The Isle of Man has been urged to rebrand itself as an ‘independent financial
centre’ rather than an offshore centre, as tax havens look to clean up their
William F. Baity, deputy director of US anti-money laundering agency FinCen,
the Financial Crimes Enforcement Network, suggested the territory move away from
the label ‘offshore’, which has negative connotations, to ‘independent financial
‘Perception is reality and you will struggle as long as people talk about
reported Baity as saying.
The rebranding suggestion echoes moves made by Gibraltar in recent years,
which has pulled out of international groups with ‘offshore’ in their title to
try and shake off the tax haven tag.
The moves are unlikely to entirely appease critics, however.
Baity, in delivering the Chief Minister’s International Lecture at the Mount
Murray Hotel, also said that the Isle of Man has been helpful in its work in
‘What you are doing is helpful in our fight against financial crime and I
think that is important.’
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer