THE INTERNATIONAL BUSINESS MAGAZINE OF THE ISLE OF MAN

ISSUE 141ISLE OF MAN

CONTENTSDEPARTMENTS

News Government Features Motoring Appointments Directory Lifestyle

The latestdevelopments

from some of theIsle of Man’s

leadingorganisations

Initiatives,proposals and

legislation fromthe Isle of Man

Government’s keyDepartments

Expert marketcommentariesfrom leadingprofessionals

within the Island’sprivate sector

Reports on thelatest cars, plus

surveys andfindings in the

global carindustry

A comprehensiveround-up of keyspecialist andprofessionalappointments

Island-wide

Airline timetables,a comprehensive

Isle of ManBusiness

Directory plusIsland info & stats

Popular featuresincluding ‘A Weekin the Life’; ‘Q&A’plus local events

and a UK Gig Guide

SPOTLIGHT

New CorporateHQ for Strand

Group

Page 12

Growth acrossall sectors

anticipated afterrecent Budget

Page 18

BUDGET SPECIAL:Reaction from thePrivate Sector toIsle of Man Budget

From Page 26

Canaccord’ Headof Wealth

Management on2014 prospects

Page 32

The impact onEmerging Markets

of a financialrecovery

Page 34

Stunning newLexus to make

debut at GenevaMotor Show

Page 43

A ‘selfie’ ofStan Keig toaccompany

his Q&A!

Page 65

PRODUCTION, CONTACTADVERTISING:

SarahKlaffenböck

T: 01624 623527M: 07624 481189

E: advertising@manx.net

EDITORIAL:Keith Uren

T: 01624 611100M: 07624 498740

E: portfolio@manx.net

Isle of Man Portfolio magazine is published monthly and is delivered toevery private and public sector business in the Isle of Man

by the Isle of Man Post Office.

The magazine is freely available from a dispenser situated in theDeparture Lounge of Isle of Man Airport,and in the Rendezvous Executive Lounge.

Financial institutions and Government Departments take copies forcirculation among their clients.

The magazine is also taken by several leading Isle of Man hotelsfor their guests.

Isle of Man Portfolio is also individually mailed to seniorprofessionals retained on the magazine’s database.

Isle of Man Portfolio magazine is designed and published by Keith Uren

Keith Uren Publishing | 12 Manor Lane | Douglas | Isle of Man | IM2 2NX

T: 01624 611100 | M: 07624 498740 | E: portfolio@manx.net

ISLE OF MAN

PORTFOLIOISSUE 141

© 2014Keith Uren Publishing Ltd

News

ISLE OF MAN

New marketing company is Taylor Made

A new way to book luxury travel

Significant investment at Clucas PLCTromode Estate: new Strand Group HQ

Rendezvous Sky to base aircraftat Isle of Man Airport

Isle of Man Maritime Group is formed

WH Ireland launches Isle of Man office

Prestigious UK design awardfor Manx Telecom

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MEET THE TEAM . . .Lourdes Otxoa de Alda, Operations Director, StorallLourdes has been responsible for managing Strand Group’s document storage, scanning and secure destructionoperation, Storall, since the launch of the business in 2002. During that time Storall has become the Island’s leadingsecure document management business with clients ranging from small privately owned companies to internationalfinancial institutions. Lourdes ensured Storall attained ISO 9001 and ISO 27001 accreditations so customers are assuredof quality management and comprehensive information security standards. She has also been instrumental in developing the recycling aspect of the business. Securely shredded documentsare exported to mills in the UK where they are recycled to make toilet tissue and paper towels which parentcompany Strand Facilities Services purchase to supply to clients on the Island. Lourdes holds a degree in computer programming from her native Basque countryand enjoys socialising with friends and taking care of her son, Unax, 7, who she adores.

Strand Group Ltd, 28-30 Spring Valley Industrial Estate, Braddan, Isle of Man, IM2 2QS

Telephone 663913 • www.strandgroup.im

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

aylor Made Marketing Limited

is a specialist marketing

consultancy that has been

created to offer cost effective

marketing solutions for SMEs.

The new company, based in

Berkeley Street Lane near

Woodbourne Road in Douglas, aims to

offer the following key services:

Marketing audits to help identify

strengths, weaknesses and valuable

opportunities to create growth;

Marketing planning, implementation

and measurement to help achieve

objectives; Specialist marketing advice

and training; Outsourcing to save time

and money.

Director and Chartered Marketer,

Helen Taylor, is keen to introduce her

wealth of skills and experience in

customer focus and measurement for

commercial results.

“Customers are the most

important aspect of any business. We

offer a professional and friendly

approach to helping businesses make

the most out of their customer base by

building long term, profitable

relationships.

“As we all know, word of mouth is

a huge part of island business, so all

the more reason to invest in customer

focus.”

Link: www.taylormade.im

TNew marketing company is Taylor Made

ne of the Island’s leading

travel companies is offering

a new facility to its clients –

aimed at increasing their privacy

when booking their personal

holidays.

Richmond Travel now has the use

of a private office facility at 14 Athol

Street in Douglas, inside the

corporate headquarters of its parent

company, the Online Regional Travel

Group. Clients can, by appointment,

arrange to meet the company’s

Branch Manager, Luisa Crabtree, to

discuss and book their travel plans in

confidence instead of at her Duke

Street shop.

The service has been launched

after staff at Richmond Travel became

aware that a number of Island

residents have been choosing to book

their arrangements online or instead

use a UK-based agent because they

felt uncomfortable discussing their

plans or their level of intended spend

sat inside a traditional travel agent’s

shop. The new private office facility is

discreet and not accessible to the

general public.

It is already proving popular with

Manx residents, as Luisa Crabtree

explains: “Whilst the traditional travel

agent’s shop is generally still a very

popular place to do business, we

know that some locals simply will not

visit us purely because they want to

arrange their holidays in confidence

and not have other people hearing or

talking about their travel plans. Some

of them won’t even set foot through

the door to pick up a brochure. In

addition, another factor preventing

them from coming to see us is that

they don’t want anyone else to

overhear how much their trips cost.

“Some people choose to invest a

lot of money into their holidays and

wish to deal with their purchase in

the same way they would that of a

new car or house – in a private office

and away from public view. Our new

facility on Athol Street allows them to

do just that.”

A new way to book luxury travel

O

Helen Taylor

Luisa Crabtree

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MEET THE TEAM . . .Ricardo Amaral, Operations Manager, Strand Facilities Services Ricardo is responsible for the day-to-day operations of the busy facilities management arm of the Strand Group. Heorganises the deployment of over 120 people, ensuring that they are where they need to be, either for regular contractsor for the unscheduled jobs that crop up most days.Ricardo is also responsible for training. The Company has just been accredited for the 18th successive year as a BritishInstitute of Cleaning Sciences (BCISc) Training Centre.Originally from Portugal where he worked in the automotive textiles industry, Ricardo joined the Strand Group in 2002as a cleaner and was quickly promoted to team leader. He became a supervisor, then senior supervisor and in 2011Ricardo took over the role of Operations Manager. He is married with a four year old daughter. Outside of work he spends his time withfriends and family and enjoys the natural beauty of the Island.

Strand Group Ltd, 28-30 Spring Valley Industrial Estate, Braddan, Isle of Man, IM2 2QS

Telephone 663913 • www.strandgroup.im

lucas Plc will invest in a

significant development at its

Tromode Estate, just outside of

Douglas. Currently called the Gateway

Project and on the former site of the old

Clucas Laundry, the development will

cover 1.87 acres and will be the new

corporate headquarters for the Strand

Group.

Strand Group is facilities

management company Strand Facilities

Services, secure document management

company Storall and contract cleaning

brand Krypton. They currently occupy

five different premises and the move to

the new development will bring the

businesses together on one site.

This is a boost for the local

construction industry as all aspects of the

build, from demolition to construction,

and professional services from architects

to quantity surveyors are Island based.

Both Clucas Plc and Strand Group

operate a strong ‘stay local’ policy when

it comes to sourcing suppliers.

Mike Henthorn, Chairman of Clucas

Plc said, “We can’t think of anyone we’d

rather develop the site with. Strand

Group’s thinking very much mirrors our

own particularly when it comes to

environmental issues. For instance,

keeping the green areas and adding

trees to make an attractive, open and

pleasant area was one of the first things

we both agreed on.

“Sustainability and energy efficiency

along with general environmental issues

have been important considerations

throughout the planning stages of the

development,” he added.

The new Strand Group premises will

consist of five units of 3,000 sq feet each

with mezzanine offices in the first unit

and will occupy 1.25 acres of the new

development. It will have a timber clad

entrance feature and tinted glazing that

will wrap around the side of the entrance

area. There will be five loading areas,

parking for 36 vehicles, secure cycle

parking as well as disabled spaces and

there’ll be discreet parking at the rear for

large goods vehicles. Strand Group is

investing an initial £250,000 in the run up

to the move, with further investment

planned for 2015 and beyond.

The Gateway Project is a significant

part of the ongoing development of

Tromode Estate. Recent years have seen

the area transformed from a traditional

industrial estate into a modern

development with new buildings

meeting the requirements of service-led

businesses including units which can

meet the special needs of the IT industry.

Most recently Mannage.IT and Manx

Business Solutions have moved into

Tromode Estate and began trading there

in January.

Founder and Chairman of Strand

Group, John Hellowell said, “This is the

biggest project we’ve undertaken in our

25 year history and it will be a

tremendous boost for our businesses,

and our people. It will be great to be able

to have everyone under one roof.”

The links between the two

companies go back 26 years and in 2011

Strand Facilities Services took over

Krypton Contract Cleaning from Clucas.

Some of the staff who worked at the

original site will be returning to

Tromode, meaning that around 20

members of the Krypton team will have

something of a homecoming when they

move into the new building.

“There have been extensive

discussions with Clucas as to how best to

tailor the building to our needs,” said Mr

Hellowell. “This close working relation-

ship means we’ll be able to install a state

of the art document storage system. It

will be fully automated giving us

enhanced efficiency, security, and

greater capacity.”

The whole building’s foundations

will be raised by one metre, giving extra

integrity, safety and security to the whole

premises. Rubble from the demolition of

the original building will be reused as

part of this procedure.

Construction is scheduled to be

completed in September of this year and

its location at the entrance to the Estate

means it is set to become the flagship

development of Tromode Estate.

Significant investment at Clucas PLCTromode Estate: new Strand Group HQ

CStrand GroupChairman,

John Hellowell

Cleaning Services Facilities ServicesAll aspects of commercial cleaning, from Office andretail cleaning to school and washroom. Carpetscleaned, windows cleaned (including high-level), ITand computer cleaning.

Caretaking, gutter cleaning, fire safety, high level accessup to 83ft, key holding service, painting & decorating,pest control, joinery & handyman services, pressurewashing, appliance testing. An ISO27001 accreditedcompany.

28-30 Spring Valley Industrial Estate, Braddan, Isle of Man, IM2 2QS

Telephone 663913 • www.strandgroup.im PART OF THE STRAND GROUPOF COMPANIES

Touching your everyday life

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endezvous Sky, which

launched in November 2013 to

offer a fresh alternative to

scheduled services here on the Island is

proving to be a huge success.

In the current climate and with so

much uncertainty surrounding

scheduled flight frequencies and route

viability, Rendezvous have stepped in,

working tirelessly with the business

community to try and find a solution. As

a result, they have introduced a new

concept in air travel for the Isle of Man

which offers great benefits and

flexibility.

With over 15 year experience in

Aircraft Chartering, Brett Turner CEO is

very excited at the positive response in

the last few months: “We have a

dedicated team with 24/7 cover here on

the Island and we have taken on a Sales

Manager, David Williams, due to the

volume of enquiries. He is working

along side Chris Byrne, General

Manager (formally of Island Aviation),

who has specialised in handling

Corporate flights on the Island for 27

years and has over 40 years in the

industry. Myself and my Business

Partner, Sarah Turner, will oversee and

continuously update our database and

develop our new concept, IOM Charter

Club, bringing people together to

combine flights and reduce costs.

Rendezvous Sky offers the

opportunity to charter aircraft flying

from the Isle of Man to anywhere in the

world, but with the added benefit that

they can choose to reduce the hire cost

by using Rendezvous Sky’s live data

base to link up with other companies

and individuals.

Rendezvous Sky have teamed up

with a European corporate airline

operating Executive Aircraft who will

base aircraft at Ronaldsway from March

17th. The airline’s Managing Director,

Jonathan Gordon, (who is Manx and

whose daughter is an aviation lawyer

practicing on the Island) says he has

been looking for the right opportunity in

the Island since 2008 and feels that

teaming up with Rendezvous is a

perfect fit. “Rendezvous will book the

aircraft and escort the passengers

through their lounges and we then take

over and deliver clients in style in their

chosen executive aircraft. Being based

on the Island will allow clients all the

advantages of corporate air travel but

without the additional cost of the

positioning aircraft at Ronaldsway first,”

says Gordon.

Links:

www.rendezvoussky.com

Email: david@rendezvoussky.com

Rendezvous Sky to baseaircraft at IOM Airport

RDavid Williams (left),Chris Byrne

Maritimegroupformed

ganisations from the Isle of

Man maritime sector have

come together, ahead of the

International Festival of Business 2014

(‘IFB 2014’), to form the ‘Isle of Man

Maritime’ group.

The aim of the group is to

consolidate efforts in promoting the Isle

of Man as a centre of excellence for the

maritime sector on an international

level, and to explore shared

opportunities, with a focus around the

upcoming high profile IFB 2014 event.

The group, which is managed by its

own steering committee is meeting

regularly to discuss opportunities for

market collaboration and resource co-

operation.

The Isle of Man Maritime group will

shortly be announcing its first co-

ordinated IFB event during the

Maritime, Logistics and Energy themed

week, June 9th to 13th in Liverpool.

The Isle of Man Maritime group has

chartered the prestigious schooner

Kathleen and May in Liverpool docks

for 11th and 12th June to host a series of

presentations and informal events.

Members of the Isle of Man

Maritime group include Baker Tilly,

Bernhard Schulte Shipmanagement,

Bibby Ship Management, Boston Ltd,

Cayman National Bank and Trust Co.

Ltd., Döhle, ICM Group, i-Bos Ltd, Isle

of Man Ship Registry, Isle of Man

Shipping Association, the Isle of Man

Yacht Forum, KPMG, Maersk and

PDMS.

O

The luxurious interiorof a ‘King Air’ aircraft

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H Ireland, the financial

services group that

provides corporate

broking and private wealth

management services, is pleased to

announce that its Isle of Man

subsidiary, WH Ireland (IOM) Limited

(the ‘Isle of Man office’) has gained

regulatory approval from the Isle of

Man Financial Supervision

Commission (‘FSC’) enabling it to

launch a new office on the island.

The new office is based in the

centre of the Douglas financial

community at Athol House, 21a-23

Athol Street, Douglas, led by David

Bushe, Gary Colley and Will Corrin

who collectively have over 70 years’

investment management experience.

hey will report directly to Richard

Killingbeck, Chief Executive of WH

Ireland. The office is tasked with

launching WH Ireland’s international

wealth management services and

managing corporate and private client

discretionary and advisory asset

management relationships on the Isle

of Man and other jurisdictions, typically

with portfolios in excess of £250,000.

The Isle of Man team will

contribute to the Group’s asset

allocation committee. With a wealth of

experience, jurisdictional presence and

knowledge, it is expected to add

significant value to WH Ireland’s

discretionary and advisory asset

management proposition.

