Report of Proceedings of House of Keys
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Doing Business in the Isle of Man
DOING BUSINESS IN THE ISLE OF MAN CONTENTS 1 – Introduction 3 2 – Business environment 4 3 – Foreign Investment 7 4 – Setting up a Business 8 5 – Labour 13 6 – Taxation 16 7 – Accounting & reporting 21 8 – UHY Representation in the Isle of Man 23 DOING BUSINESS IN THE ISLE OF MAN 3 1 – INTRODUCTION UHY is an international organisation providing accountancy, business management and consultancy services through financial business centres in over 100 countries throughout the world. Member firms work together through the network to conduct transnational operations for clients as well as offering specialist knowledge and experience within their own national borders. Global specialists in various industry and market sectors are also available for consultation. This detailed report providing key issues and information for users considering business operations in the Isle of Man has been provided by the office of UHY representatives: UHY CROSSLEYS LLC PO Box 1 Portland House Station Road Ballasalla Isle of Man, IM99 6AB British Isles Phone +44 (0) 1624 822816 Website www.crossleys.com Email [email protected] You are welcome to contact Andrew Pennington ([email protected]) or Nigel Rotheroe ([email protected]) for any enquiries you may have. Information in the following pages has been updated so that it is effective at the date shown, but inevitably it is both general and subject to change and should be used for guidance only. For specific matters, users are strongly advised to obtain further information and take professional advice before making any decisions. This publication is current at August 2021. We look forward to helping you do business in the Isle of Man. -
Bank (Recovery and Resolution) Bill 2020
Bank (Recovery and Resolution) Bill 2020 Consultation Yn Tashtey Treasury November 2019 Contents 1. Executive summary………………………………………………………………………….. 3 2. Introduction and background……………………………………………………………. 4 3. International Standards and implementation approaches…………………….. 4 4. Current Isle of Man position……………………………………………………………… 4 5. Overview of the draft Bill…………….……………………………………………………. 5 6. Feedback on the draft Bill…………..……………………..…………………………….. 10 7. Response Process …………………….…………………………………………………….. 11 2 1. Executive summary What is this Consultation Paper about? Following the Global Financial Crisis which erupted in 2007, various governments and international standard setting agencies have made significant advances in developing the legal, policy and operational frameworks necessary to ensure that future bank failures i) take place in an orderly fashion and ii) impose costs on the creditors and shareholders of the failed firm (through ‘bail-in’), as opposed to imposing costs on taxpayers (through ‘bail-out’). The Financial Stability Board has articulated a set of ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’1, endorsed by the G20 Governments, which have since informed the development of Bank Recovery and Resolution (‘BRR’) regimes in many countries. The aims of a BRR regime are to ensure the continuation of critical banking functions, to protect covered depositors and client assets, to avoid negative effects on financial and economic stability and to minimise reliance on public financial support to failing -
HOUSE of KEYS Y Chiare As Feed
PP 2020/0047 HOUSE OF KEYS Y Chiare as Feed 12th March 2020 Nomination papers laid before the House of Keys Pursuant to the Order of the House I have laid the attached papers before the House of Keys on the above date. They consist of the nominations, received by email, and attached papers. i / 12th March 2020 Roger PHILLIPS Secretary of the House of Keys Mr. Martyn Perkins, MHK, Legislative Buildings Finch Road Douglas Isle of Man IM1 3PW 30th of January 2020 Mr. Roger Phillips Secretary to the House of Keys The Clerk of Tynwald’s Office Legislative Buildings Finch Road Douglas Isle of Man IM1 3PW Dear Roger – re - Nomination for The Legislative Council Election – 12th of March 2020 Mr. Robert William (Bill) Henderson I wish to propose and nominate Mr. R. W. Henderson of[Address redacted] Isle of Man, Member of the Legislative Council and Tynwald for a position on the Legislative Council in the forthcoming Legislative Council Elections on the 12th of March 2020. I attach his CV/ Introduction document which ably demonstrates why I consider him to be a worthy candidate. The Honourable Member Mr. A. L. Cannan MHK has agreed to second Mr. Henderson and The Honourable Members Mr. Howard Quayle MHK and Mr. Tim Baker MHK have agreed to support the nomination. Mr. Henderson’s contact details are – phone – [Contact details redacted] . Mr. Henderson was born and educated on the Island. He was a long standing Member of the House of Keys, Tynwald and latterly the Legislative Council up until the 29th February 2020. -
Detailed Government Accounts – Year Ended 31 March 2017
