Isle of Man

No more than a dozen International Finance Centres (IFC) will still be around in a decade's time as offshore jurisdictions come under increasing attack, according to tax experts.

Customers with Isle of Man (IOM) bank accounts will no longer be able to withhold their tax details from the powers that be after the island today agreed to the automatic exchange of information within the EU.

Co-operation between regulators will be more effective than 'arbitrary' capital requirements on offshore subsidiaries or parents to mitigate 'risky' upstreaming practices, the Isle of Man (IOM) Government says.

International businesses and entrepreneurial corporates are been drawn to the Isle of Man from the UK after the Chancellor's Budget tax changes have "unsettled" non-doms, according to the Isle of Man Government.

IFAs believe offshore centres such as the Channel Islands, Isle of Man and Ireland will be some of the favourite locations chosen by financial services companies looking to escape London.

An Isle of Man Treasury working party will investigate whether automatic exchange of tax information should be introduced on the island. Currently tax information is shared only upon request.

The Isle of Man government has labelled Michael Foot's interim review of British offshore financial centres as "wholly appropriate".

Depositors with money trapped in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) have a month to wait before finding out how much cash they will get after a date was set for a vote on how compensation should be arranged.

Depositors with money trapped in Kaupthing Singer & Friedlander Isle of Man (KSFIOM) have a month to wait before finding out how much cash they will get returned after a date was set for a vote on how compensation should be arranged.

The Isle of Man Treasury will today present a finalised Scheme of Arrangement (SoA) to the high court hearing into the collapsed Kaupthing Friedlander & Singer Isle of Man (KSFIOM) bank.