• IN562 New Substance Requirements For Isle Of Man Companies - Effective 1 January 2019

    The Isle of Man Treasury has published a draft of the proposed Income Tax (Substance Requirements) Order 2018. This draft Order will, once final, and if approved by Tynwald (in December 2018), have effect in respect of accounting periods commencing on or after 1 January 2019.

    This means that from January 2019, companies engaging in “relevant activities” will have to demonstrate that they meet … more

  • IN557 Use Of A Guernsey Or Isle Of Man Family Investment Company To Hold UK Assets

    What is a Family Investment Company?

    A Family Investment Company (“FIC”) is a company in which the shareholders are family members, often from different generations. FIC’s enable families to pass UK assets out of their individual estates for inheritance tax purposes, whilst retaining control or passing control to professional directors to manage the company.  FIC’s also provide asset protection. … more

  • IN558 Guernsey And The Isle Of Man - Implementation Of Substance Requirements

    Background

    The Crown Dependencies (Guernsey, Isle of Man and Jersey) will shortly be approving new legislation, presented to the three respective Parliaments, to introduce economic substance requirements, for companies incorporated, or resident for tax purposes, in each of these jurisdictions.

    This legislation has been designed to meet the high level of commitment made by the Crown Dependencies, … more

  • IN544 - The Approach to Taxation in 'Offshore' Centres is Changing - For The Better

    The EU Code of Conduct Group (Business Taxation) (“the COCG”) have been working with the Crown Dependencies (Guernsey, Isle of Man and Jersey) to review ‘economic substance’. The EU Code Group concluded that the Isle of Man and Guernsey were compliant with most of the EU principles of good tax governance, including the general principles of “fair taxation”. However, one area that raised concern … more

  • IN541 - Key Features of the New Double Tax Agreements between the UK and Guernsey, and the UK and the Isle of Man

    At the start of July 2018 three new Double Tax Agreements (DTAs) were announced between the UK and the Crown Dependencies (Guernsey, Isle of Man, and Jersey). The three DTAs (from each of the islands) are identical, which was a key aim of the UK Government.   

    Each of the DTAs cover clauses relating to Base Erosion and Profit Shifting (’BEPS’) and they comply with new international tax standards, … more

  • IN529 - Representative of Overseas Business and the Advantages Available when Moving to the Isle of Man

    The Isle of Man, United Kingdom, Channel Islands and Republic of Ireland collectively form a ‘Common Travel Area’. In effect this means that travel between each jurisdiction is deemed to be an internal domestic journey and there are no separate immigration controls in place.

    This, of course, is not the case for foreign nationals journeying to members of the ‘Common Travel Area’ from overseas. It … more

  • IN526 - Isle of Man and e-Gaming: Supporting e-Gaming Companies to Relocate

    The Isle of Man has been attracting e-Gaming companies to set up their business on island for almost 20 years. This initiative was based on the need to develop and diversify the island’s economy and to build on the very successful finance sector. The Isle of Man Government and the private sector have spent time and energy to create a ‘fit for purpose’ regulatory framework for e-Gaming companies … more

  • IN521 - The Importance of Having Non-Executive Directors (NED)

    What is a ‘NED’?

    Non-Executive Directors (NEDs) can play an important role within a business. They sit on the board of a company but are not part of the executive team and can therefore bring an impartial view without the conflict of having to manage the day to day operations of the company.

    NEDs can monitor the executive directors, become involved in strategic policy making and, of course, act … more

  • IN316(P) - The Isle of Man the Benefits for Business and Family (Portuguese version)

    A ILHA DE MAN - VANTAGENS PARA INDÍVIDUOS E SOCIEDADES COMERCIAIS

    Considerações

    A Ilha de Man oferece um conjunto de infra-estruturas altamente atraentes para sociedades comerciais bem como um ambiente estável, seguro e acessível para indivíduos e famílias.

    a ilha acolhe uma série de indústrias diversas dos sectores aeroespacial, bancário, de serviços financeiros, industriais, matricula de … more

  • IN316(S) - The Isle of Man - The Benefits for Business and Family (Spanish version)

    LA ISLA DE MAN: BENEFICIOS PARA SOCIEDADES Y INDIVIDUOS

    Resumen

    La Isla de Man ofrece una infraestructura comercial muy atractiva, proporcionando un entorno estable, seguro y accesible para individuos y familias.