In turn, it will benefit from the

resources, ranging from research,

analysis and operational experience to

systems, of the well-established and

respected existing WH Ireland wealth

management team.

Richard Killingbeck, Chief

Executive of WH Ireland commented:

“We have long recognised the

importance of offering our clients an

international solution and chose to

establish our operation in one of the

most developed and highly rated

international centres, the Isle of Man.

We have put in place a highly

experienced and well regarded team to

lead our initial presence.

“This new office reflects our

strategy to grow our discretionary

wealth management business. The

evolution of new international pension

structures such as QROPS1 and

onshore solutions such as QNUPS2

combined with traditional trust,

captive, corporate and private client

business ensures there will be plenty of

opportunities to grow our Isle of Man

business.”

The Isle of Man’s Minister for

Economic Development John Shimmin

MHK said: “My Department has been

working closely with the Directors of

WH Ireland over the preceding months

and I am delighted to welcome a

business such as theirs to the Isle of

Man.

“The Isle of Man has a successful

and well-regulated professional wealth

management industry which is

internationally recognised and

respected. The addition of WH Ireland

reinforces this position and we thank

them for selecting the Isle of Man and

look forward to working with them

W

RichardKillingbeck

anx Telecom has won a

prestigious UK national

honour for its new brand and

identity refresh.

The company was presented with a

silver award in the Design Business

Association (DBA) Design Effectiveness

Awards which recognise the return on

investment that a coherent, well thought

out and professionally executed design

strategy can achieve, and rewards both

client and designer for their

collaboration on an effective project.

Manx Telecom won the accolade in

partnership with the Conran Design

Group which worked on the brand and

identity refresh which was launched in

2011.

Prestigious UK design award

M

WH Irelandlaunches inIsle of Man

Government

ISLE OF MAN

Grow for it: Expansion across allIsle of Man sectors anticipated

£30m construction boostfrom wealthy residents

Isle of Man praised for actionon tax transparency

Unravelling the ball of confusion:Government opens up its books online

President welcomes Swiss Ambassador

Chief Minister encouraged by furtherreduction in staff sickness absence

Minister welcomes Pinewood’sWelsh deal

The Minister for Economic Development John Shimmin MHK is confident thathis Department will help drive further economic growth and job creation

following the Treasury Minister’s Budget speech

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PORTFOLIO ISSUE 141

he Department’s budget has

been maintained, although at

first glance it appears to have

been reduced when comparing with

last year’s budget. This is because

some activities have been transferred

(notably Information Systems

Division transferred to the Cabinet

Office) and also income projections

for the Ship and Aircraft Registries

have been increased due to their

continued growth.

The Minister commented: “The

Isle of Man continues to perform well

in what remains a challenging global

economy. Last year the Government

forecast that our economy would

grow by 3 to 4% in 2013/14 and the

evidence to date indicates that this

will be achieved.

“We now expect we will maintain

this level of growth in 2014/15 which

would mean that the Island’s

economy will have grown for 32 years

in succession.

“The economic growth we have

experienced was stronger in some

export-oriented sectors than in the

domestic economy where the Retail

and Construction sectors are still

T

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Grow for it

The Department recognises the significant economiccontribution that High Net Worth Individuals make to theIsle of Man and acknowledges the Treasury’s figures of360 new jobs being created by High Net Worth Individuals(HNWI) relocating to the Isle of Man.

In support of that, the work done as part of the Vision 2020research estimates that around 1000 jobs have been createdboth directly and indirectly due to these successful relocations,given that for every new job in a ‘wealth-creating sector’ thereare at least 2 other jobs created in supporting sectors.

A high level of new Planning application approvals relatingto new housing for High Net Worth Individuals has provided thelocal Construction sector with £30M of new business.

In recognition of the importance of HNWI to the economythe Department offers a highly tailored service for those HNWIconsidering relocation to the Isle of Man and it has a strongtrack record in this area.

Qualifying clients are assigned a dedicated BusinessDevelopment Manager who acts as a single point of contact forall personal and business relocation matters concerning the Isleof Man Government.

Support forHigh Net WorthIndividuals

Overall, financial and professional services continued togrow in 2013 and further growth is predicted in 2014.

The international life insurance and professional servicessectors continue to perform well. At the same time, some areashave reduced in terms of employment over the last year, notablybanking and fiduciary sectors. These changes are being drivenprincipally by global economic forces, not factors unique to theIsland. Indeed, the Island is fairing better than many of ourcompetitors.

The Department has also been working particularly hardwith the banking sector, the Channel Islands and the UKTreasury in order to protect Isle of Man interests as the UKplans its new banking regime to split retail and investmentbanking in line with the Independent Commission on Banking.

2014 will also be an important year in terms of automaticexchange of information, with FATCA and related work beingimplemented in concert with the local industry.

The DED is promoting the Isle of Man in key internationalmarkets as identified in partnership with the private sector aspart of the Country Strategy, with China, the Middle East andIndia being key at present.

Financial andProfessionalServices

The aircraft and ship registers are forecast to continue togrow and so aid further economic growth.

In 2013 the Ship Registry grew at twice the rate of the world’sfleet - a performance which has elevated the Isle of Man to 14thplace (Jan 2014 figure) in the table of global shipping registers bytonnage with 40% of the fleet Asian-owned. Just three years ago,the Island did not even feature among the world’s top 20 registries.

The Aircraft Registry is widely acknowledged across thebusiness aviation industry as the best registry in the world to dealwith. The number of high quality business jets on the registercontinues to grow rapidly and it is now firmly established in thetop 10 registries in the world by numbers of business aircraft onits register, ahead of countries such as France.

The Isle Of Man Companies Registry quality managementsystem has been certified as complying with the requirements ofISO 9001:2008 following a review by Lloyd’s Register QualityAssurance.

The Department is continuing to invest in its registries tomaintain their high standards of customer service. For example itis supporting the development of new IT systems in the Aircraftand Companies Registry to enable more online services for clients.

Registries

E-Business, which incorporates e-Gaming, is the fastestgrowing part of economy. It continues to grow at over 10% ayear and accounts for 14% of National Income and 1500 jobs.

The recent ICE Totally Gaming event in London hasattracted further interest from a wide range of companieslooking to relocate to the Isle of Man.

To achieve this potential, the Department is workingclosely with the private sector. Two key areas of focus will beskills development to provide the skilled workers required andinternational marketing to help local businesses win newrevenues and to attract further new businesses to the Island.

The Manx Educational Foundation’s intention to buy theNunnery to establish a private ICT and business education andtraining centre offers great potential to aid e-Business growth.In addition, DED has launched a new initiative with the privatesector to review the school curriculum so that our young peoplecan gain the ICT skills they will need to flourish in future.

In terms of marketing, Government has recently committedan additional £350,000 over the next 2 years via the MarketingInitiatives Fund to promote e-Business, both helping localbusinesses to grow as well as attracting new investors.

eBusiness

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While the UK remainsthe key target for theeconomy, a rapidlygrowing proportion ofbusiness is comingfrom newer markets,particularly the MiddleEast and Asia

Minister forEconomicDevelopmentHon JohnShimmin MHK

In May 2013 Tynwald agreed that the Isle of Man Governmentwould explore opportunities to develop potential offshoreenergy production in Isle of Man territorial seas for export toneighbouring jurisdictions. This could both assist with theprovision of renewable energy while also generate a substantialincome for Government to help fund public services.

There is a significant opportunity for the Isle of Man to leaseparts of its seabed for the generation of renewable energy to assistthe UK to meet its national and European renewable energy targetsfor 2020. The Department conservatively estimates that theinstallation of one typically sized wind farm alone in the Isle of Man’sterritorial seas could bring in £5m per year. All the infrastructurecosts involved in building and installing the wind farms would beborne by the developer, not the Isle of Man Government. A consultantwith expertise in tendering for offshore renewable energy projectshas recently been appointed to assist the Department and its partnersacross Government realise these opportunities.

These offshore installations will require onshore facilitiesto meet the operation and maintenance of the turbines so theDepartment is estimating the creation of around 60 jobs if justone wind farm is progressed.

Energy

The Island’s manufacturing sector has continued togrow, driven by the high-tech manufacturing sub-sectorwhich primarily serves the aerospace and oil and gasindustries.

The sector is projected to continue to generate over 80additional jobs every year for the foreseeable future. This ishelping create significant local demand for the skilledengineers needed.

The Department of Economic Development has thereforewelcomed the announcement that funding of nearly £1m forthe Department of Education and Children has been approvedto turn the Hills Meadow Training Centre into a dedicatedengineering training centre of excellence.

In 2013 Government and the private sector modernisedthe 2-year engineering apprenticeship programme andincreased student numbers from 12 to 18. This will doubleto 36 from September 2014. Participants completing thisprogramme will have excellent job opportunities.

Manufacturing

The Visitor Economy maintained a similar level of performancein 2013 compared with the previous year when the Island sawgood growth in terms of both leisure visitor numbers andvisitor spend.

The inaugural Isle of Man Festival of Motorcycling,incorporating the new Classic TT. Comparative research performedin 2013 and 2009 revealed an overall increase in visitors to 13,407for the new Festival, compared to 8915 for the same period in 2009.The study showed that these visitors spent a total of £8.4M comparedwith £4.9M in 2009 and that this contributed £1M to the Exchequer.

The TT Races are now viewed by a global television audienceof 25 million people. Research conducted in the UK shows that theTT remains the thing the Island is best known for, so it remains avital part of the Island’s proposition for visitors and increasingly forthe broader economy.

The Department continues to successfully raise the profile ofthe Isle of Man especially in regard to the niche markets it is targetingsuch as outdoor pursuits, adventure sports and in new areas suchas stargazing. A dedicated public relations campaign in these areassaw the Isle of Man featured in every major national newspaperduring 2013 as well as by UK and international broadcasters.

VisitorEconomy andMotorsport

Conditions in the domestic economy remained tough in2013. That said, both Treasury data and industry leadersindicate the retail sector returned to growth in 2013 asconsumer confidence has improved.

Construction levels remained depressed in 2013 for the5th year in a row, but there was a high level of new Planningapplication approvals (including for new housing for High NetWorth Individuals totalling around £30m) such that theconstruction sector is expected to grow in 2014.

Retail andConstruction

experiencing difficulties.

“Sectors such as e-Business, High-

tech Manufacturing and some parts of

financial services, such as the

international life insurance sector,

performed particularly well.

“I also support the Treasury

Minister’s comments regarding the

importance of High Net Worth

Individuals to the Isle of Man. He

highlighted that at least 360 jobs have

been created by High Net Worth

Individuals relocating to the Isle of

Man.

“My Department’s research

undertaken as part of the Vision2020

work estimated that around 1000 jobs

have been created both directly and

indirectly due to attracting such

individuals. This is consistent with the

evidence that for every new job in a

wealth-creating sector there are at

least 2 other jobs created in

supporting sectors.

“Therefore it will be vital for

Government to keep supporting the

relocation of these individuals and to

provide an environment that is

supportive, entrepreneurial and

which enables them to flourish such

that they in turn can generate the jobs

and taxes that will enable our

community to continue to prosper.

“While the UK remains the key

target country for the economy, a

rapidly growing proportion of

business is coming from newer

markets, particularly the Middle East

and Asia.

“I am conscious that during 2013

there were several announcements

about businesses closing or reducing

staff numbers and these tend to

attract more coverage than the

creation of new businesses and jobs.

I am pleased to confirm that the total

number of people in employment rose

slightly in 2013.

“This is evidence that the Island’s

economy is continuing to evolve.

Given this, it is vital that all in our

community understand how it is

changing, which sectors and careers

offer the greatest potential for the

future and how all in our community

can work together to fulfil this.

“My Department is leading the

promotion of ‘Vision2020’, the joint

public/private sector strategy which

maps out the potential from key

sectors to create a clear economic

vision for the Isle of Man.

“An excellent example of this

collaborative approach is the

development of the dedicated

engineering training centre of

excellence at Hills Meadow. The

Department has worked directly with

the Department of Education and

Children, the Isle of Man Chamber of

Commerce and with manufacturing

industry to enable this vital initiative

to be developed.

“Vision 2020 forecasts that our

economy can grow by 3 to 4% every

year to 2020, with the e-Business

sector being a key source of growth.

“This growth will generate

substantial additional Government

income, which will be instrumental in

funding public services and helping to

maintain our low levels of taxation for

all.

The Department issued updates

on the sectors it is involved with (see

below) . . .

he report, covering the final

three months of 2013, says the

construction sector is expected

to grow this year on the back of a high

level of new planning approvals

including new housing for high net

worth individuals.

It explains that six recently

approved properties have a combined

value of £30 million, which compares

with a public sector housing

programme in 2014 of £20 million.

The boost for the local building

industry is seen as one of a number of

economic benefits brought by the sort

of wealthy entrepreneur that the Tax

Cap policy aims to attract.

Government estimates that such

individuals are responsible for the

creation of at least 360 jobs, paying

wages of more than £27.5 million with

ITIP and National Insurance

contributions of £6.65 million.

The total revenue for Government

generated by persons subject to the

Tax Cap, including the income tax they

pay directly, is estimated at £15.8

million a year.

Chief Minister Allan Bell MHK

commented: “The Tax Cap policy was

introduced with the aim of attracting

wealthy entrepreneurs who will be

actively involved in supporting the

local economy.

“The statistics show that this small

group of people is making a

substantial and disproportionate

contribution not only to the economy

of the Island but also to the

Government revenue that funds public

services. There is stiff competition

internationally to attract this type of

resident and without the Tax Cap

policy this contribution could easily

have gone elsewhere.”

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£30m construction boostfrom wealthy residents

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

The contribution made by wealthy residents to the local economy of theIsland is highlighted in the latest quarterly economic report to the Council

of Ministers published on 28 February

T

Isle of Man praised for action on tax transparency

ngel Gurria, Secretary

General of the Organisation

for Economic Co-operation

and Development (OECD), has

praised the Island for its action to

combat tax evasion.

During a debate at the European

Competition Forum in Brussels, Mr

Gurria said he was ‘very happy’ about

the progress being achieved by the

Crown Dependencies.

He spoke up on behalf of the Isle

of Man, Jersey and Guernsey in

response to a question by Belgian

MEP Phillipe Lamberts, and

highlighted the commitment on tax

reform made by the UK and Crown

Dependencies at the G8 Summit in

Loch Erne last year.

He said: “I have since received a

number of commitments directly

from the Crown Dependencies. This

is a good development, although

there is still more to do. Some of the

problems are not in the islands, but in

the ‘big islands’, in the UK itself and

in the US.”

The Chief Minister said the Isle of

Man had emerged from a pivotal year

in international tax matters with its

reputation enhanced. The many

highlights of 2013 included the Island

being awarded the top ‘compliant’

rating by the OECD Global Forum.

Mr Bell added: “This level of

recognition, together with the

comments made by Angel Gurria,

reflects the Island’s positive

leadership on tax transparency and

information exchange. As the

Treasury Minister said in his Budget

speech, 2013 was a truly monumental

and ground-breaking year for the Isle

of Man and we will continue to play

our part in future developments.”

The Chief Minister has also

welcomed the introduction of a new

single global standard for the

automatic exchange of information

between tax authorities worldwide.

Developed by the OECD in

conjunction with G20 countries, the

measures announced last week are

aimed at reinforcing action against

tax avoidance and evasion.

Mr Bell said: “Tax evasion is a

global problem and the Isle of Man

has demonstrated its willingness to be

part of the global solution. We support

the creation of a single international

standard and the further promotion of

a level playing field in terms of tax

information exchange.”

