Recent changes to the Isle of Man's financial services sector, achieved through close cooperation between the island's Government and Fund Management Association, have breathed new life into an underdeveloped industry
Fundamental changes to the financial services sector announced in the Isle of Man's 2003 Budget have succeeded in injecting new energy into what was previously a relatively underdeveloped funds industry. The Budget - delivered by the island's Treasury Minister, Allan Bell MHK - contained three important new initiatives designed to sharpen the funds industry's competitive offering. In summary, the first change dealt with the introduction of a zero rate of tax and the second an extension of a VAT exemption. The third development removed dual regulation legislation which contained a number o...
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