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News and Articles

December 2013

UK Capital Gains Tax to apply on sale of residential properties held by non-residents

10.12.13

In the recent Chancellor's Autumn statement, it was announced that a new tax charge would be applied against disposals of UK residential property by non-UK residents from April 2015.

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November 2013

United Kingdom and Cayman Islands Agreement to improve international tax compliance

21.11.13

On 5 November, 2013 the Government's of the United Kingdom and Cayman Islands signed the first intergovernmental agreement (IGA) between the UK and an Overseas Territory.

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Cayman National acquires book of clients from HL Fiduciaries Limited

Cayman National acquires book of clients from HL Fiduciaries Limited

17.11.13

Cayman National Bank and Trust Company, based in Hope Street, Douglas, has completed the acquisition of the clients of specialist fiduciary service provider HL Fiduciaries Limited, from the shareholders of local Chartered Accountants, Harding Lewis Limited.

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Yacht club sponsorship marks new tack for Cayman National

Yacht club sponsorship marks new tack for Cayman National

10.11.13

Douglas Bay Yacht Club is on course to develop its training programme after it received sponsorship of £1000 from Cayman National Bank and Trust Company (Isle of Man) Limited.

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The Isle of Man wins Best International Finance Centre Award

02.11.13

The Isle of Man has been named 'Best International Finance Centre' in the Professional Advisor International Fund and Product Awards 2013 beating last year's winners, Jersey, into second place. In addition, businesses based in the Isle of Man won over half of this year's awards.

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October 2013

Isle of Man Gambling Duty Act 2012 Due To Come Into Force

21.10.13

The Isle of Man's Gambling Durty Act received Royal Assent in October 2012 and will come into operation on 1st January, 2014 if approved by local parliament, Tynwald.

It replaces the former general betting duty, pool betting duty and online gambling duty with a single duty of excise called 'gambling duty'. The Act repeals and replaces various provisions currently contained in the Pool Betting (Isle of Man) Act 1961, Betting Act 1970 and the Online Gambling Regulation Act 2001. It will not deal with machine games duty, lottery duty on National Lottery games, or land based casino gaming.

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The Isle of Man - The Jurisdiction of Choice for E-Gaming (by Ray Davies, Head of E-Garming , Isle of Man Department of Economic Development)

18.10.13

The Isle of Man has established itself as the jurisdiction of choice for e-Gaming operators to base their global operations and is home to well over 50 e-Gaming licensees. The gaming sector now accounts for 8% of the Island's Gross Domestic Product (GDP) and spend within the local economy of £175M with taxes paid to the Islands economy of over £16M.

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First British dependency to sign agreement with UK on automatic sharing of tax information

11.10.13

The Isle of Man has become the first British dependency to sign an agreement with the United Kingdom extending the automatic disclosure of tax information. The intergovernmental agreement was signed in London on 11th October 2013 by Chief Minister Allan Bell MHK and HM Treasury Exchequer Secretary David Gauke MP.

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September 2013

Isle of Man Signs Tax Co-Operation Agreement with Italy and Lesotho

17.09.13

As part of the Isle of Man Government's ongoing programme of signing Double Taxation Agreements and Tax Information Exchange Agreement (TIEAs), Treasury Minister Eddie Teare MHK signed TIEAs with Italy and Lesotho on 16th September 2014 in London.

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June 2013

Isle of Man signs Tax Information Exchange Agreement with Botswana.

21.06.13

The Isle of Man has signed a Tax Information Exchange Agreement (TIEA) with Botswana. The TIEA was signed by Botswana’s High Commissioner to the United Kingdom, His Excellency Mr Roy W Blackbeard, and by Manx Treasury Minister, Eddie Teare MHK, at a ceremony held in London on 14 June 2013.

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Isle of Man Tax Agreement with Guernsey comes into force

10.06.13

The Isle of Man’s Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income with Guernsey will enter into force on 5 July 2013.

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Middle East Corporate Aviation Summit

04.06.13

We are pleased to advise that our colleague, Peter Robinson will be attending the 2nd Annual Middle East Corporate Aviation Summit (MECAS) on the 13th June 2013. It is being held at the Sofitel Dubai Jumeirah Beach in Dubai.

Should you wish to meet with Peter Robinson at this event, please email peter.robinson@cnifs.com to arrange an appointment.

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