Chief Minister Allan Bell MHK has welcomed further recognition of the Isleof Man’s commitment to the evolving international tax agenda.

ASome of the problemsare not in the islands,but in the ‘big islands’,in the UK itself and inthe US.

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Unravelling the ball of confusion:Government opens up its books online

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

Government is opening up itsfinancial information to the public

via a new website designed toincrease the transparency of its

accounts.

he Treasury online facility at

http://financereports.gov.im

provides information that is

more up to date and more detailed

than has previously been available in

traditional paper formats.

Treasury publishes three main

financial reports each year, the Isle of

Man Budget, the unaudited Detailed

Government Accounts and the

audited, statutory Annual Accounts.

The new website is updated

throughout the year and includes two

reports:

• Summary Budget Report -

providing financial results in the

same format as the Budget, enabling

simple comparison of performance to

the estimates set out in the annual

Budget.

• Detailed Revenue Report -

providing income and expenditure

analysed both by department and by

income or expense category.

Further analysis can be obtained

by clicking on the chosen item and

drilling down to the next level of

detail.

Treasury Minister Eddie Teare

MHK explained: “The new website

has been developed in line with

Government’s commitment to

openness and accountability. It

provides the public with financial

information that is timelier and more

detailed than has been previously

available, and in an accessible format.

“This is a significant step forward

in enhancing the transparency of

Government’s finances and the

public’s understanding of how their

money is being spent.”

T

President welcomes Swiss Ambassadorhe President of Tynwald, the Hon Clare Christian, has welcomed His

Excellency Mr Dominik Furgler, Ambassador of Switzerland to the

United Kingdom, to Tynwald.

His Excellency was joined by his wife, Mrs Hayam Furgler and Ms Rebekka

Benesch, First Secretary for Financial and Fiscal Affairs on a two-day visit which

built on the signing of a Tax Information Exchange Agreement (TIEA) between

the Isle of Man and Switzerland in August 2013.

The President said: “They were very interested in the parliamentary structure of

Tynwald and the retention and development of its autonomy over the centuries, which

has led to today where the Court can endorse international agreements such as the

TIEA signed with Switzerland. Comparison with the Swiss parliamentary system,

where consensus is also very important, made for interesting points of discussion.”

T

President of Tynwald,the Hon Clare Christian, with His

Excellency Mr Dominik Furgler, hiswife, Mrs Hayam Furgler and FirstSecretary for Financial and Fiscal

Affairs Ms Rebekka Benesch.

reasury Minister Eddie Teare

MHK has welcomed news that

the Welsh Government has

chosen Pinewood Shepperton plc to

manage its media investment fund.

Pinewood will advise on the new

£30 million television and film

investment fund for Wales and operate

a new facility ‘Pinewood Studio Wales’

to be developed at Cardiff Bay.

Mr Teare commented: “This is good

news for the Island’s investment in

Pinewood, showing that the company is

continuing to develop strongly. Its

combined advisory funds now total £55

million, making Pinewood one of the

largest regional investment portals for

new British television and film content.

“The fact that the Welsh

Government is now following the Isle of

Man’s example is an endorsement of

our strategy of investing in media to

diversify the Island’s economy, and our

choice of Pinewood as a partner in

pursuing that strategy.”

he latest figures show a 12%

drop in the number of days lost

per employee – 4.43 for April to

December 2013, compared with 5.03

days for the corresponding period in

2012. That represents an overall cost

saving of almost £1 million.

The statistics also reveal that 66% of

Government employees had no absence

during the nine-month period in

question.

One of Mr Bell’s first actions

following his election as Chief Minister

in 2011 was to ask the Office of Human

Resources to produce a strategy to

address staff sickness absence and

provide regular updates for the Council

of Ministers.

He said: “As I witnessed during my

recent visits to all Government

Departments, the vast majority of our

staff are extremely conscientious and

most cases of absence are genuine. The

latest figures are another step in the

right direction, but there is still room for

improvement. At a time of intense

financial pressure, it is essential that we

get our own house in order and ensure

that Government is running as

efficiently as possible. This includes

further reducing the cost of working

days lost through staff sickness

absence.”

The Office of Human Resources has

put in place a comprehensive

framework of support to address the

most common reasons for staff

absences, including ‘musculoskeletal

problems’, ‘operations, hospitalisation’

and ‘stress, anxiety, depression’, which

together account for 53.6% of days lost.

Specialist training and rehabilitation

guidance is being supplemented by a

self-care in the workplace course aimed

at helping staff with high levels of

sickness absence to improve issues

around health and behaviour.

There has been a dramatic

reduction in absence levels in the group

of staff who have attended the course.

The total number of hours lost has

fallen by 61%, representing an

estimated saving per person of £5,000.

As part of the ongoing programme

of staff engagement and support, a

cross-Government survey is currently

taking place to gather views, attitudes

and concerns among the workforce.

The Chief Minister said: “The Isle of

Man Government is going through a

period of unprecedented change, so it is

important to listen to our employees.

Their responses will result in action that

will shape our efforts to create a more

sustainable future for the Isle of Man.”

TChief Minister Allan Bell MHK has welcomed a further significant reductionin the level of staff sickness absence across the Isle of Man Government.

24

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Chief Ministerencouraged by further

reduction in staff sickness

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

You may well have been midway through a Doctor’s examination Tomkinsbut, Dammit man, the Minister’s written answers won’t write themselves!

Minister welcomes Pinewood’s Welsh deal

T

Features

ISLE OF MAN

BUDGET SPECIAL:• Special Budget Insight

at Lloyds Working Breakfast• No drama, for now• Highly commendable...• “Steady Eddie” and the budget...• Life after ARI

Prospects for 2014: Positivity & volatility

Emerging Markets:Possible impact of ‘mature’ marketsfinancial recovery

MINTing it?

Bank of England inflation Report:‘Explicit’ forward guidance ditched

PwC Survey Finds Economic CrimeRising Globally

Is it real or is it just competition?

sland Director, Peter Reid

opened the morning’s proceed-

ings on behalf of Lloyds Bank

and welcomed delegates to what he

described as one of the highlights of

the Lloyds Bank seminar calendar.

“We are all impacted to some

extent by recession”, he explained,

“and I do believe that it’s part of all of

our jobs to help the Isle of Man in its

prosperity. Certainly from a Lloyds

perspective we’ve had absolutely

brilliant support from Government

and I’d like to highlight that today,

and say a big thank you.

“We’ve had something like 27

NEETS come through the bank in the

last year”, he continued, “and we’ve

also had fantastic support from the

DED in setting up an apprenticeship

scheme, the first banking

apprenticeship on the Island, for

which we’re now up to 22 subscribers

and counting. At the end of their

apprenticeships, these colleagues will

be awarded the equivalent of five

GCSEs and will have the means and

experience to build a stable future for

themselves on the Island. It is in this

vein that I challenge everybody to go

back and look at what they can do to

make a contribution to our public. It

is an immediate investment in the

individual, and will benefit us all in

the future.”

Mr Teare then took over from Mr

Reid and introduced his presentation

as providing an update on public

finances, progress on budgetary

rebalancing, and changes to tax and

National Insurance, before

concluding with a summary of major

impacts on services. Starting with the

local economy, Mr Teare alerted the

audience to 3-4% rate of growth in

I

Special Budget Insightat Lloyds Working BreakfastOver 100 representatives from the Island’s businesses joined Lloyds Bankfor its annual Manx Budget special working breakfast on Friday, which thisyear featured a presentation from Treasury Minister, Hon. Eddie Teare ACIB

MHK on the 2014/15 Isle of Man Budget.

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The key is inhow we rebuild

Governmentreserves.

That’s the nextchallenge.

Isle of Man GovernmentTreasury Minister,

Hon Eddie Teare MHK

BUDGET SPECIAL

The best way I can putit is, we’ve come to theend of the beginning,but we’re not at theend full stop.

real terms this year, the 29th

continuous year of economic growth

for the Island, which is coupled with

a relatively low rate of unemployment

at 2.6% and a stable rate of inflation

at 3.1% on the Retail Price Index, and

2% on the Consumer Price

Index. In comparing this

with Jersey and Guernsey,

Mr Teare noted that this

placed the Isle of Man’s as

probably the largest

economy of the Crown

Dependencies.

Low levels of interest

rates are, however, effecting

banking deposits as

customers search for

alternative means to

generate income, and this

has resulted in a drop of 9%

overall. Similarly, Mr Teare noted that

low investment returns are currently

having a negative impact upon

income tax receipts to government.

“We are, however, seeing green

shoots of activity”, he observed: “the

Deeds Registry has seen a 15%

increase in activity over the year,

which points to strong signs of growth

in the local housing market.”

Turning to the government’s

medium term strategy, Mr Teare

began by reminding the audience that

the Island has lost around £200million

per-year of VAT revenue since the

change in arrangements with UK

Treasury. He noted that the Island is,

however, on course to rebalance the

budget by 2015-16 and that the total

use of reserves to achieve this

remains at £89 million. The Minister

explained that the budgeted deficit for

2013-14 of £31 million had reduced to

£26 million due to higher levels of

income and lower spending. “Key to

that saving has been holding our

employee costs down,” Mr Teare

added. “We have reduced the

headcount by over 550 posts and 600

actual jobs since 2010, so we are

certainly well ahead of target.”

“So how do we intend to spend

this money?” Mr Teare continued. He

explained that the Department of

Economic Development is this year

expected to generate more internal

revenue than previously, particularly

through the Aircraft Registry, which is

expected to see a £200,000 increase in

income in real terms this year. The

Department of Health and Social Care

will see a £3.9 million (2%) increase

in its budget from £190.8 million to

£194.7 million. The Department of

Infrastructure will experience the

greatest budget reduction from £108

million to £106.7 million (£5 miilion,

or 10.9%). Overall, departmental

savings amount to £4.3 million for

2014/15.

Declining reserves represent an

ongoing concern, however Mr Teare

observed that this year’s estimate is

£140million above 2013, and is

stronger than it has been since 2008.

The Capital Fund has increased by £5

million to £52 million. The National

Insurance Fund is up £49million to

£734 million, and the operating

balance is up £5 million to £35

million. Overall, this represents a

£6million reduction to £1,676 million.

Mr Teare then furnished the audience

with an insight into the government’s

internal reserves and day to day

internal living expenses. “At the end

of this month”, Mr Teare noted, “we

will be operating to around £150

million for the year, which is again

expected to half to around £70 million

by next year. The key is in how we

rebuild these reserves. That’s the next

challenge.”

To conclude his presentation, Mr

Teare touched briefly upon the topic

of taxation before moving onto fiscal

strategy for 2015-20. The 10% and

20% income tax rates will remain

unchanged, as will Personal

Allowance Credit, which will stay at

£500 per person. Personal income tax

allowance thresholds, however, will

increase by 2% to £9,500 per person

and the Additional Age Allowance will

reduce by £1,050 per person; a move

likely to affect more wealthy

pensioners. These moves, he

explained, are in part set to help

accommodate Treasury’s fiscal

strategy for 2015/20, which is

designed to meet its objectives of

achieving financial sustainability,

providing for major capital

schemes, removing its

reliance on internal funds,

a link with the Vision 2020

economic strategy for the

future. “In short, Mr Teare

said in closing, “What we

want to do is ensure that

we’re planning not for the

next election, but for the

next generation. We need

to remove our reliance on

internal reserve funds, so

there’s lots more work to

do, but we are ahead of

target. The best way I can put it is,

we’ve come to the end of the

beginning, but we’re not at the end

full stop.”

Lloyds Bank’s Head of

Commercial, Trevor Kirk provided

the closing words and offered his

thanks both to Mr Teare and the

audience for their insight and

questions. He added: “I do think that

community confidence is a massive

factor in the local economy, and we

are detecting some of that, certainly

due to the good news that’s coming

out of the UK. There are of course,

going to be challenges, and our

ministers are fully aware of that, but

to maintain confidence and to do

things methodically is important both

to our residents and to inwards

investors.”

He continued: “Facilitating events

such as this is something that we

hope adds some value to your

relationships as members of the

business community. We all

appreciate the opportunity to engage

with our customers, to listen to their

concerns and to provide an open line

to our public representatives. This is

a sentiment that travels through the

bank. We are very much open and we

are very much open for business.

We’ve just been setting our own

budgets and I’m pleased to tell you

that we have been quite optimistic

and aggressive with our spending

projections. As such, you are all very

welcome to talk to us about your

ambitions for the future.”

ISLE OF MAN

PORTFOLIOISSUE 141

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Trevor KirkHon. Eddie Teare MHKPeter Reid

It seems that whilstuniversal benefits areunder threat, theGovernment is makinguse of more universaltaxes28R

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NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

rom a tax perspective this

year's budget has no dramatic

changes, with no change in tax

rates for individuals or companies,

but the Treasury Minister’s speech

definitely hints of big changes to

come in the future.

The Government continues to be

on track to rebalance the books by

2015/16 following the loss of VAT

income from the change to the

common purse agreement.

As with every budget there are

some winners and some losers; this

year the winners (which Mr Teare

states are his target) are the workers

with an increase in the personal tax

allowance by £200, to £9,500 for an

individual and by £400, to £19,000 for

a jointly assessed couple. This means

you can have slightly more income

before paying any tax.

However the losers will be the

over 65s who benefit from the

personal allowance increase, but the

age related allowance has been

substantially decreased by £1,020.

The net effect, after allowing for the

personal allowance increase, is that

£820 of income will now be taxable

which previously would not have

been. Mr Teare states this is due to the

inequitable increase in pensions over

salaries in the last few years.

However, this may not be a

popular move with the Island's retired

population who may be struggling

with the higher costs of living as a

result of the high inflation on the

Island.

It also seems that whilst universal

benefits are under threat, the

Government is making use of more

universal taxes and charges for

individuals such as the "toilet tax"

and, for companies, the increase in

the annual return fee which applies to

all, regardless of income.

Legislation to prevent the use of

personal service companies will be

effective for the 2014/15 tax year,

bringing the Isle of Man into line with

the UK. This legislation will restrict

people from using companies simply

to avoid being treated as employed,

but genuine companies will not be

affected.

For employers the National

Insurance holiday scheme will

continue until April 2015, so if you are

considering taking on extra staff it

would be worth doing this before the

April 2015 deadline as it can create a

significant tax saving.

Mr Teare also suggested in his

speech that the filing of company tax

returns online is likely to be

compulsory from April 2015 – the

obvious cost saving to the

Government makes it keen to do this,

and there are great advantages to

online filing for the user. However,

this does assume all companies will

have the ability and technical know-

how to enable them to do this, which

may not always be the case.

Mr Teare's budget explains that

the review of National Insurance

contributions continues and that the

current benefits and NHS systems are

not sustainable. This could lead to a

dramatic shake up of National

Insurance contributions and personal

taxation in the future.

F

No drama, for now

By Pauline Smith, ACADirector,

Greenwave Accountants

BUDGET SPECIAL

BUDGET SPECIAL

29

o be invited to comment on a

budget has something in

common with being in

opposition in Parliament; there is an

enormous tendency to find the bits you

don’t like and carp on about them as if

they were the only important

consideration. That would be difficult

here, however as, frankly, this is a great

budget and Mr Teare is to be

commended on grappling without

drama an enormous range of present

and incipient problems.

The following are the areas within

my professional sphere which bear

specific comment.

Tax Evasion and AvoidanceMr Teare is absolutely, one thousand

percent right to congratulate himself and

his colleagues on the successful

outcomes from our early moves in the

FATCA and transparency realms. There

can be little complaint about the removal

of tax rules which are susceptible to

abuse at the expense of the Treasury.