    La isla es hogar para una serie de industrias diversas, que incluyen; aeroespacial, banca, servicios financieros, fabricación, registro de buques y aeronaves, industria espacial y … more

  • IN512 - The Isle of Man Aircraft Registry: 10 Years of Success

    The Isle of Man Aircraft Registry was established by the Isle of Man Government in 2007, primarily to bring additional economic prosperity to the Isle of Man’s private sector. From a very small beginning, the team now comprises around 20 aviation specialists with the business ethos of ‘Safety and Service’.

    Currently led by the Director of Civil Aviation, Simon Williams, the registry continues to … more

  • IN493 - The Isle of Man Shipping Registry - An Innovative Approach

    Advisers often need to guide clients on the most suitable jurisdiction to flag an owner’s vessel. Historically, advisers have preferred tried and tested jurisdictions, but this is starting to change, due to the increasing importance of jurisdiction perception, international transparency, time differences, different legal systems and growing costs associated with certain jurisdictions. 

    Criteria … more

  • IN491 - Registration of Ships and Yachts: Multi-Jurisdictional Services Available from Dixcart

    The priorities and key factors used to select a shipping jurisdiction are changing. Jurisdiction perception, international transparency, time differences, different legal systems and growing costs are becoming increasingly important criteria to take into consideration.

    The ownership structure for a ship and/or yacht has a number of important implications and Dixcart is able to provide advice … more

  • IN484 - IOM Mutual Funds - For International Family Portfolios

    Wealth preservation, return and management are core objectives for the majority of successful family office situations. The ability to consolidate resources and communicate clearly on performance can provide a family with huge benefits and save time and resources.

    A mutual fund is an investment vehicle consisting of a pool of funds which can be collected from within the family for the purpose of … more

  • IN476 - Trust / Foundation Hybrid Structure – An Asset Protection Structure for Internationally Mobile Individuals

    Asset protection and wealth preservation continues to be a primary focus for high net worth individuals. 

    However, the ever increasing international mobility of individuals and their families means that the traditional Common Law jurisdiction solution of a Trust, or Civil Law jurisdiction solution of a Foundation may not, in isolation, prove to be optimum solutions for an individual’s needs as … more

  • IN466 - Dixcart Business Centres: Serviced Offices Where and Why?

    Dixcart Business Centres offer extensive serviced office capacity and are ideal for companies establishing themselves in a new location. Dixcart Business Centres are located in Guernsey, the Isle of Man, Madeira (Portugal), Malta and the UK.

    Business Centres can offer a productive work environment and a cost effective option for organisations with international interests wishing to operate from … more

  • IN463 - Isle of Man Financial Assistance Scheme - Enabling Entrepreneurs to Innovate on the Island

    The Isle of Man has long been known as a welcoming home to entrepreneurs and innovators. It has achieved this over the years by playing to its strengths, having strong communication with the private sector, supporting new ideas and new ways of thinking, changing legislation quickly, and because it has wanted to lead not follow. E-business, for example, has found a home in the Isle of Man, with … more

  • IN460 - What Financial Assistance is Available Through the Isle of Man Enterprise Development Scheme?

    Entrepreneur Government Funding

    The Isle of Man has long been known as the home of entrepreneurs and innovators. This has been achieved over the years by playing to its strengths; strong communication with the private sector, supporting new ideas and ways of thinking, changing legislation quickly, and because it has wanted to lead not follow.

    E-business has found a home in the Isle of Man with … more

  • IN449 - Guernsey and the Isle of Man: Convenient Choices to Reset the Clock for UK Non-Domiciles

    The UK non-domiciles regime remains a relatively attractive option with UK non-domiciliaries (“non-doms”) continuing to have the opportunity to enjoy significant tax advantages for a period of up to 15 years.

