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March 2011

UK Anti-avoidance Rules Under Threat Guest Article by Paul Hotchkiss

01.03.11

The European Commission has recently issued a press release stating:

"The European Commission has formally requested the United Kingdom to amend two discriminatory anti-abuse tax regimes which concern the transfer of assets abroad and attribution of gains to members of non-UK resident companies. The requests take the form of Reasoned Opinions (the second step of an infringement procedure). In the absence of a satisfactory response within two months, the Commission may refer the UK to the European Court of Justice.

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European Union Directive on the Taxation of Savings Income - New Reporting Procedures for Paying Agents Guest article by Paul Hotchkiss

01.03.11

Paying agents have been advised of new reporting obligations which will apply from 1 July 2011 in relation to the application of the Isle of Man’s equivalent to the European Union Directive 2003/48/EEC on the taxation of savings income in the form of interest payments (commonly referred to as the EUSD).

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New Guidelines for registering offshore companies in Dubai Guest article by Poonam Nagi

01.03.11

As of 1st January 2011, the Dubai Land Department issued new guidelines to register property for offshore companies.

In a step forward, the Dubai Land Department will permit and accept registration of title to freehold property provided the corporate entities purchasing property are “offshore” entities registered in the “Jebel Ali Free Zone (JAFZ)”. These Guidelines are not retrospective and only apply to new registrations at the Dubai Land Department on or after 1 January 2011.

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Appointment of Phil O'Shea as a Non-Executive Director to Cayman National Isle of Man

Appointment of Phil O'Shea as a Non-Executive Director to Cayman National Isle of Man

01.03.11

The Cayman National Group are pleased to announce the appointment of Phil O’Shea as a non executive director to the boards of both Cayman National Bank and Trust Company (Isle of Man) Limited and Cayman National Fund Services (Isle of Man) Limited.

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Isle of Man Signs Tax Co-operation agreement with Canada

01.03.11

Continuing with its programme of developing closer economic and taxation co-operation with other countries, the Isle of Man has concluded discussions and signed a Tax Information Exchange Agreement (TIEA) with Canada. This is the 18th TIEA and the Island’s 21st agreement that meets the OECD international standard on tax co-operation and transparency.

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Isle of Man signs Tax Co-operation Agreement with India

01.03.11

The Isle of Man Government has signed a Tax Information Exchange Agreement (TIEA) with India.

This is the second agreement to be signed by the Island in February 2011, and is the 19th TIEA in place. The Island has now signed 23 agreements that meet the OECD international standard on tax co-operation and transparency. The signing ceremony took place at the Indian High Commission in London between Mr Nalin Surie, High Commissioner of India to the UK, and Manx Treasury Minister Anne Craine MHK.

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Isle of Man Signs New Double Taxation Agreement with Bahrain

01.03.11

The Isle of Man has signed a comprehensive double taxation agreement (DTA) and a memorandum of understanding on economic, trade and technical co-operation (MOU) with Bahrain.

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Inheritance Tax ("IHT") Planning Solution by Neil Walker, OneE Tax

01.03.11

Over the past few years, Cayman National has worked with and provided fiduciary and banking services to the clients of a leading UK tax consultancy firm called OneE Tax Ltd.

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November 2010

EU Savings Directive 2…..on the horizon, but getting any closer?

26.11.10

Council directive 2003/48/EC (EUSD 1) was adopted by the then 25 EU Member States from 1 July 2005. At the same time 15 other ‘third’ countries, including the Isle of Man and the Cayman Islands, also introduced similar measures. EUSD 1 was considered to be effective ‘within the limits set by its scope’.

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Isle of Man signs Tax Co-Operation Agreement with China

26.11.10

Signing of TIEA with China creates a powerful new tax co-operation relationship for the Isle of Man.

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A winning formula at the Isle of Man Aircraft Registry

26.11.10

The Isle of Man Aircraft Registry has announced the achievement of another key milestone with over 300 aircraft now registered since it was established on 1st May 2007. The growth in the register has occurred despite the current global economic climate and at a pace which continues to exceed expectations. The Isle of Man now has the fastest growing offshore aircraft register in the world.

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Isle of Man Added to List of ‘Approved’ Jurisdictions by Hong Kong Stock Exchange (HKSE)

26.11.10

The Isle of Man has been accepted by the Stock Exchange of Hong Kong as an ‘approved jurisdiction’ for the purposes of the listing of its companies on that exchange.

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