There is however one quite remarkable

sentence which I feel is misplaced – “I

will continue to clamp down wherever I

see avoidance taking place.” I feel it is

appropriate to remind our government

that while evasion is a crime, avoidance

is the legitimate application of the rules

laid down by legislators to minimise tax,

and is entirely legal. Where avoidance is

made possible by poorly conceived laws

or regulations, it is government that is at

fault, not the citizen or tax advisor that

benefits from the poor legislation. It

might be more appropriate to refer to

fixing poor regulation where it is found,

rather than “clamping down” on citizens

who follow the rules.

Personal TaxationPerhaps the most interesting

proposal in the personal taxation

category is the five-year commitment to

the tax cap. There is really insufficient

detail in the speech or the associated

Practice Note to address the case of

someone who signs up but then moves

away from the Island lock, stock and

barrel during the period. It is also

unclear what evidence there is that this

change will not precipitate an

immediate, sooner moving away by

some capped earners who might have

had plans to emigrate at some point in

the next five years; and there is no

evidence that the five year commitment

will not be a disincentive to wealthy

entrepreneurs who might be attracted by

the Island’s taxation regime and

prepared to give it a go, but don’t want to

commit to that length of stay. Perhaps

these are all illusory problems, but the

detail and research is not apparent so the

questions need to be asked.

Corporate TaxationThis topic allows me to end on a

highly positive note. Full plaudits to

Minister Teare for his bold, and very

correct, statement that the 0/10 tax

regime is a significant brick in the

structure of the Island’s economy.

Beyond that, it is absolutely essential that

it be maintained, and there is no doubt

that any suggestion that the government

was considering even a tiny rate of

corporate tax would create a mass

exodus of companies seeing it as the

“thin end of the wedge.” I will go yet one

step further; the Minister deserves

further sincere congratulation for

ignoring the uninformed people on our

rock who seek to impose taxation on e-

Gaming or e-Commerce companies,

largely on the grounds that “they can

afford it.” Such suggestions ignore a

basic and fundamental difference

between traditional business and that

carried on via the internet; an internet

business can be run from anywhere and

e-Commerce enterprises are highly

mobile. Yes, we on the Isle of Man have

a fabulous infrastructure for e-

Commerce and it’s an attractive place to

do e-Business - but largely because of the

tax regime. And those who have become

millionaires or billionaires on the Rock

pay, as Minister Teare points out,

massive amounts of tax and other

contributions via their workforces. Not

biting the hands that feed us must be

central to our e-Commerce policy and

there is no way sufficiently to credit the

Minister for recognising this reality.

In SummaryA last cause for applause is the theme

running through the Budget that the

government must make strategic

investments to help the economy keep

growing. At the same time, there is a

recognition that, today, it doesn’t earn as

much as it spends and there are many

who feel that the cuts to government

expenditures are not sufficient. The

worry is that the economic growth and

performance necessary to make real the

assumptions underlying this budget may

not materialise; only time will tell.

However, I believe they have a very good

chance of becoming reality thanks to the

government’s realistic and sensitive

handling of the fiscal environment. We

are very lucky indeed to have planning

of this quality by our economic leaders.

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NEWSNews | Government | Features | Cars | Property | Directory | Appointments | Lifestyle

ISLE OF MAN

PORTFOLIOISSUE 141

Highly commendable...

By Paul Davis, LL.D,Barrister & Solicitor: CEO,Counting House (IOM) Ltd

There can be littlecomplaint about theremoval of tax ruleswhich are susceptibleto abuse at theexpense of theTreasury.

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o the 2014 budget has been

described as the “Steady Eddie”

budget we were all expecting.

A little googling of the term “Steady

Eddie” has led me to believe it is a

sports sobriquet in the USA. Eddie

Murray of the Baltimore Orioles and

Eddie Lopat of the New York Yankees

(baseball players) were both referred to

as "Steady Eddie". Maybe we could get

them to go “into bat” for us on the US

IGA/FATCA agreements?

Moving on to the budget, whilst the

content is wholly appropriate for the

financial position we find ourselves in,

and is linked to another year of

positive economic growth, there is an

area of the budget which risks butting

against its aim; that being the now

infamous tax cap.

In terms of the Cap and the

continued desire to attract such

individuals, Minister Shimmin MHK

comments in his statement that this is

of vital importance, however, in the

detail of the budget there is the

requirement for a five year tax cap

which may not fit all individuals

aiming to use the facility. The question

has to be raised as to whether it drives

away individuals looking to use the

Cap as a one-off piece of tax planning?

Whilst I certainly do not disagree with

the overarching decision, we may not

have thought through the full

ramifications and potential negative

effects?

My final area of interest linked to

the budget actually relates to the

Department of Economic Develop-

ment’s response to the Budget, and the

positive comment in relation to the

Island’s niche role as a location for

“stargazing”. My only plea is that this

does not get misconstrued in time as a

reference to “navel gazing”, as this is

not a time for such behaviour!

S

“Steady Eddie” and the budget...

By Paul Swindale,Director,

Dohle

BUDGET SPECIAL

ISLE OF MAN

PORTFOLIO ISSUE 141

BUDGET SPECIAL

31

NEWSNews | Government | Features | Cars | Property | Directory | Appointments | Lifestyle

ISLE OF MAN

PORTFOLIOISSUE 141

Life after ARIIn his Budget speech on 18 February Minister Teare announced that he

would bring a greater level of ‘certainty’ to the Tax Cap.This he certainly did but not, as some might suggest,

in the same way as Dr Joseph Ignace Guillotin brought a greaterlevel of certainty to France’s criminal justice system.

By George SharpeTax Director

PwC Isle of Man

s many readers will know, the

tax cap puts an upper limit on

the amount of income tax that

a Manx resident has to pay each year.

The cap is currently set at £120,000 for

individuals or £240,000 for married

couples or civil partners who elect for

joint assessment. Until now, the tax

cap has simply been applied year by

year: Calculate your income tax; if it is

less than the cap, pay the tax; if it is

more than the cap, pay the cap.

That’s all about to change. In

2014/15 and subsequent years, an

individual who wants to pay the cap for

a particular year will need to elect to

do so before the start of the tax year (or

before 1 July 2014 for the tax year

2014/15) and agree to continue paying

the cap for the next four tax years.

Once the election has been made,

the individual will have to pay the cap

for the full five years regardless of

what their actual income is.

Individuals who do not elect to pay

the cap will have to pay their Manx

income tax liability in full.

This change will result in a lot

more income tax being paid by the

Island’s high-net-worth community

and equally importantly, will require

them to foresee and plan their

financial affairs much further in

advance than had previously been

necessary. They might however want

to temper their anger a little. This

change does not, as many will tell you,

undermine the whole idea of the tax

cap. It is simply an inevitable

consequence of a seemingly unrelated

event two years ago.

It all started with the self-

acclaimed non-tax-havens in the

European Union (I’d get into trouble if

I named them but you know who I

mean) getting uppity about our

success in developing our economy

and maintaining something close to

full employment and so deciding to

target the Isle of Man. Their weapon

of choice on this occasion was the EU’s

Code of Conduct on Business Taxation

which, they alleged, our corporate tax

system violated. After being kicked

around for about a year we finally got

a clean bill of health - something our

accusers struggle to achieve - but in

order to do so we had to scrap ARI, the

Attribution Regime for Individuals,

with effect from 6 April 2012.

Under ARI, locally owned

companies were required to pay a

certain level of dividends each year or

there would be adverse tax

consequences for their local

shareholders. This ensured a steady

stream of dividend income for certain

Manx resident individuals and

therefore, a steady stream of income

tax for the Isle of Man government.

Following the abolition of ARI,

there was a growing trend for local

business owners to pay themselves no

income at all most years and then a

bumper dividend of many millions of

pounds once every five, seven, ten or

more years. The net result was that in

the long run, someone with an average

annual income of millions of pounds

or more might be paying little more

income tax than me or you. That was

never what the Assessor intended

when the tax cap was introduced back

in 2006 and something needed to be

done.

This change to the tax cap needs to

be seen in context. It is not an

unprovoked assault on the Island’s

wealth creators or the end of

civilisation as we know it. It is simply

a measure to protect public finances

following the scrapping of ARI. There

are alternative measures that could

have been used of course, but this was

simply Treasury’s preferred option.

It didn’t feel like it at the time but

ARI’s demise was an earthquake for

the Island’s tax system and the tremors

and aftershocks haven’t finished yet.

There was shock and outrage last year

when Treasury introduced PN174 and

there is shock and outrage this year

with the changes to the tax cap. We

can be reasonably confident that

further changes will be coming

through in future years and just as

much shock and outrage will ensue

when they are announced.

Sooner or later however we will

have to accept that if we want to live in

a civilised society, it has to be paid for.

A This change to the taxcap needs to be seenin context. It is not anunprovoked assaulton the Island’s wealthcreators or the endof civilisationas we know it

ast year was an excellent year

for investors, albeit an uneven

one in terms of asset class

returns. The developed markets led

the way with Japanese equities rising

nearly 50% in local currency terms as

investors responded positively to the

massive Quantitative and Qualitative

easing package which the Bank of

Japan has committed in a bid to bring

the lost decades of deflation to an end.

Elsewhere the UK and the US also

posted strong returns but it was a

different story in Asia and Emerging

Markets with the latter being sharply

lower over the course of the year as

concerns grew about both the

implications of the Federal Reserve

Board’s tapering of its bond purchases

and also the prospects for the Chinese

economy and its rumbling on-going

shadow banking crisis.

Bonds also had a difficult year

with the UK 10 year government bond

yield rising some 125 basis points to

finish the year at 3%, approximately

double the 2011 low. Commodities

were also weak, reflecting both the

overcapacity that has arisen over the

last few years and fears that Chinese

demand will not be as high as

previously going forward.

So what are the prospects for the

rest of 2014? This year investors will

have to balance the fact that the

global economic recovery is clearly

gathering momentum with the reality

that the equity market that we have

enjoyed since the March 2008 low,

has gone a long way to discount this

already. Equity markets rose

considerably more than company

earnings last year and therefore can

no longer be described as cheap.

Other key factors to consider are

whether or not the worrying

developments in many of the

emerging markets have the capacity

to derail the progress that is being

made in the developed markets and

the likelihood of a bond market sell as

policy normalises over the course of

the year.

Dealing with the outlook for UK

bonds first, there seems no

compelling reason for yields to

increase substantially further this

year. Inflation, for the time being

anyway, is under control, there is

clearly slack in the UK economy but

most importantly it is very unlikely

that interest rates will rise this year at

all. We might see a rise in 2015 but

any increases will be gradual and it is

distinctly possible that interest rates

might still be as low as 2% by the end

of 2016. As Mark Carney, the

Governor of the Bank of England,

stressed in February, there is no

realistic prospect of interest rates

getting back to their pre-crisis levels

for a very considerable period of time.

Therefore whilst there will be a

tendency for bond yields to rise in

2014 it will not be anything as large as

the rise seen in 2013. Most of the

yield adjustment has taken place and

longer dates bonds remain

underpinned by huge institutional

demand from pension funds.

Turning towards emerging

markets, how much scope is there for

the present volatility to demonstrate

into a more serious contagion? In my

view, the chances are quite slim.

There is a tendency when talking

about emerging markets to forget that

they are a collection of individual and

quite disparate countries. It is

necessary to differentiate between

those that are mismanaged such as

Argentina and Venezuela, those that

are living beyond their means

running current account deficits

which leaves them vulnerable to

foreign outflows such as South Africa,

Turkey, Thailand and Indonesia and

those more stable countries that are

enjoying a period of exported growth

such as South Korea.

Whilst there are specific country

opportunities at present it is likely

that in general terms, emerging

markets will struggle in the short

term with a worrying combination of

weak currencies, rising interest rates,

rising inflation and in many instances

a growth rate that is now lower than

many of the developed economies.

However a crash should be averted as

many of these countries have large

reserves and low levels of non-local

currency debt. Additionally their

currencies are flexible and their

banking systems generally sound.

As the long term story remains

intact (urbanisation and

industrialisation leading to wealth

creation and increased consumer

demand) it is distinctly possible that

there will be an excellent buying

opportunity at some stage this year,

but for the time being, emerging

markets can be expected to

underperform the developed markets.

Short term caution is probably

justified towards Japan as well. After

the strong gains of 2013, it was no

surprise to see foreign profit taking in

L

Prospects for 2014:Positivity and volatility

Whilst there arespecific countryopportunities atpresent it is likelythat in general terms,emerging marketswill struggle inthe short term

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ISLE OF MAN

PORTFOLIO ISSUE 141

By Dermot Hamill,Head of Wealth Management, Isle of Man, Canaccord Genuity Wealth

Management

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

January leading to double digit falls.

The market has come a long way and

will be dependent on further yen

weakness to make further progress.

Additionally it is probably prudent to

wait and see how the economy copes

with the increase in consumption tax

in April which, without offsetting

measures, will cause a fiscal

tightening of 2% of G.D.P.

So what is the most likely scenario

for 2014? The stage does seem set for

the developed world equity markets

of the US, UK and Europe to make

further progress over the year as a

whole but most of the anticipated

gains are likely to be made in the

second half of the year. Whilst growth

forecasts for the US and UK have

recently been revised up to at least

3% for the US and 3.4% for the UK for

2014, the markets may not get

confirmation of this improvement

reflected in the economic data until

Q2 2014 as Q1 data is going to be

seriously disrupted by the effects of

the unusual weather that both the UK

and the US have suffered from during

January and February.

Whilst company earnings are

expected to show an improvement in

the second half of the year, reflecting

higher growth rates and hopefully in

the case of the UK much needed

productivity gains, market

participants may wait until these

figures are released before increasing

equity exposure. It is therefore

possible that equities may struggle to

make much progress in the first half

of the year.

Risk assets have rallied a long way

over the last five years due largely to

the enormous amounts of

Quantitative Easing that has been

made available. With economic

growth improving, the amount of this

support will be reduced but this

should not cause too many problems.

Interest rate rises are still a long way

off, inflation remains low and the

level of austerity, which has been a

significant headwind for equity

markets over the last three years, will

be much less going forward. There is

therefore every prospect that 2014

will be another positive year for

investors, albeit a volatile one.

ISLE OF MAN

PORTFOLIOISSUE 141

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The stage does seemset for the developedworld equity marketsof the US, UK andEurope to makefurther progress overthe year as a whole

Dermot Hamill

fter the roller-coaster ride for

financial markets from 2007 –

2013, many people would just

like there to be a period or calm and

reasoned (reasonable) market

movements.

However, we have to remember

that, in order to manage the

unprecedented situation in which we

found ourselves, the authorities i.e. the

central banks, undertook a series of

steps that were untested and uncertain,

in an attempt to ensure that we avoided

a total meltdown of financial markets

and, as a consequence, the global

economy. They provided an element of

composure in what was a very

unpleasant situation. In effect, when

the world looked over the precipice

and wobbled at the edge, finding that it

didn’t like the view, the central bankers

helped the world step back from what

would have otherwise been a very a

nasty fall! Then they breathed a huge

sigh of relief – as what they had done

was unprecedented and its impact

unknown.

This brief note is not about placing

blame on people, institutions or

governments. It is a brief comment on

what we may need to consider in the

near future, as the actions required to

save the world’s financial system are

slowly unwound / reversed. This

unwinding of the actions taken i.e.

essentially reversing ‘Quantitative

Easing’ (QE) is a necessary step in the

‘normalisation’ process. However,

whilst there were unforeseen

consequences of the concerted action

by the central banks and other

authorities in the aftermath of the

financial market crisis of 2007-2008, so

there will be consequences of the

unwinding but, hopefully, these can be

better foreseen and action taken to

limit any consequential damage.