    Changes to UK Non-Dom Legislation

    Major reforms regarding how non-UK domiciliaries are taxed were however introduced in April 2017.

    As detailed in the Dixcart note: UK Tax Residence - … more

  • IN445 - Isle of Man Exempt Schemes: A Flexible Solution for Family Offices and High Net Worth Indivduals

    Isle of Man Exempt Schemes are a flexible and attractive option for Private Client Family Offices and high net worth individuals. The Isle of Man has a long established fund sector and the latest Fund Statistical Data (published by the Isle of Man Financial Services Authority for the quarter ended June 2016) recorded 130 Exempt Schemes registered in the Isle of Man, with a combined net asset … more

  • IN442 - The Isle of Man: A Safe Harbour

    Over the past three decades the Isle of Man has attracted a wide variety of international businesses and individuals, many of whom are still resident in the Isle of Man and have made it their head office and/or home.

    Moody’s Investor Services Limited has recently (September 2016) released a statement stating that the Isle of Man is ‘more diverse and less volatile’ when compared to other offshore … more

  • JNB2: Formation of Companies in the Isle of Man - Companies Act 2006

    Why Use the Isle of Man?

    Isle of Man companies benefit from a zero rate of tax on trading and investment income.  They are also able to register for VAT, and businesses in the Isle of Man are treated by the rest of the EU for VAT purposes as if they are in the UK.

    Isle of Man companies are therefore particularly useful for:

    Holding investment portfolios and participations in other companies. … more

  • JNB1: Formation of Companies in the Isle of Man Companies Act 1931 (as amended)

    Isle of Man companies benefit from a zero rate of tax on trading and investment income.  They are also able to register for VAT, and businesses in the Isle of Man are treated by the rest of the EU for VAT purposes as if they are in the UK.

    Isle of Man companies are therefore particularly useful for:

    Holding investment portfolios and participations in other companies. This is due to the zero … more

  • IN421 - The Isle of Man - Your New Island Home?

    The beautiful Isle of Man is situated in the heart of the Irish Sea, centrally located between England, Ireland, Scotland and Wales.  Whilst the island may be small, just 572 km2, with its rugged coastline and rolling hills it can give you and your family space to breath, relax and enjoy what island life has to offer. 

    The Isle of Man has been a self-governing Crown Dependency since 1866, and … more

  • IN229 - An Isle of Man Exempt Fund - A Vehicle to Raise Capital for Use by Property Portfolios

    Funding is at the core of all successful business and the ability to raise capital when needed is vital to the survival and development of a good idea or sound business. 

    The 2008 credit crisis demonstrated that reliance on third party lenders can no longer be assured, particularly where the underlying assets are relatively illiquid in nature. An example of such assets would be a long term … more

  • IN407 - Isle of Man - The Home of the "Fintech" Entrepreneur

     "FinTech" is the technology relating to the delivery of financial services, with clients generally being small financial technology companies.  FinTech includes the holding of financial data and the distribution of digital products, where connectivity, security and legislative protection are all important factors.  

    Often these companies will have technology that negates the need for or … more

  • IN385 - Commercial Advantages for Companies Relocating to The Isle of Man

    The Isle of Man offers a financially attractive destination for a wide variety of businesses. Many companies have relocated to the island in recent years because, in comparison to other locations, the Isle of Man can be less expensive and it is also well regulated. This thriving jurisdiction plays host to a flourishing business environment.

    Location

    The Isle of Man is situated in the Irish Sea, … more

  • IN380 - Foundations - Why? And Consideration of Various Jurisdictions: Guernsey, The Isle of Man, Malta and Nevis

    Foundations are useful tools in terms of wealth management and asset protection. The jurisdictions of Guernsey, the Isle of Man, Malta and Nevis are attractive locations in which to establish a foundation. Each of these jurisdictions offer a number of potential advantages and the most appropriate jurisdiction will depend upon each specific situation.