GD 2017/0024 DETAILED GOVERNMENT ACCOUNTS 2016/17 www.gov.im Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 DETAILED ACCOUNTS For the Year Ended 31st March 2017 LAID BEFORE TYNWALD BY THE TREASURY Page 1 Isle of Man Government Detailed Accounts – Year Ended 31 March 2017 CONTENTS 1. Foreword by The Minister ............................................................................. 4 2. Introduction .................................................................................................. 5 3. Financial Highlights ....................................................................................... 6 3.1. Government Revenue ........................................................................................... 6 3.2. Government Capital .............................................................................................. 7 3.3. Reserves Summary ............................................................................................... 8 3.4. Balance Sheet ...................................................................................................... 9 4. Accounting Policies ..................................................................................... 10 5. General Revenue Account ........................................................................... 13 6. Accounts of the Consolidated Loans Fund (CLF)......................................... 22 7. Detail by Departments, Boards and Offices ................................................ 32 7.1. Department of Economic -
Making Most of T E Map
○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ 64 /1(5) АНГЛИЙСКИЙ ЯЗЫК В ШКОЛЕ / ENGLISH AT SCHOOL ○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○○ Making Most of t e Map Tatyana Kuznetsova, teacher of the settlement of Novopodrezkovo, Himkinsky raion, Moskovskaya oblast n every English classroom you can find a map of Great Britain. The word “map” is always associated with geography and used by teachers to show the parts of Great I Britain and their capitals. But at the same time the map is a great source of activities challenging and appealing to the students. I tried some of them in different groups of students from elementary level up to upper$intermediate. Activity 1 The aim of this activity is to enable students to find the isles on which The United Kingdom of Great Britain and Northern Ireland is situated. The students look at the map and the teacher gives the key sentence: The United Kingdom of Great Britain and Northern Ireland is situated on the British Isles… What other isles can you find? All of them belong to the UK. For further practice you can choose one or two islands to find more information. You can also attract your students attention to the pronunciation, transcription and the use of articles with geographical names. Activity 2 You can choose one for further practice, for example the Isle of Man. I tried “gap filling exercise”, it’s a pair work. Students ask questions to find information about the Isle of Man. Student A Country name: Isle of Man. Government type: parliamentary democracy. Administrative divisions: 24 local authorities, each with its own elections. Constitution: unwritten. -
It Is the Policy of the Isle of Man Government to Maintain
Explanatory Memorandum for Tynwald Members Issued by the Treasury To The Hon Stephen Rodan MLC, President of Tynwald and the Hon Council and Keys in Tynwald assembled Tynwald – June 2021 1. TITLE OF MEASURE The Global Anti-Corruption Sanctions (Isle of Man) Order 2021 2. CHANGES IN POLICY The Isle of Man Government’s policy in relation to sanctions: “It is the policy of the Isle of Man Government to maintain the implementation of international sanctions measures in the Isle of Man in line with such measures as have effect in the United Kingdom from time to time.” The policy was revised in July 2019 in part to align more closely with United Kingdom policy on sanctions, as a consequence of the United Kingdom’s departure from the European Union. 3. EFFECTS OF THE MEASURES The Global Anti-Corruption Sanctions (Isle of Man) Order 2021 (of UK Parliament), an Order in Council (the “modified Regulations”), extends, with modifications, the Global Anti-Corruption Sanctions Regulations 2021 (of UK Parliament) (“the Global Anti- corruption Regulations”) to the Isle of Man as amended from time to time, along with 3 specific sections of the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”) so that the Global Anti-corruption Regulations operate correctly in the Isle of Man context. The Global Anti-Corruption Regulations were made under Part 1 of the Sanctions Act to establish a sanctions regime for the purpose of preventing and combatting serious corruption. The Global Anti-Corruption Regulations, as modified and extended to the Isle of Man by this Order (“the modified Regulations”), provide that a person designated by the Secretary of State for being, or having been, involved in such activities, is a designated person for the purposes of the modified Regulations. -
Mount Murray Report