One might be forgiven for thinking

that, if we survived the calamitous

period on the way into the ‘vortex’ of

2007-08, then the recovery ought not to

be too unpleasant. That is true – if one

takes steps to avoid the areas of highest

risk. It is a truism in financial markets

that, for every buyer there must be a

seller (and vice versa) and for every

winner there must be a loser.

Therefore, just as someone loses out /

misses a gain when stock markets tick

up (the person who has sold the asset

or doesn’t own such an asset), there

will be someone (the owner or

purchaser of the asset) who gains. The

reverse is also true i.e. if you own /

hold an asset when the price of that

asset/ market falls, you will lose value.

Emerging markets suffered

declines across the board, in reaction

to the financial market meltdown in

‘mature’ markets in 2007-08. Such

economies have historically tended to

take their lead from the more robust,

mature economies and markets of

North America & Europe which is not

really surprising given the relative size

of the markets in question, their

diversity, liquidity, research and

‘depth’. Emerging and developing

economies do not usually have the

same attributes, systems and

robustness as the more developed

markets.

Currency, yieldand economic Impact

QE (Quantitative Easing) may have

saved the USA & Europe in their time

of crisis but it was not a popular

decision in emerging economies as the

decline in interest rates in North

America and Europe weakened those

currencies relative to emerging

economies’ currencies, making exports

A

Emerging Markets:Possible impact of ‘mature’markets financial recovery

At the present time QEis merely on a gentlereversal but when it ismore fully unwound,emerging markets arelikely to suffer asignificant liquidityimpact.

One may care to ask: Why worry about a recovery? That would be verygood news. We would just like some stability and an element of certainty in

the first instance! Well, be that as it may, what you get may notnecessarily be what you wish for but what is served up!

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ISLE OF MAN

PORTFOLIO ISSUE 141

By Alan Molloy,Managing Director,

A 2 B Consulting Limited

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

from countries in Asia, Africa and

South America into the USA & Europe

more expensive. It had one benefit for

the emerging economies though - it

provided much liquidity. However, that

was of the ‘hot’ variety i.e. in the form

of cash placed by investors chasing

‘yield’ i.e. higher interest rates than

they could get in their own local

market (e.g. USA, UK & Euroland). The

liquidity helped the emerging

economies while it was there but

therein lies the problem of the double-

edged sword i.e. when QE reverses, the

‘hot’ money (which is short-term in

nature) may exit in just as much of a

hurry as it arrived, following the

increase in US (and European) interest

rates. At the present time QE is merely

on a gentle reversal but when it is

more fully unwound, emerging

markets are likely to suffer a significant

liquidity impact. The corollary of an

exit of ‘hot money’ i.e. liquidity will

however likely be weaker currencies,

making emerging economies’ exports

once more cheaper to American and

European shoppers / consumers,

causing some further deflationary

pressure on prices in America &

Europe but also putting pressure on

their balance of trade and GNP.

Additionally, as interest rates in the

US & Europe increase, their bonds will

look more attractive to domestic

investors, reducing demand for and

investment in emerging market debt

i.e. foreign, previously higher-yielding

bond investments. Such a reduction in

local currency bond markets will likely

cause emerging markets to have to

issue US Dollar or Euro denominated

debt at higher cost or, alternatively, to

increase the interest rates they apply to

their own local debt issuance, in order

to attract overseas investors, thus

adding to their cost of capital and/or

reducing their growth potential.

As with so much in life (or

investment), there is really no ‘one size

fits all’ solution or outcome. After all,

there are over 50 emerging and

developing markets in the world.

Different emerging market economies

face differing issues, including

structural and social aspects. Some

economies are not ‘open’ i.e. exchange

controls and monetary restrictions

have a significant impact upon them.

Legal systems, private property rights,

working environment and logistics

play an enormous part in what

differentiates emerging markets, just

as it does in mature economies, though

even more so where the rule of law (or

lack of it) or civil strife / tensions may

impact.

Each emerging market requires

individual consideration, just as each

investment requires analysis and

decision-taking before acquisition.

The economies of, say, Turkey, Brazil,

Indonesia or South Africa have

individual and specific attributes,

natural resources, economic and

climatic conditions, social norms etc.

etc., just as in each and every other

country and economy. Finding the

markets and sectors that will weather

the QE reversal is one critical issue

for investment managers. Finding the

stocks within those markets that will

not only survive but prosper is

another.

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MINTingit?

on’t get me wrong, Mr O’Neill (pictured), as the former group

economist at Goldman Sachs has a formidable reputation and sits at the

top table of his profession and, to be fair, the terms BRIC or MINT have

a certain cachet, don’t they?

Indeed, individually, each country and its emergence as an economic

powerhouse or, at the very least, a strongly developing economy has a really

interesting story to tell. Mr O’Neill has captured a demand by the public (or at

least the press) for a flavoursome trend and story. Can it though be more than

an interesting acronym or is it an opportunity to look ‘outside the box’ of familiar

markets and mainstream focus?

There are compelling reasons to consider the BRIC economies i.e. you just

cannot ignore the rise and development of an economy the size of China, nor

that of India or Brazil – you do so at your peril. However, even in these

economies, there are hazards common to many emerging or developing

economies (including lack of transparency, accounting standards, immature or

restricted financial market access, exchange controls etc.)

To give Jim O’Neill credit, he has focussed many people’s eyes on the theme

of developing economies, the demographics involved and the structural issues

that will almost certainly impact the world economy over the long term. It is

good that we are challenged in such a way. It is easy to drift along with the

prevailing mind-set – didn’t that happen in the recent financial crisis? Nonetheless, one needs to put the long-term

possibilities associated with the MINT economies (or any other such emerging economy) alongside the nearer-term

probabilities or reality of the world economy as it stands now and what may be the near-term impact of factors more

likely to shape our world at this time. I am not suggesting that short-termism is right - I actually have an aversion to it.

However, I do believe that more fundamental or nearer to home realities will impact our (UK/European/US) world in

2014/2015, including the management of the financial crisis in the ‘PIGIS’ economies (I have added an ‘I’ to the PIGS

acronym) of Portugal, Ireland, Greece, Italy & Spain. Even that ‘core’ EU state France might need to be added somewhere

to the title – it is not in the rudest of health. Similarly, Greece is looking to go back into the Capital Markets with a bond

issue! I would opine that we have many more fundamental and domestic factors that will play an important influence

upon our markets in the coming months and possibly years that will outweigh most investors’ appetite for going too far

‘off piste’. Nevertheless, let us keep a watchful eye on all such eventualities.

Alan Molloy looks at the MINT economies(Mexico, Indonesia, Nigeria & Turkey).

Jim O’Neill’s acronym for the next exciting, developing group of markets,follows on from his previous ‘BRIC’ countries (Brazil, Russia, India & China)

and may indeed offer an insight into a long-term expectationwith near-term excitement but do they realistically form the basis

of mainstream investor 2014 decision-making?

D

It is easy to drift alongwith the prevailingmind-set - didn’t thathappen in the recentfinancial crisis?

he new ‘phase’ of BoE forward

guidance policy signalling is

distinctly hazier than the first

phase (the 7% unemployment rate

threshold).

By definition, if a single-variable

intermediate threshold (the

unemployment rate) is replaced by

numerous indicators of labour market

slack, more detailed conditioning

assumptions, and quantified GDP

forecast components, then the

monetary policy signal inevitably

becomes much less explicit. We were

never wholly persuaded by the ‘first

phase’ of BoE guidance, so it won’t be

missed. Nevertheless, it should also

be acknowledged that the

revised/diluted guidance framework

inevitably means that the policy

outlook is less certain than it was at

the time of the August or November

Inflation Reports.

While the BoE presents its revised

guidance as an evolution, it feels

more like a reversion (a welcome

one). In essence, the BoE has reverted

to a more flexible, broad-based form

of guidance, while simultaneously

retaining much the same view of the

prospects for the economy and (most

importantly) CPI inflation. The

principal conclusion we draw from

this combination is that the BoE’s

central scenario is little altered versus

the November Inflation Report but

that they are less confident about that

medium-term scenario and are

certainly not prepared to give a more

explicit ‘pre-commitment’ on policy

(even one couched heavily in data-

contingent terms). Our key inference

is that Governor Carney has failed to

secure sufficient agreement among

other Monetary Policy Committee

(MPC) members to provide a more

explicit policy signal – though we do

not expect any dissenting votes for

Bank Rate rises during the first half of

this year.

During the Inflation Report press

conference, Deputy Governor Charles

Bean stated that the MPC would want

to begin monetary policy tightening

policy before spare capacity in the

economy was fully eliminated. The

Report itself provided an explicit

estimate of the MPC's view of the size

of the output gap: -1% to -1.5% of

GDP, adding that the MPC's current

judgement on spare capacity 'pointed

to less slack' than at the time of the

November 2013 Report.

The MPC’s unemployment rate

forecast has been lowered sharply in

the February Inflation Report, with

the 7.0% threshold being reached in

Q1 2014 (vs Q3 2015 in the November

Report) and the rate falling to 6.3% at

the three-year forecast horizon (vs

6.9% in the November Report). The

MPC also nudged lower its view of the

medium-term equilibrium rate of

unemployment to a range of 6%-6.5%

vs 6.5% in the previous Inflation

Report. This is a relatively modest

adjustment and one whose

significance is lessened by the

changes to the BoE’s guidance

framework.

With so much focus on the BoE’s

T

Bank of England inflation Report:‘Explicit’ forward guidance ditched

There is certainly areduced sense ofcohesion within theMPC following theReport . . .

The Bank of England (BoE) appears to have abandoned ‘explicit’ forwardguidance in its February Inflation Report, prompting a re-pricing of marketpolicy rate expectations. We have not changed our forecast for Bank Rate(first hike in Q3 2015) but acknowledge that the risks have shifted towardsan earlier move (Q2, or even Q1, 2015). We maintain our forecast becausethe Consumer Price Index (CPI) inflation projection was lowered (a larger

undershoot of the target at the 2-3 year point) and because we believe therisks to the BoE’s Gross Domestic Product (GDP) forecasts (3.4% in 2014)

are to the downside.

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ISLE OF MAN

PORTFOLIO ISSUE 141

By Conor Grant,Director,

Corporate Treasury Solutions,RBS International

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

policy guidance framework, it is

worth highlighting the further modest

lowering of the MPC’s CPI forecasts –

after all, the BoE has only one target:

a 2% CPI forecast. The February

Inflation Report lowered the CPI

inflation central projection to 1.87%

at the two-year horizon (vs 1.93% in

the November Report) and to 1.91% at

three years (vs 1.95% in November).

This is by no means a huge revision,

but it does leave the MPC's central

projection for inflation further below

target. Such a revision would

normally be interpreted as a mildly

dovish policy signal, especially as it

has occurred in the light of the

upward revisions to the MPC’s GDP

projections. As the February Inflation

Report noted: ‘The outlook for

inflation meant that the near-term

trade-off between keeping inflation

close to the target and supporting

output and employment was more

favourable than in recent years.’

For us, the key point vis-à-vis the

inflation forecasts is that it suggests

little by way of fundamental change in

the MPC's current assessment of the

underlying economy and the inflation

outlook. How do we square this with

the (less dovish) change in guidance?

It is perhaps simply that BoE

policymakers are less confident about

the medium-term outlook for the

economy and therefore less prepared

to signal a more explicit course for

future policy.

The Inflation Report concluded

that ‘Bank Rate may need to remain at

low levels for some time to come’ (our

emphasis). This appears to be subtly

less dovish than comments made by

Governor Carney in a recent speech

where he concluded that various

labour market trends: ‘suggest. . . that

the recovery has some way to run

before it would be appropriate to

consider moving away from the

emergency settings of monetary

policy.’ (24 January 2014, our

emphasis). Of course, this might

simply tell us that the balance of

opinion within the Committee has

edged away from Governor Carney’s

apparent dovish bias. There is

certainly a reduced sense of cohesion

within the MPC following the Report.

MPC Minutes and speeches in

subsequent months, as well as the

data flow, will become increasing

important (an inevitable consequence

of diluted policy guidance).

The RBS forecasts for BoE Bank

Rate are unaltered: we continue to

look for the first hike in Q3 2015, with

a 25bp per-quarter pace of tightening

through to end-2016 (i.e., Bank Rate

at 1.0% at end-2015 and 2.0% at end-

2016). The risks of an earlier Bank

Rate hike have increased following

the February Inflation Report (i.e., Q2

2015, or even as soon as Q1 2015), but

at this stage we express this as a risk

around our central case – firstly,

because the MPC lowered its CPI

projection in the February Inflation

Report (for us, CPI inflation remains

the most important medium-term

economic variable for monetary

policy) and, secondly, because the

MPC's GDP forecasts are more

optimistic than our own (for 2014

3.4% vs 2.9%, and for 2015 2.7% vs

2.3%). The financial markets are now

pricing in a more hawkish trajectory

for BoE Bank Rate than we expect,

with the first 25bp hike almost fully

priced-in by the end of 2014, with

rates reaching 1.0% by mid-2015 and

2.0% by Q3 2016.

To conclude, whatever the revised

BoE policy guidance framework has

brought, it is not greater clarity

(either in terms of policy rates or even

the MPC’s reaction function). Many of

the arguments deployed in August

2013 to justify the adoption of

‘explicit’ forward guidance appear to

have been unceremoniously ditched

in February 2013. Although we did not

expect this outcome (our expectation

had been for the BoE to adopt an even

more explicit form of guidance), we

welcome the latest development. The

explicit forward guidance framework

was never wholly compelling and we

are better off without it.

ISLE OF MAN

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The Rate Setters:The presentMonetary Policy Committee:

Standing, l-r:Martin Weale - External member;David Miles - External member;Ian McCafferty - External member;Ben Broadbent - External member;Paul Fisher -Executive Director, Markets;Spencer Dale -Executive Director & Chief Economist.

Seated, l-r:Charles Bean -Deputy Governor, Monetary Policy;Mark Carney - Governor;Sir Jon Cunliffe -Deputy Governor, Financial Stability.

conomic crime against

businesses and other

organisations continues to

rise around the world. Some 37% of

respondents, a 3% rise since 2011,

say they have been victims of

economic crime, according to PwC's

2014 Global Economic Crime Survey.

And, about 25% say they have been

victims of cybercrime, as fraudsters

increasingly turn to technology as

their main crime tool.

Steve Billinghurst, advisory

director, PwC Isle of Man said:

“Economic crime remains a big

challenge for organisations on the

island. With changing economic

dynamics and sophisticated

advancements in technology,

organisations will have to pay special

heed to anti-fraud and anti-

corruption programmes as well as

robust cyber security programmes.

Notably our survey has also seen

economic crimes like money

laundering, procurement fraud and

HR fraud in the top 10 economic

crimes suffered by organisations.

“Economic crime is now steadily

impacting key business processes

and organisations must brace

themselves against the challenge,” he

added.

PwC’s global survey, the most

extensive on the subject, found that

theft remains the most common form

of economic crime, reported by 69%

of respondents. It is followed by

procurement fraud, 29%, bribery and

corruption, 27%, cybercrime, 24%,

and accounting fraud, 22%. Other

reported crimes include human

resources fraud, money laundering,

intellectual property or data theft,

mortgage fraud and tax fraud.

The exact direct loss associated

with economic crime is difficult to

assess. Among crime victims, a total

of 20% place the financial impact of

economic crime on their organisation

at more than US$1 million; and 2% of

victims - representing 30

organisations - put the impact at

more than US$100 million each.