    Dixcart and Foundations

    Dixcart can assist … more

  • IN370 - Incentives to Move Executives and Key Employees to the Isle of Man

    An often forgotten tax concession introduced by the Isle of Man Government is the Key Employee Concession Programme, which was introduced in the 2004 Income Tax Act. It is an incentive by the Isle of Man Government to encourage real substance based businesses to establish themselves on the Isle of Man. This small piece of tax legislation will play an important role in the coming years, … more

  • IN362 - A Small Jurisdiction Punching Above its Weight in the IT Sector: The Isle of Man

    Information and Communications Technology (ICT) is the broad term that covers the use of digital technology to help individuals and organisations to use information. This includes, for example, personal computers, smart phones, digital TVs, email and robots.

    The Isle of Man has become a popular jurisdiction for leading ICT organisations and start ups. During the past 15 years this jurisdiction … more

  • IN356 - The Isle of Man - Leading the Way in Digital Currencies

    Digital Currencies - Increasing Validation

    To the spectators and professionals that considered digital currency to be a fad or a flash in the pan this initial reaction may now need to be reconsidered.

    On 26 February 2015 the Bank of England (BOE) announced that they believe digital currency will revolutionise payment systems for banks. The BOE have announced that, as part of a wider macro … more

  • IN328 - Taxation of Crypto Currency, Developments to Significantly Increase Transparency and an Update on Sector Activity in the Isle of Man

    Taxation of Crypto Currency

    The UK and the Isle of Man are two of only a few countries that have specific guidance on the tax treatment of Crypto currencies.

    HMRC (UK) Taxation Briefing and VAT Treatment

    Earlier in 2014 United Kingdom HM Revenue and Customs released a briefing on the taxation of Bitcoins and Crypto currencies.  It indicates that they will essentially be treated in the same way … more

  • IN322 - Isle of Man - The Location of Choice for "FinTech" Companies

    "FinTech" is the technology relating to the delivery of financial services, with the client generally being a financial institution.  FinTech includes the holding of financial data on clients and the distribution of digital products, where connectivity,  security and legislative protection are all important factors.   

    Types of FinTech activity include:

    Cash and investment management … more

  • IN316 - The Isle of Man - The Benefits for Business and Family

    The Isle of Man offers a highly attractive business infrastructure and also provides a stable, secure and accessible environment for individuals and families. 

    This island is home to a number of diverse industries, including; aerospace, banking, financial services, manufacturing, ship and aircraft registration, the space industry and film production. 

    WHY THE ISLE OF MAN FOR BUSINESS?

    Location: … more

  • IN315 - Digital Currencies - The Isle of Man Leads the Way

    Digital Currencies and the Isle of Man

    Several digital currency (crypto currency) businesses are expressing interest in establishing themselves on the Isle of Man.  A number of major e-gaming companies are already located on the island and the Isle of Man has solid experience in hi-tech industries, a mature infrastructure and range of professionals to support digital currency organisations.

    In … more

  • IN312 - Aircraft Registration: Guernsey, Isle of Man, Malta and Portugal

    Dixcart provides aircraft registration services in a number of jurisdictions. These jurisdictions have registries which offer a variety of advantages and tax efficiencies. 

    Dixcart can advise on aircraft registration and help coordinate the aircraft registration process in: Guernsey, the Isle of Man, Malta and Portugal. This can include establishing and administering the relevant ownership … more

  • IN289 - Why Choose the Isle of Man or Malta for the Location of an E-gaming Business?

    The level of regulation within the e-gaming industry is constantly being reviewed to increase protection for users. Many of the less well regulated jurisdictions are beginning to find themselves less attractive to the major e-gaming organisations. 

    Agreement between the Isle of Man and Malta

    The Isle of Man Gambling Supervision Commission and the Malta Lotteries and Gaming Authority entered … more

  • IN275 - A Consideration of Shipping in the Jurisdictions of Cyprus, the Isle of Man, Madeira (Portugal) and Malta

    Dixcart can provide clients with a number of alternative ship registration solutions. 

    This note provides a brief overview of the shipping regimes in Cyprus, the Isle of Man, Madeira (Portugal) and Malta. More detailed information is available on request regarding shipping in each of the jurisdictions considered in this Article.

    Cyprus

    Cyprus is a major ship management centre attracting … more