16. THE COMPLIANCE ISSUE i) Introduction 16.1 In the last sub-section of our account of government actions following Professor Crow’s Report, we reported on deficiencies of action in the current failure to recognise or to accept the need for ensurance of compliance with laid down procedures. In this section we take this important matter further. 16.2 In 1991 the procedures for the receipt and processing, consideration and determination of planning applications by the Department of Local Government and the Environment were rudimentary and rarely documented. 16.3 The irregularities which occurred in respect of the Mount Murray development appear to have arisen for reasons which include the shortcomings of procedures, the failures of staff of the planning office, the failures of Planning Committee, and the absence of credible mechanisms to devise proper procedures to deter such failures and/or to identify and correct those which occurred. 16.4 Accordingly, we have given careful consideration to the issues involving the proper regulation of planning applications and their determination by the Planning Committee and to the enforcement of compliance with such regulatory procedures as are introduced. 16.5 We make specific recommendations in section 19 in respect of many of the matters of concern which we raise in this particular section. ii) Corporate Approach 16.6 In a pro forma letter dated 5th August 2002, Mr Corkill, Chief Minister, presented a “new initiative” on behalf of the Council of Ministers which he called “Corporate Government and Business Planning”. The new initiative is said to seek to secure greater corporate working and greater use of business planning within government, to be about changing the role of the Council of Ministers, and to be about changing the role of the Chief Officers Group.1 The Chief Officers’ Group is described in sub- section 7 (xxi) above. -
Copy of the Letter Transmitting the CPT's Report
CPT/Inf (2005) 1 Report to the Government of the United Kingdom on the visit to the United Kingdom and the Isle of Man carried out by the European Committee for the Prevention of Torture and Inhuman or Degrading Treatment or Punishment (CPT) from 12 to 23 May 2003 The United Kingdom Government has requested the publication of this report and of its response. The Government's response is set out in document CPT/Inf (2005) 2. Strasbourg, 4 March 2005 Report to the Government of the United Kingdom on the visit to the United Kingdom and the Isle of Man carried out by the European Committee for the Prevention of Torture and Inhuman or Degrading Treatment or Punishment (CPT) from 12 to 23 May 2003 - 3 - CONTENTS Copy of the letter transmitting the CPT’s report.................................................................................. 7 I. INTRODUCTION ....................................................................................................................9 A. Dates of the visit and composition of the delegation ............................................................. 9 B. Establishments visited............................................................................................................ 10 C. Consultations held by the delegation .................................................................................... 11 D. Cooperation between the CPT and the authorities of the United Kingdom and the Isle of Man................................................................................................................ -
Invest with Your Head and Your Heart
www.business365iom.co.uk | JULY 2020 ISSUE INVEST WITH YOUR HEAD AND YOUR HEART How RL360 is championing responsible investing For life’s financial journey www.rl360.com RL360 is part of COVID19 CASTLE MONA B365 FEATURE: HOUSEHOLD RESTORATION WELLNESS AT WORK INCOME SURVEY PLANS It’s a topic that many companies have started taking seriously. The reasons aren’t entirely A survey has been launched by Isle of Man Tevir Group has submitted plans for the first altruistic though, because – in purely financial Government Economic Affairs Division, phase of the restoration of the Castle Mona terms – looking after the health and wellbeing to help further understand the impacts of Hotel. The proposed works are detailed within of staff increases efficiency and improves staff the coronavirus (COVID-19) pandemic on three planning applications and three registered retention. people in the Isle of Man. building applications. THE ISLE OF MAN’S ONLY DEDICATED BUSINESS MAGAZINE NEWS | COMMENT | INSIGHT | PEOPLE | MOVEMENTS | FEATURES | TECHNOLOGY | HEALTH ProtectProtect youryour businessbusiness Secure offshore email, archiving & security awareness training services Inside your organisation Educate employees to recognise threats and use best practice security policies with effective online security training programs. At your perimeter Protection from inbound phishing, malware and spam attacks whether in the office, at home or mobile. Contact Us business.sure.com July CORONAVIRUS HOUSEHOLD IMPACT 5 SURVEY LAUNCHED A comprehensive round-up of the latest business news ProtectProtect youryour covering all sectors within the Isle of Man’s diverse and FIRST LOOK AT CASTLE MONA dynamic business environment. 6 RESTORATION PLANS PDMS ENHANCES MARITIME Expert comment from leading figures within the 10 EXPERIENCE businessbusiness business community, on a variety of topical issues across a range of sectors. -
Report of Proceedings of Tynwald Court