For the first time this year, the

survey measures procurement fraud,

reported by nearly 30% of

respondents. Procurement fraud is

seen as a double threat, victimising

businesses both in their acquisition of

goods and services and in their efforts

to compete for new opportunities.

Respondents also report

significant collateral damage in such

areas as employee morale, cited by

31%, and in corporate reputation and

business relationships, both reported

by 17%. Despite the financial and

collateral effects of crime, just 3% of

respondents said incidents of fraud

have impacted their company’s share

price.

“Like a stubborn virus, economic

crime persists despite ongoing efforts

to combat it. No organisation of any

size anywhere in the world is immune

to the impact of fraud and other

crimes,” said Steven Skalak, PwC

Forensic Services partner and lead

editor of the survey. “Those

committing economic crime succeed

by adapting to shifting global

conditions like reliance on technology

and the expansion of emerging

economies.

“Even worse than the direct

financial impact of economic crime is

its threat to a wide range of business

systems that are the lifeblood of

corporate operations. Economic

crime damages internal processes,

erodes the integrity of employees and

tarnishes reputation,” he added.

E

PwC Survey Finds Economic CrimeRising Globally

No organisation of anysize anywhere in theworld is immune to theimpact of fraud andother crimes

All Business Sectors, Regions Suffer from Impact .Nearly 40% of respondents say they are victims of fraud,

25% report cybercrimes

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Where Does Economic CrimeOccur?

Economic crime is a pervasive,

global threat. Regionally, economic

crime is most prevalent in Africa,

where 50% of respondents say they

have been victims, though down from

59% in 2011. It is followed by North

America, 41%, Eastern Europe, 39%,

Latin America and Western Europe,

each 35%, Asia Pacific, 32%, and the

Middle East, 21%.

Respondents from 65 countries

and territories reported that they have

experienced economic crime. South

African respondents report the

highest level, 69%, up from 60% in

2011. Crime is also growing rapidly in

the Ukraine, 63% up from 36% three

years ago, Russia, 60% vs. 37% in

2011, and Australia, 57% vs. 47% in

2011.

The survey identified eight

emerging economies – Brazil, Russia,

India, China, South Africa, Turkey,

Mexico and Indonesia – where 40% of

total respondents said they have

experienced economic crime,

reflecting in part a shift in wealth to

those countries.

Which Industries are MostAffected?

By industry, economic crime is

most common in the financial

services, retail and consumer and

communications sectors. Nearly 50%

of respondents in each said they have

been crime victims. Financial services

organisations are victims of high

levels of cybercrime and money

laundering, while retail and

consumer and communications

companies have suffered from most

from theft. Hospitality and leisure,

and government, both 41%, also

report high crime levels.

Who commits fraud? Typically economic crime is

committed when three conditions are

present: life pressure, opportunity and

personal rationalisation for the crime.

According to the survey, 56% of

economic crime is committed by

someone inside the company, while

40% is external. There are wide

variances by industry, however. In

financial services, for example, nearly

60% of crime comes from outside the

company, while 36% is internal.

Globally, a fifth of economic crime

is committed by those in senior

management, 42% by middle

managers and 34% by junior staff.

The profile of the typical fraudster

is middle-aged males with a college

degree or higher level of education

who have been with their

organization for a substantial period.

Globally, almost half of all frauds are

committed by employees with six or

more years of experience and almost

a third are committed by employees

with three to five years of experience.

“With more opportunities come

more risks; no longer can

organisations focus their fraud

prevention and detection strategies

on only a few types of fraud, a certain

profile of fraudster, or certain

perceived threats. They must be

prepared to cast a wider net, for the

threats associated with fraud are

growing” concluded Steve

Billinghurst.

How is Fraud Found? The survey found that 55% of

economic crime is discovered

through corporate controls such as

reporting of suspicious transactions,

internal audit, or fraud risk

management. Whistle-blowing

systems or tips offs uncover about a

quarter of reported crimes, and about

one-fifth is uncovered by other means

such as law enforcement, the media,

or by accident.

The survey finds that respondents

expect economic crime will continue

to increase in the future among

nearly all categories. This result was

also found in PwC’s 17th Annual CEO

Survey. CEOs globally also recognise

the impact of economic crime; 50%

said ‘lack of trust’ was a key issue in

the marketplace, a sharp increase

from 37% a year ago. Bribery and

corruption also are ranked among

CEOs’ top concerns.

ISLE OF MAN

PORTFOLIOISSUE 141

Organisations must beprepared to cast awider net, for thethreats associatedwith fraud are growing

Link to survey: www.pwc.com/crimesurvey

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There is no decline inthe young radioaudience, just morecompetition for it.It’s as simple as that.

t the end of last year I went to

Manchester to the Radio

Academy conference. This is

an annual event about all things radio

and hosts some excellent sessions by

well regarded people in the industry.

This year was no exception,

although there was a general feeling in

some of the seminars that young people

are turning their backs on radio in

pursuit of other ‘hobbies’, such as XBox,

social media and so on. Heads of large

radio stations and their owners were

expounding the fact that their listening

figures for young adults between the

ages of 17-25 are dropping alarmingly

and there was much nodding of heads

within the audience.

The issue was taken to the lunch

breaks, the bars, the Indian restaurants

et al and, by the end of the second day,

it had reached a sort of fever pitch.

Radio had come to the Radio Academy

to find the answer to the supposed drop

in younger age audiences and had

convinced itself that the XBox was the

culprit - job done!

Then a very strange thing

happened.

The opening seminar of the third

day was an interview with a young

fellow called Ashley Tabor who, in 2007,

founded Global Radio. At the time I

remember a lot of doubters saying the

he could never pull it off as he was too

young and “what did he know about the

radio industry”. Well, 7 years on, Ashley

is the president of Global Radio, the

largest commercial radio group in

Europe, so he must have known

something. All this and he isn’t even 40

years old yet!

The interviewer that morning

opened up with the hot topic of the

conference: ‘What’s your view on the

decline of younger listeners in the radio

audience, Mr Tabor?’ He answered,

“There is no decline in the young radio

audience, just more competition for it.

It’s as simple as that.” This was manna

from heaven to me. All those doom and

gloom merchants who had been

slapping eachother on the back saying,

“XBox, XBox, that’s the reason” had

their eyes opened by a leading light in

commercial radio sayingthat it is just

competition.

There is competition for our

attention in every walk of life, from the

type of car we choose to drive, to the

radio stations we tune into. What

Ashley Tabor was saying was that Radio

doesn’t just compete with itself for

listeners, but it also competes with

other activities that young people want

to do as well.

His solution? Make your radio

output appealing to the younger

audience and they will be attracted and

listen. Simple. Well, it seems to have

worked for Capital, Heart and a lot of

the other Global brands in the group.

So, to me, it’s the same when I hear:

“People don’t come into the shop

anymore they buy everything on line

now.” OK, so what are you going to do

- pack up and go home blaming the

internet for your failure? Or possibly

take a leaf out of Mr Tabor’s book and

recognise it is just competition of a

different form, then decide how you are

going to tackle it.

I was in a shop on the Island at

Christmas that was doing a roaring

trade, they had decided that they were

only going to offer things for sale that

you couldn’t get on the internet. Not a

bad strategy (and a simple one if you

think about it), also they smiled when

they took my money, gift wrapped the

items, offered me a glass of mulled wine

and wished me a Merry Christmas. Not

sure if Amazon does that.

A

By John Marsom,Business Director,

Manx Radio

Is it real or is it just competition?Manx Radio is 50 this year and that makes us the oldest

commercial radio station in the British Isles. This is all ratherspecial when one looks at how the broadcast landscape has

changed in the last 50 years and the myriad of stationsavailable via an ever increasing number of channels.

Motoring

ISLE OF MAN

The ‘shockingly affordable’ Dacia Duster

New Lexus makes Geneva debut

Toyota to increase Yaris production

Good start to year for VW Commercial

Survey: 6 out of 10 eat at the wheel

Behaviour-modelled insurance

Mourinho grabs first F-Type Coupe

New S-Class Coupe an aesthetic treat

Learn ISPGA - drive safer

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We’ve been askingcustomers to ‘Do TheMaths’, but even I’mstruggling to get myhead around thislatest price

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

acia is celebrating its first

birthday by making its

“shockingly affordable”

market-leading model even more

enticing, with a range of hot monthly

repayment offers.

Brits took the smart-buy range to its

heart last year, making it the fastest-

growing car brand in the country. Now

they are being rewarded with an

unbeatable offer, available on new

Duster models ordered until 31st March

2014, which start from £9,495.

Selected Duster Ambiance models

are available from just £199 deposit and

£199 per month. For just £10 per month

extra, customers can upgrade to enjoy

the benefits of Laureate.

Dacia UK Brand Manager, Andy

Heiron, said: “After a record-breaking

year, it seemed only right to show our

appreciation to the public. Dacia came

to the UK with one mission: to shake up

the long stagnant new and used markets

by offering ‘shockingly affordable’

vehicles with high levels of quality and

unrivalled space and equipment for the

money. We’ve been asking customers to

‘Do The Maths’, but even I’m struggling

to get my head around this latest price -

what you are getting for your money is

scary!”

Having sold more than 17,000 cars in

2013 across its four-strong line-up,

Duster led the way with 7,830 orders. In

its first year, Duster picked up the

overall Scottish Car of the Year trophy, a

hat-trick from Carbuyer.co.uk, including

Car of the Year, for its ‘sensational value’,

while its 4x4 and towing abilities saw it

register at the Caravan Club and Towcar

ceremonies.

The model has clearly struck a chord

with budget-conscious new and used car

buyers up and down the country,

although its success undoubtedly comes

down to more than mere affordability.

The stylish SUV scores high on

practicality and reliability, together with

low-running costs and fuel-efficient

engines. It has a roomy cabin and huge

boot to round off its tempting package

plus the bonus of rugged off-road

capability in its 4x4 guises.

D

“Shockingly affordable”

Toyota to increase Yaris productionoyota announced this week that

it will start operating a third

production shift at its European

Yaris factory from June in order to meet

high demand for its two products, the

Toyota Yaris and the Toyota Yaris

Hybrid.

The Yaris is unique among small

cars in having the option of proven

Toyota hybrid technology, bringing the

easy driving, fuel efficient hybrid drive

to a wider audience than ever before.

The three-shift operation will

require an increase in manpower by

500 production employees, which will

bring total employment at Toyota Motor

Manufacturing France (TMMF) in

Valenciennes to more than 4,000.

“Sales forecasts have led us to

increase production plans by around 15

per cent for 2014, for a total annual

production volume of around 220,000

units,” confirmed Koreatsu Aoki,

President of TMMF.

T

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ISLE OF MAN

PORTFOLIOISSUE 141

New Lexus to makeEuropean debuts at Geneva

olkswagen Commercial

Vehicles has started 2014 with

growth in deliveries across its

core European markets.

Throughout Europe, the brand

delivered 21,600 light commercial

vehicles to customers (January 2013:

20,300). Globally, the brand delivered

37,520 vehicles, in line with last year

(January 2013: 37,480).

In Western Europe, sales of the

brand rose by 5.7 per cent in January

2014, to 18,900 vehicles (prior year:

17,900). The European market with the

greatest volume for Volkswagen

Commercial Vehicles was Germany in

January 2014. The deliveries of Caddy,

T5, Crafter and Amarok increased

substantially by 15.3 per cent, to 7,200

vehicles (previous year: 6,250). In the

United Kingdom, Volkswagen

Commercial Vehicles was able to boost

deliveries by 10.9 per cent to 2,450 units

(previous year: 2,200). In Eastern

Europe, sales increased by 13.9 per cent

to 2,700 vehicles (previous year: 2,350).

V

Positivestart to theyear for VW

he Lexus RC F will be seen for

the first time in Europe at the

Geneva Motor Show (from 4

March), ahead of going on sale this

autumn. It's powered by a new 5.0-litre

engine that's expected to deliver well in

excess of 450bhp and more than 520Nm

of torque, making this the most

powerful V8 performance car Lexus has

yet developed.

To harness this power efficiently, the

RC F combines a newly calibrated eight-

speed transmission with a world-first

installation of a Torque Vectoring

Differential in a front engine/rear-wheel

drive sports coupe. This enhancees

traction and control to secure

exceptional handling and performance.

The F Sport version of the Lexus RC

coupe displays even stronger, more

sporting exterior and interior design

features and benefits from revised

driving dynamics.

T

rivers are being urged to take a

break and enjoy their food away

from their vehicles, as road

safety charity Brake and Direct Line

reveal more than six in ten (62%) have

eaten at the wheel in the past year.

Three in ten (29%) unwrapped

food themselves at the wheel - a

telling symptom of busy lifestyles

putting lives at risk. Studies have

suggested eating a meal at the wheel

increases your risk of a devastating

crash as much as talking on a phone

Brake and Direct Line’s survey of

1,000 drivers reveals that in the past

year:

• Three in ten (29%) have opened

and eaten food at the wheel.

• A third (33%) have eaten food

that was unwrapped and passed to

them by a passenger.

• One in 50 (2%) has narrowly

avoided a crash in the past year,

having had to brake or swerve to

avoid a hazard because they were

distracted by food or drink.

The numbers of UK drivers eating

at the wheel reflects a wider trend

towards eating on the move, as

lifestyles become ever more fast-

paced. Britons have been found to

spend more on food eaten on the

move than any other country in

Europe, with our continental

neighbours more likely to take time

out to enjoy meals.

Brake and Direct Line’s survey

shows it’s not just meal times being

squeezed by our busy lifestyles, as one

in five drivers (20%) admit to doing

their hair, applying make-up or

otherwise tidying up their appearance

while at the wheel. One in 20 (5%)

admit doing so in free-flowing traffic,

risking appalling crashes.

Eating at the wheel is part of the

wider problem of distracted drivers,

believed to contribute to around one

in five crashes (22%). Drivers who

attempt to multi-task at the wheel are

two to three times more likely to

crash [4], and complex tasks like

unwrapping and eating a burger

increase the risk even more [5]. The

consequences can be deadly, as in

May 2012 when a cyclist was killed by

a driver who was eating a sandwich.

D6 in 10 eat at the wheel

Eating at the wheel ispart of the widerproblem of distracteddrivers, believed tocontribute to aroundone in five crashes

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

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ew Jaguar UK ambassador

José Mourinho will be the first

customer to take delivery of

the new F-Type Coupé in March.

Mourinho joined Jaguar Land Rover

UK Managing Director, Jeremy Hicks,

and Jaguar Design Director, Ian

Callum, at the official UK launch event

for new F-Type Coupé in London on 13

February.

Jeremy Hicks said: “I am really

excited to be officially presenting the

new F-Type Coupé in the UK for the first

time. This sports car is as important to

the Jaguar brand as it is spectacular to

drive.

“Jaguar is a brand with great

momentum, launching many exciting

new products. We are developing a new

advanced aluminum architecture that

will be the basis of a range of highly

efficient, yet high performance sports

and luxury Jaguar cars in future. We

now employ more than 26,000 people in

the UK across Jaguar Land Rover.

These are all positive signs for our

business, our people and our

customers.

“With the F-Type Coupé, our

designers and engineers have created

the ultimate expression of Jaguar DNA;

beautiful design combined with

immense dynamic performance. I am

sure all our customers will be as excited

as our new ambassador José Mourinho

at the prospect of driving it.”

