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Isle of Man 'not a tax haven'

18.09.13

Prime Minister David Cameron has admitted that the Isle of Man and other crown dependencies are not so-called 'tax havens'.

Before the G20 meeting in June, the Isle of Man, Guernsey and Jersey signed an agreement with the UK, and now it appears Mr Cameron has accepted the truth.

'I do not think it is fair any longer to refer to any of the Overseas Territories and Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems,' said David Cameron in the House of Commons.

'The Crown Dependencies and Overseas Territories, which matter so much – quite rightly – to the British people and members, have taken the necessary action and should get the backing for it.'

Many offshore locations have wrongly received poor reputations in the past, including the Isle of Man, where Consort are based.

'The Prime Minister has now reinforced that message in very strong terms. It supports our view that the Isle of Man is a responsible business centre with a competitive, clear and simple tax regime,' said the Isle of Man's Treasury Minister Eddie Teare.

'The Isle of Man has led the way in respect of tax cooperation and transparency for the past 15 years and was the first nation to commit to a FATCA-style agreement with the UK to automatically share tax information. We have also produced an action plan to set out our position on tax information exchange and the identification of corporate beneficial ownership, and recently confirmed our intention to join the Multilateral Convention on Mutual Assistance in Tax Matters.'

'The Isle of Man continues to work very closely with the UK and our international partners to drive forward measures to tackle tax evasion and fraud. There is increasing recognition of our willingness to be part of the solution, as highlighted by Mr Cameron's comments in the House of Commons this week.'

Amidst the talk surrounding off-shore services and avoiding tax, Consort would like to reassure you that our services are completely transparent and we offer our contractors a simple service in which they can retain their self-employed status whilst receiving the benefits of subcontracting. Our procedures have been developed following consultation with HMRC.

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