Printed (by Authority) by CORRIE Ltd., 48 Bucks Road, Douglas, Isle of Man REPORT OF PROCEEDINGS OF TYNWALD COURT DOUGLAS, Tuesday, 21st January, 1986 at 10.30 a.m. Present: The Lieutenant-Governor (His Excellency Major General Laurence New, C.B.E.) In the Council: The President of the Council (the Hon. J.C.Nivison, C.B.E.), the Lord Bishop (the Rt. Rev. Arthur Henry Attwell), the Attorney-General (Mr. T.W. Cain), Messrs. A.A. Callin, Mrs. B.Q. Hanson, Mr. E.G. Lowey, Dr. E.J. Mann, Messrs. J.N. Radcliffe and E.M. Ward, B.E.M., with Mr. T.A. Bavvden, Clerk of the Council. In the Keys: The Acting Speaker (Mr. G.V.H. Kneale), Messrs. W.K. Quirk, W.A. Gilbey, J.D.Q. Cannan, Mrs. C.M. Christian, Messrs. S.L. Morrey, J.H. Kneale, D.G. Maddrell, R.A. Payne, P. Karran, M.R. Walker, N.Q. Cringle, C.H. Faragher, Dr. D.L. Moore, Messrs. C.A. Cain, A.R. Bell, E.C. Irving, C.B.E., A.C. Duggan, D.C. Cretney, D.F.K. Delaney, D. Martin, J.A. Brown, with Mr. R.B.M. Quayle, Clerk of Tynwald. The Lord Bishop took the prayers. APOLOGIES FOR ABSENCE The Governor: Hon. members, we have a number of apologies for absence this morning: First, from Mr. Speaker, who is making good progress and hopes to be back in time for the meeting of the House of Keys next week, from Mr. Anderson, who is now out of hospital and recuperating at home, and Mr. -
Final Report Formatted
THE PROSPECTS FOR OFFSHORE FINANCIAL CENTRES IN EUROPE MATTIAS LEVIN CEPS RESEARCH REPORT AUGUST 2002 The Centre for European Policy Studies (CEPS) is an independent policy research institute in Brussels. Its mission is to produce sound policy research leading to constructive solutions to the challenges facing Europe. As a research institute, CEPS takes no position on matters of policy. The views expressed are entirely those of the author. Mattias Levin is a Research Fellow at CEPS and a specialist in the area of banking and financial markets in the European Union. The author wishes to acknowledge the valuable input he received in the context of two other projects: a high-level workshop in Liechtenstein on offshore financial centres in November 2001 and a study mission to Madeira with his colleague Wolfgang Hager, also in November 2001. He would also like to thank Prince Nikolaus of Liechtenstein, Stefano Catelani of Du Pont and Karel Lannoo, CEPS CEO, for their constructive comments on earlier drafts of this report. All opinions and any remaining errors, however, are the author’s alone. ISBN 92-9079-382-1 © Copyright 2002, Centre for European Policy Studies. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means – electronic, mechanical, photocopying, recording or otherwise – without the prior permission of the Centre for European Policy Studies. Centre for European Policy Studies Place du Congrès 1, B-1000 Brussels Tel: 32(0)2 229.39.11 Fax: 32(0)2 219.41.51 E-mail: [email protected] Website: http://www.ceps.be CONTENTS EXECUTIVE SUMMARY ........................................................................................................I INTRODUCTION ...................................................................................................................1 1. -
Report of Proceedings of Tynwald Court
Printed (by Authority) by CORRIE Ltd., 48 Bucks Road, Douglas, Isle of Man. REPORT OF PROCEEDINGS OF TYNWALD COURT Douglas, Tuesday, 20th January 1998 at 1030 a.m. Present: the year of the sea, this parliamentary assembly, The President of Tynwald (the Hon Sir Charles Kerruish representative of the Manx nation, will undoubtedly face OBE LLD (hc) CP). In the Council: The Lord Bishop (the many new challenges as well as being afforded new Rt Rev Noel Debroy Jones), the Attorney-General opportunities: opportunities to throw off the local authority (Mr W J A Corlett), Mr B Barton, Hon C M Christian, image that our ever increasing acceptance of other Messrs D F K Delaney and E G Lowey, His Honour jurisdictions' decisions can possibly generate; A C Luft CBE, Hon E J Mann, Messrs J N Radcliffe and opportunities to look at the effectiveness or otherwise of G H Waft, with Mr T A Bawden, Clerk of the Council. the operation of both private and government monopolies in the Isle of Man; to ascertain whether the public belief In the Keys: The Speaker (the Hon N Q Cringle) that we are, as a nation, becoming over-governed and over- (Rushen); Mr L I Singer and Hon A R Bell (Ramsey); regulated is correct; to consider the possibility of bringing Hon R E Quine OBE (Ayre); Mr J D Q Cannan (Michael); Manx Radio and television under a Manx Wireless Hon H Hannan (Peel); Mr W A Gilbey (Glenfaba); Telegraphy Act; to determine what is to be done about the Mr S C Rodan (Garff); Hon D North (Middle); basic industries withering on the bough; opportunities, Mr Mr P Karran, Hon R K Corkill and Mr J R Kniveton Attorney, for our draftsmen to transform the language of (Onchan); Messrs J R Houghton and E A Crowe (Douglas the law to make it more readily understandable to both North); Hon D C Cretney and Mr A C Duggan (Douglas ourselves and the people we represent; and, looking ahead, South); Mr R P Braidwood and Mrs B J Cannell (Douglas opportunities to determine our relationship with the East); Messrs J P Shimmin and A F Downie (Douglas emerging Celtic nations.