The F-Type Coupé UK debut will

open with an exclusive screening of the

dramatic new Jaguar ‘Rendezvous'

advert, directed by Oscar-winner Tom

Hooper and starring Sir Ben Kingsley,

Tom Hiddleston and Mark Strong. The

advert is the latest offering in Jaguar's

‘British Villains’ campaign which began

with the introduction of the F-TYPE

Coupé in November 2013, and made its

world premiere during the coveted

advertising slot in the Super Bowl

XLVIII North America broadcast

interval.

Having now received more than 11

million views online, the advertisement

will hit television screens in the UK for

the first time in April.

N

Look who’s got the first one!

ritain’s top advanced driver, Peter

Rodger, explains an advanced

driving technique, IPSGA, to help

you to drive as smoothly as possible:

• Information. What’s going on all

around you? Check your mirrors to work

out the movements of other road users as

well as keep an eye on the road ahead.

• Position. After confirming it's safe,

take the best position for dealing with

your manoeuvre. Usually that means

position your vehicle to make sure that

you have the best view possible.

• Speed. Adjust your speed to prepare

for what you're going to do, before you

get to the hazard.

• Gears. Once you’re at the right

speed, select the right gear. Adjust speed

early so that you have time to separate

changing speed from changing gear.

• Accelerate. Once you can see

through the road ahead, if it is safe,

accelerate smoothly - bearing in mind

the road conditions (especially the road

surface).

Peter Rodger is the Institute of

Advanced Motoring’s chief examiner. He

said, “Preparation is key. You’ll make

better progress through if you use this

sequence, and can enjoy the feeling of

driving smoothly away afterwards.”

BExplained: advanced driving technique, IPSGA

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ISLE OF MAN

PORTFOLIOISSUE 141

tylistically self-assured presence,

exclusive appoint-ments and

refined sportiness - the new S-

Class Coupé from Mercedes-Benz

combines the classic proportions of a

large, sporty coupé with modern luxury

and state-of-the art technology.

As a world première, the

breathtaking two-door coupé can be

optionally equipped with the MAGIC

BODY CONTROL suspension system

with curve tilting function. Additional

technical highlights are the head-up

display and touch pad feature. Optionally

available expressive headlamps, each

featuring 47 Swarovski crystals, produce

a uniquely striking appearance.

“As exclusive as it gets - the ultimate

in aesthetic sportiness”, stresses Ola

Källenius, Member of the Board of

Management, Sales and Marketing

Mercedes-Benz Cars. “The breathtaking

design of the Concept S-Class Coupé

marked by sporty-classic proportions

and sensual purity is transferred to the

series-production S-Class Coupé

virtually unaltered. The large coupé has

always been the supreme pinnacle of our

model range and that’s why it’s now

called the ‘S-Class’ again.”

“The world premiere of the active

curve tilting function demonstrates the

possibilities offered by Mercedes-Benz

Intelligent Drive,” notes Prof Dr Thomas

Weber, member of the board of

management of Daimler AG with

responsibility for corporate research and

Mercedes-Benz Cars development. “The

vehicle leans into bends much like a

motorcyclist, thereby reducing the

lateral acceleration acting on the

vehicle’s occupants. On country roads in

particular, this means greater driving

pleasure and ride comfort for our

customers.” The new S-Class Coupé will

have its world première at the Geneva

International Motor Show (6 - 16 March

2014). The two-door car is available with

a 4663 cc V8 biturbo engine. The S 500

Coupé has a nominal output of 455 hp,

its torque level peaks at 700 Nm. The

sporty motoring experience is

significantly enhanced by the emotional

sound produced by the exhaust system.

Like the S-Class Saloon, the new

Coupé is available with numerous new

assistance systems that make driving

even more comfortable and safer. The

‘Intelligent Drive’ systems include,

among other things, Pre-Safe® brake

with pedestrian detection, Distronic Plus

with Steer Assist and Stop&Go Pilot, BAS

Plus with junction assist, Active Lane

Keeping Assist, Adaptive High-beam

Assist Plus and Night View Assist Plus.

‘Collision Prevention Assist Plus’ features

an additional function apart from the

adaptive brake assistant, which provides

collision protection from a speed of 5

mph: if there remains a danger of

collision and the driver fails to respond,

the system can carry out an autonomous

braking manoeuvre at speeds of up to 65

mph, thereby reducing the severity of

collisions with slower or stopping

vehicles. The system also brakes in

response to stationary vehicles at a speed

of up to 31 mph, and is able to prevent

rear-end collisions at up to 25 mph.

The interior design of the new S-

Class Coupé is an expression of the

Mercedes-Benz design idiom - sensual

purity. An enthralling combination of

sculptural sensuous volume elements

and components, and the clear geometry

of its basic architecture create an avant-

garde design idiom. A high-class appeal,

quality workmanship and exceptional

touch and feel are a treat for the

passengers' senses, so that the car's

interior represents the highest level of

‘modern luxury’.

The S-Class Coupé’s dashboard

fascinates with its spectacular

architecture, giving rise to a vehicle of

unique character in the upper coupé

segment. The dashboard is divided into

a very clear top-layer section with an

expansive ‘wrap-around’ effect

extending to the doors, and an extremely

low, sculptural ‘floating’ lower section.

This striking architecture was made

possible by repositioning the airbag to a

completely new low location. This

concept enables the large, two-part

wide-screen format TFT display to be

placed in a prominent "hovering"

position in front of this trim surface. In

addition, it is stylishly highlighted with

an ambience lighting corona. Under the

display, the sporty elevated centre

console extends to the vehicle rear. All

lids and armrests are lavishly covered in

leather.

In cooperation with high-end audio

specialists Burmester, two especially

high-value audio systems have been

developed: the Burmester® surround

sound system and the Burmester® High-

End 3D surround sound system.

S

The vehicle leans intobends much like amotorcyclist, therebyreducing the lateralacceleration acting onthe vehicle’soccupants

An aesthetic, exclusivehigh-end coupé

J o h n I n g h a mL U X U R Y A N D P E R F O R M A N C E C A R S

At John Ingham we are constantly looking to aquireclassic vehicles vehicles of the highest standard to addto our collection. Our ideal vehicles are low mileageoriginal un-modified models, specifically Aston Martin,Alfa Romeo, Audi, Bentley, BMW, Ferrari, Ford, Lancia,Mercedes-Benz, Porsche, Rolls-Royce and many more.

There are two options that are available when it comesto selling your car

A) We are competitive buyers and may offer you a cashsale to buy your car outright..

B) You may wish to part-exchange your car to cover thecost of the one you are buying.

If your vehicle meets these criteria, please contact us on01624 815055 or pop in and see us at our showrooms

for an instant cash decision.

John Ingham - Luxury & Performance Cars

The Car Showroom

Derby Road

Ramsey

Isle of Man

IM8 1DA

01624 815055www.johningham.co.ukOpen 6 Days (Closed Sundays)

We want to buyyour Classic Car

Classic Carsof all marques considered

Appointments

ISLE OF MAN

In association with

www.hamblin.co.imT 01624 640420

SMP Partners

Simcocks

Skanco

PwC

Manx Telecom

IOM Captive Association

Argon Technologies

ICM Group

www.hamblin.co.imT 01624 640420

In association with

ISLE OF MAN

PORTFOLIO ISSUE 141

MP Partners, a dominant name

in the Isle of Man’s e-gaming

sector, has promoted Lorna

Coniglio-Burrows to Senior Manager

and Head of Gaming Development.

Lorna has been with the firm since

2004, playing an instrumental role in

developing the company’s gaming

proposition. She is part of a 23-strong

gaming team at SMP Partners, which

now looks after 50% of the Island's

licensed gaming companies.

Business Development Director

David Hudson said: “Over the last five

years, Lorna has been instrumental in

the developing the company’s gaming

proposition and she will be absolutely

central to continuing that development

in the future, as we help attract more

business to the Isle of Man and deliver

the very highest standards of service for

all our clients.

“Lorna has built a detailed

understanding of the regulations and

requirements surrounding e-gaming

licences and over the last 4 years Lorna

and her team have provided the project

management for 60% of the gaming

licence applications approved by the

Island’s Gambling Supervision

Commission. She has developed

expertise across a broad range of

gambling and gaming models and as

Head of Gaming Development, Lorna

will play a pivotal role as we push

forward into new service offerings and

markets.”

Lorna is approved as ‘Key Staff’ with

the Financial Supervision Commission

and as a Director and Operations

Manager with the Isle of Man Gambling

Supervision Commission. She also sits

on the board of a number of Isle of Man-

licensed gaming companies and has

significant experience in this area.

She added: “The e-gaming industry

worldwide is going through a period of

change and uncertainty as regulation

and legislation are scrutinised and

developed. The experience and

expertise of the e-gaming team at SMP

Partners will be crucial to

understanding and responding to these

testing times and to deliver the best

outcomes for our clients.”

Actively managing half of the Isle of

Man’s licensed gaming operators, SMP

has successfully guided many of the

Island’s licence applications through the

licensing process. In addition to a

dedicated gaming team, a number of

technical experts are called upon from

other parts of the Group, including VAT

and tax consultants, accountants,

corporate management specialists and

in-house lawyers. SMP Partners offers

clients a wide range of services,

including consultancy and support in

securing the Isle of Man Gambling

Licence, tax and corporate structuring,

VAT consultancy, company formation

and on-going corporate services, and

utilises an extensive network of contacts

within the gaming industry to facilitate

introduction to banking, payment

service and hosting providers, software

development and testing companies.

SSMP Partners

imcocks, one of the leading law

practices on the Isle of Man, has

appointed Taryn Pyle as a

conveyancing manager in its property

department.

Taryn, who joined the company in

2008 as a Paralegal, has gained

considerable experience in the

department and has worked with a wide

range of clients from individuals, first-

time buyers, property developers,

investors, tenants and estate owners.

Taryn, who recently passed the

Manx Bar exams, will be advising on all

aspects of the sale and purchase of land

and property as well as land registration

issues and the preparation of leases.

Chief Executive, Phil Games, said:

“Simcocks has been involved in the

conveyancing of property on the Island

for decades and we have investigated

the details of thousands of properties.

This gives us the unique position of

having a huge database of information

allowing us to work quickly and

efficiently – in 2013 we handled more

than £100 million worth of domestic

conveyancing.

“The property team work calmly

under pressure and is accustomed to

handling multiple transactions. A recent

client feedback survey showed that our

clients appreciated our accurate,

attentive and speedy response times.

Taryn has all of these attributes, we

know she will fit in exceptionally well

and be an important asset to the

department.”

Taryn said: “I am delighted to be part

of such a strong and experience team. I

know buying and selling property can be

a stressful experience but we aim to

make the process as smooth and straight

forward as possible.”

S

Simcocks

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Right:Lorna Coniglio-Burrows

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Above:Taryn Pyle

ISLE OF MAN

PORTFOLIOISSUE 141

49R

rofessional IT services

company Skanco Business

Systems Ltd is seeking to

expand its business in the Isle of Man

with the appointment of Dee

McLoughlin as business development

manager.

Over the last five years as a sales

account manager at Skanco, Dee has

managed and developed some of its top

accounts, focusing on driving new

projects through and introducing new

products to the Island’s businesses.

Managing director David

Butterworth said “With the Island’s

economy continuing to grow, we’re

looking to increase business and we

see Dee as a crucial part of this. During

her time at Skanco, Dee has proven to

be a key asset to the company and

we’re delighted that she has taken on

the challenge of this new role.”

The position will see Dee build on

her experience, proactively focusing

on new business development within

both Skanco’s existing customer base

and new businesses on the Island.

For the second year running, Dee

will be responsible for co-ordinating

Skanco’s IT Showcase, which takes

place at the British Hotel’s Embassy

Room in February. The event will see

many UK specialists from respected IT

vendors such as Microsoft, HP,

Symantec, Veeam, VMware and Citrix

on hand for appointments and drop-

ins, offering first-hand advice to

attendees.

Dee said “This showcase is an

opportunity for our customers and the

Island’s IT professionals to connect

with market leading vendors either on

a one-to-one basis or simply to find out

about new products or solutions

arriving on the market this year. The

event shows once again that although

we are a local company, Skanco can

offer globally recognised specialist

solutions to Island-based companies.”

Dee moved back to the Island in

2008 and started working at Skanco as

an account manager.

Dee added “From day one, Skanco

has given me the tools to succeed in my

role, from providing access to the

continuous technical training required

to support our clients, to funding

professional courses such as marketing

at the International Business School.”

Skanco’s core business is providing

complete IT solutions to businesses on

the island. It has continued to develop

since its inception in 1985, in particular

over the past five years, as a result of

growing the expertise and skills within

the technical team and the training and

development of a successful and

confident sales team.

PSkanco

Above:Dee McLoughlin

ormer Deloitte partner Steve

Billinghurst has joined PwC’s

advisory team.

Steve has worked in the offshore

environment for 13 years in Jersey

and more recently since 2009 here in

the Isle of Man. During that time,

Steve’s audit and business advisory

experience covered many industries,

such as financial services - banking,

fiduciary, funds (private equity and

vanilla), egaming, property and

commercial - retail, manufacture and

distribution. Steve has also provided

to his clients corporate finance

transaction services including the

preparation of information

memoranda, working capital reports,

financial assistance reports and pre

acquisition due diligence reports.

Steve's broad range of industry

knowledge acquired offshore and

onshore will frame his role at PwC

which will be to help develop the

advisory practice with a particular

focus on data and systems assurance

for ‘data rich’ business, internal audit

and transaction services.

Commenting on Steve's

appointment, senior partner Ian

Clague said, “I see Steve as a fantastic

addition to our team. His broad range

of experience complements Mike and

Gordon's insolvency and

restructuring background and means

we have a combined service

proposition that is second to none.”

Mike Simpson, PwC's senior advisory

partner added "Steve's appointment

really allows us to align our efforts

and resources against the specialist

skills of our senior team. No other

firm has the breadth and depth of

insolvency and advisory experience

that we have.”

Steve joins a 15 strong advisory

team that can also be supplemented

by staff from PwC's 70 strong audit

department. Steve is delighted with

his new position and commented, “It

is great to be back in the profession

and I am looking forward in this new

role to helping clients create added

value through the provision of PwC’s

advisory services.”

FPwC

Above:Ian Clague, PartnerSteve Billinghurst, DirectorMike Simpson, PartnerGordon Wilson, Director.

Announce yournew appointment!Email text and pic toportfolio@manx.netDeadline for next issue, 04 April!

www.hamblin.co.imT 01624 640420

In association with

ISLE OF MAN

PORTFOLIO ISSUE 141

anx Telecom has appointed

Anne Lemonofides as a

Sales Manager for its

Chameleon product portfolio.

Chameleon is the brand name for

the company’s suite of UK focussed

smart SIM solutions aimed at M2M

(Machine To Machine) and SSM

(Strongest Signal Mobile) partners.

Chameleon is already the mobile

product of choice for a wide range of

connection critical markets including

providing protection for remote

workers, remotely monitoring

systems, or improving business

efficiency. It offers the flexibility to

roam on any network, but provides a

more cost-effective option when

compared to traditional roaming

solutions. Choosing Chameleon also

gives Manx Telecom’s partners access

to an innovative management portal

which allows greater control of their

service than a traditional UK network

operator would provide.

