wrote: post #45
se6 wrote: post #32

UK and tax havens have a long history. It is pretty sad and tells a lot about the quality of information in UK that most British people do not know about ATAD: Anti Tax Avoidance Directive, a EU attempt to crack down on tax havens, which will come in effect on 1st of Jan 2020. Thanks to Brexit, UK will secure its tax havens, to the benefit of very few and to the detriment of many... See https://www.taxjustice.net/201…

this is possibly the real reason why the right wing press are/have been banging the brexit drum so hard.. tax havens...

That would certainly explain their position and also the kind of persons who are pushing for No Deal.

Re: The Isle of Man is not in the UK

#49

Post by peteretep »

TazeTSchnitzel wrote: post #33
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…

> 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 (quick, which country is 15 Hope Street, Douglas, IM1 1AQ, British Islands?). This makes the sales process to UK and EU companies painless. I bet that's been used for VAT fraud with EU companies.

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

Re: The Isle of Man is not in the UK

#50

Post by se6 »

tsukurimashou wrote: post #39
se6 wrote: post #32

UK and tax havens have a long history. It is pretty sad and tells a lot about the quality of information in UK that most British people do not know about ATAD: Anti Tax Avoidance Directive, a EU attempt to crack down on tax havens, which will come in effect on 1st of Jan 2020. Thanks to Brexit, UK will secure its tax havens, to the benefit of very few and to the detriment of many... See https://www.taxjustice.net/201…

Do you mean 1st of Jan 2020?

Sorry, my mistake. Jan 2020 indeed!
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