Anne will be based in the UK and

work alongside Paul Craig who is also

a Chameleon Sales Manager. The

Chameleon team is completed by Isle

of Man-based Product Manager Sarah

Creighton and Account Manager

Suzanne Mealin. Prior to joining Manx

Telecom Anne Lemonofides worked

for Vodafone and she has more than

20 years’ experience working in the IT

and telecoms industries. This includes

several senior roles in account

management, business development

and sales, and she has worked for

Vodafone, Orange, Mitel, and

Dimension Data. Commenting on her

appointment, Anne said: “I am very

excited to be joining Manx Telecom at

this very interesting time in its history

and to be part of the dynamic team

taking Chameleon to market. Until a

need is recognised, it doesn’t matter

how great a product is. Manx Telecom

has identified a need, and what

Chameleon can offer the market.”

Tom Meageen, Head of Business

Development at Manx Telecom, said:

“We are delighted to welcome Anne to

our Chameleon team. Her experience

and expertise will further strengthen

our efforts to expand our off-Island

business by continuing to explore new

markets for innovative products such

as Chameleon and Smart SIM

solutions.”

MManx Telecom

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Right:Anne Lemonofides

he representative body for the

Isle of Man’s captive insurance

industry, the Isle of Man Captive

Association (IOMCA), has announced

the appointment of a new Deputy

Chairman, Simon Nicholas of KPMG Isle

of Man.

Gaynor Brough, Chair of the Isle of

Man Captive Association commented:

“I’m delighted to formally welcome

Simon Nicholas to the role of Deputy

Chairman of IOMCA. Simon has played

a key role in shaping the Island’s

insurance value proposition and I look

forward to working with him to take

advantage of the many exciting

opportunities which we have created.”

Simon Nicholas joined KPMG Isle of

Man in 2010. Prior to moving to the Isle

of Man Simon worked with the

Bermuda reinsurance and captive

markets for KPMG in Bermuda for

nearly 7 years, and with the London and

Lloyd’s markets for many years prior to

that. He has significant experience

auditing and advising insurance entities,

in particular captives.

Simon Nicholas commented: “The

insurance industry in the Isle of Man has

weathered the financial storm of the

past few years exceptionally well and

continues to grow from strength to

strength repeatedly attracting new high

quality companies to the Island.

“As such, it is a very exciting time to

be part of IOMCA and I look forward to

working with the committee, and

industry as a whole, to build on our

strategy for growth and diversification.”

The Isle of Man is recognised as

being one of the leading centres for

captive insurance and has attracted high

quality captive business from all over the

world. IOMCA members offer a broad

range of captive management services

ranging from small local operations to

representatives of the world’s leading

captive management groups.

The Isle of Man’s legislation offers a

wide range of captive structures,

including single-parent captives,

association captives, rent-a-captives,

Incorporated Cell Companies, Special

Purpose Vehicles, Protected Cell

Company (PCC) captives, limited

liability partnership captives and

captives writing third party business

under limited third party authorisation.

TIsle of Man Captive Association

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

Right:Simon Nicholas

ISLE OF MAN

PORTFOLIOISSUE 141

51R

imcocks has announced the

admission of Victoria Kiver to

the Isle of Man Bar.

Victoria joined Simcocks as an

articled clerk in 2010 after

successfully completing her studies at

Lancaster University and The College

of Law in Bloomsbury. The former

head girl of Queen Elizabeth High

School in Peel is part of Simcocks’

Dispute Resolution team where she

has experience across a broad range

of family law issues including

separation and divorce. She also

advises on parental rights which often

relate to child contact, residence and

maintenance issues. Victoria was

formally admitted as an Advocate at a

ceremony before His Honour

Deemster Doyle.

Chief executive of Simcocks, Phil

Games said: “On behalf of everyone at

Simcocks I would like to congratulate

Victoria on her admission to the Isle of

Man Bar. Simcocks’ dispute resolution

team has a great deal of experience

and expertise and we are all confident

Victoria will be a valuable asset to the

department.”

Victoria said: “Simcocks has been

tremendously supportive throughout

my studies and I am delighted to being

part of this innovative and pro-active

team. I am looking forward to building

on my knowledge and expertise, the

department deals with a wide range of

disputes including corporate and

commercial litigation, trust-related

and shareholder disputes so I know it

will be varied and challenging.”

SSimcocks

Above:Victoria Kiver

Announce yournew appointment!Email text and pic toportfolio@manx.netDeadline for next issue, 04 April!

rgon Technologies has

announced the strengthening

of its all-Island Board with two

additional appointments from within

the local ICT services provider.

Matt Singleton, who is responsible

for Service Delivery and who has been

with the company for 14 years is

stepping up to join the Board this

month and will be joined by Ian

Quayle, Head of Technical Services.

A highly proficient technician and

with an MBA in Executive

Management and ten year’s

experience with Argon, Ian will

continue to focus on future

technologies and their potential role

within the business customer market,

whilst working to continually develop

Argon’s strategy for growth over

coming years. Matt brings his

consistent focus on the daily

operations of Argon Technologies to

the Board, and will combine extensive

experience in the industry to help

deliver future strategies.

Iain Fairbairn, Managing Director

at Argon Technologies, commented on

the appointments: “I am really pleased

that Matt and Ian have agreed to join

the Board, both to assist in overseeing

the smooth day to day operations and

using their extensive experience and

knowledge to help us determine the

future strategies for the business.

Their skill sets and experience are

complimentary and I believe

promoting from internal is the right

thing for the business at this time.

These changes create an all-Island

Board, which reflects the business’s

return to local ownership and control.”

AArgon Technologies

Above:Ian QuayleIain FairbairnMatt Singleton

annVend has announced

that Dan Carpenter has

joined the company as Sales

Executive.

Dan joins MannVend after seven

years of diverse sales experience at

RBSI where he fine-tuned his sales

skills in the area of offshore mortgages.

Dan said, “I was ready for a change

in direction, and the role at MannVend

enables me to look after a diverse range

of clients in many different industries

whilst also developing new business.

“MannVend have an excellent

reputation on the Island and I have

enjoyed joining this very customer-

focused team.”

“Dan brings a tremendous amount

of enthusiasm, experience and fresh

ideas to the company,” Managing

Director Tracey Leahy said. “Our

people are our best asset and I am very

confident that our clients will find Dan

extremely personable.”

MannVend is one of the Islands long

established family-owned businesses.

They supply refreshment machines to

offices, factories, schools and

workplaces across the Island.

MMannVend

Left:Dan Carpenter

Your future is our business and no-one else’s!

T +44 1624 640420 www.hamblin.co.im • www.facebook.com/hambliniom

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52R

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ISLE OF MAN

PORTFOLIO ISSUE 141

Building on our success, we would like to capitalise on our positionas a market leader and are seeking a Senior Recruitment Consultant.

Hamblin House, 5 Upper Church Street, Douglas, IM1 1EA

Te m p o r a r y | P e r m a n e n t | E x e c u t i v e | P a y r o l l | L e a r n i n g & D e v e l o p m e n t

he ICM Group board of

directors has announced the

appointment of a high profile

non-executive chair, Jo Haigh.

Winner of the 2013 Sunday Times

Non-Executive Director of the Year

award, in association with Peel Hunt,

Jo Haigh is a highly experienced

businesswoman and a regular

presenter for the Institute of Directors.

Based on the Isle of Man, with

associated offices in London, Jersey,

Antibes and Monaco, the ICM Group

is a successful, privately owned

corporate service provider, which

specialises in wealth management

solutions, yachting and aviation.

Founded in 1984, the Group has

grown steadily over the years and now

has 70 employees.

Mark Byrne, ICM Group director

specialising in aviation and wealth

management, told us why the time

was right to make the appointment:

“Even with the economic turbulence

encountered since 2008 we have

enjoyed continuous growth and, with

confidence returning, we believe that

our expansion will continue. Although

growth is always welcome, it

inevitably comes with increased

complexity and new challenges. We

feel that we have reached the next

stage of the company’s development

and recognise that we need to

enhance our ability to think

strategically whilst remaining

focussed.

“Jo’s background and experience,

together with her independence as a

non-executive, will ensure that our

assumptions are tested and our

actions are timely and appropriate. We

were overjoyed when Jo accepted our

invitation and we look forward to

working with her. We have found a

world-class entrepreneur who will

make a huge difference to how we run

and expand our business.”

Jo Haigh recently launched her

fifth book, The keys to the boardroom:

How to get there and how to stay

there. With five best-selling books to

her name, 300 companies bought and

sold and over 40 non-executive roles,

Jo Haigh knows her subject.

Jo said: “Over the years I have

been very fortunate to hold a number

of prestigious roles as non-executive

director. This is my second chair

position and I was flattered to be

asked to join ICM for whom I have

massive respect. I most enjoy working

with growing and ambitious

businesses and ICM is no exception. I

have already spent three very

productive days with the board and

the senior management team and I

am hugely impressed by their skills

and enthusiasm to continue to build

an even better business.”

This new appointment comes as

the ICM Group celebrates its 30th

anniversary and prepares for a big

move to new headquarters in Douglas.

TICM Group

Above:Jo Haigh

As Senior Recruitment Consultant you will work as part of the dynamic recruitment team, and ultimately build a business unitwithin the Recruitment Division. The successful candidate will have the responsibility for prospecting and account-managing a select

number of new and existing key clients with a focus on permanent/interim/contract recruitment.

What you possess:Strong commercial awareness • Account management skills • Excellent communication skills - oral and written

• Creative thinking • Aptitude to be a strong team player • An HR related degree or professional qualification which is considered beneficial although not essential

• A minimum of 4-5 years’ experience in Recruitment• Extensive recruitment/account management experience, preferably with international exposure

This is an exciting opportunity for a bright, ambitious and experienced Recruiter looking for a new challenge.If you want to be part of a growing and successful company that encourages independent working from motivated staff, please

submit your CV with a covering letter stating why you think you are suitable for the role to Emma Allard at the address below.

Directory

ISLE OF MAN

Isle of Man Airport Flight Schedules

Isle of Man Airport Contact Information

Isle of Man Business Directory:

Accountants

Advocates

Banks - Licenceholders

Investment Companies

Life Assurance Companies

Information - The Isle of Man

Key locations, statistics

Its Constitution

Tax Allowances, Financial Incentives

ISLE OF MAN

PORTFOLIO ISSUE 141

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BELFAST

Tel. 0871 200 0440www.citywing.com

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BIRMINGHAM

Tel. 0871 700 2000www.flybe.com

BLACKPOOL

Tel. 0871 200 0440www.citywing.com

DUBLIN

Tel. 0871 718 5000www.aerlingus.com

GLASGOW

Tel. 0871 200 0440www.citywing.com

GLOUCESTER

Tel. 0871 200 0440www.citywing.com

LIVERPOOL

Tel. 0871 700 2000www.flybe.com

ISLE OF MAN AIRPORT FLIGHT SCHEDULES

REFERENCENEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

In association with Book online: citywing.com

Some of the destinationslisted in these schedulesare seasonal and applyonly to certain times ofthe year.

If in any doubt, pleasecheck with the individualairline for confirmation.

ISLE OF MAN

PORTFOLIOISSUE 141

LIVERPOOL

Tel. 0905 821 0905www.easyjet.com

LONDON CITY

Tel. 0844 493 0787www.ba.com

LONDON GATWICK

Tel. 0871 700 2000www.flybe.com

LONDON GATWICK

Tel. 0905 821 0905www.easyjet.com

MANCHESTER

Tel. 0871 700 2000www.flybe.com

NEWCASTLE

Tel. 0871 200 0440www.citywing.com

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Information Desk 01624 821600

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ISLE OF MAN AIRPORT CONTACT INFORMATIONCar Hire Athol Car Hire

01624 820092www.athol.co.im

Mylchreests01624 823533www.mylchreests.com

IOM Rent-a-Car01624 825855www.iomrac.com

Alder Dodsworth & Co.,22 Athol Street,Douglas.Tel. +44 1624 622865

Ambitions Ltd,26 Finch Road,Douglas.Tel. +44 1624 614841

Baker Tilly Isle of Man, P.O. Box 952a Lord StreetDouglasTel. +44 1624 693900info@bakertillyiom.com

BDO (Isle of Man) LLC,Analyst House, 20-26 Peel Rd., Douglas.Tel. +44 1624 652000mail@pkfiom.com

Boothmans, Millennium House,Victoria Road, Douglas.Tel. +44 1624 611926bca@boothmans.com

Nicola Bowker & Co.,Commissioners Offices,New Road,Laxey.Tel. +44 1624 861271

Browne Craine & Co, Burleigh Manor, Peel Road, Douglas.Tel. +44 1624 629369burleigh_manor@mcb.net

Corlett & Co,Ellan Vannin Cottage,Baldrine.Tel. +44 1624 861060

Callin & Co, 6-7 Fort William,Head Road, Douglas.Tel. +44 1624 675528callin@manx.net

Callow Matthewman & Co,Atholl House,29/31, Hope Street, Douglas.Tel. +44 1624 622752Ramsey Office Tel 814494

John Clarke & Co,Ragnall House,Peel Road,Douglas.Tel. +44 1624 661821gentrex@mcb.net

R H Corkill & Co. Ltd,10 Auckland Terrace,Ramsey.Tel. +44 1624 816921

Ernst & Young,Rose House,51-59 Circular Road, Douglas.Tel. +44 1624 691800www.ey.com/im

Douglas & Co, Suite 2,Broadway House,8-10 Broadway,Douglas.Tel. +44 1624 628571

Edwards & Hartley, Peregrine House, Peel Road, Douglas.Tel. +44 1624 622302edwardsandhartley@manx.net

Evolution Accounting Ltd.,West Suite, Ragnall House,18 Peel Road,Douglas.Tel: +44 1624 611160accounting@evolution.co.im

J. C. Fargher,Ballafreer House,Union Mills.Tel. +44 1624 851190

Finnie & Co, 6, Goldie Terrace, Douglas.Tel. +44 1624 621523finnies@altavista.com

Crowe Morgan,8, St George’s Street,Douglas.Tel. +44 1624 665100admin@crowemorgan.co.im

Fowler & Co.,First Floor, Norton House,41 Arbory Street,Castletown.Tel. +44 1624 827848

Fryers Bell & Co, 27, Athol Street, Douglas.Tel. +44 1624 639850fryers_bell@manx.net

Galloway Smith & Co, 9, Hope Street, Douglas.Tel. +44 1624 661800ocs@advsys.co.uk

KPMG, Heritage Court,41, Athol Street, Douglas.Tel. +44 1624 681000mfayle@kpmg.com

Greystone LLC,18 Athol Street,Douglas.Tel +44 1624 620711mail@greystone.im

Haven Administration Ltd,28 Victoria Street,Douglas.Tel. +44 1624 625793

Harding Lewis Ltd,34 Athol Street,Douglas.Tel +44 1624 679524

A. M Gerrard,34 Athol Street,Douglas.Tel +44 7624 490720

K G Hegarty & Co.,Peregrine House, Peel Road, Douglas.Tel. +44 1624 622118

HF Accounts,Fairview,Cronk Road,Port St Mary.Tel. +44 1624 835735

ICM Accounting,Prospect Chambers,Prospect Hill,Douglas.Tel +44 1624 682400

In Safe Hands Business Services75 Bucks RoadDouglas,IM1 3EFTel. +44 1624616133contact@insafehands.im

J B Quirk BSc FCCA,Milbourn House13 St. George's StreetDouglas.Tel. +44 1624 616660

Jessup & Co, 44 Athol Street,Douglas.Tel. +44 1624 625666

R. P. Harker, Maskani Yetu, Garey Close, Fox-daleTel. +44 1624 675450

Jones & Co, Penthouse Suite,Analyst House,Peel Road,Douglas.Tel. +44 1624 617344

L. G. Kelly,Parkfield,Glencrutchery Road,Douglas.Tel. +44 1624 611019

Peter D. Lace,18 Hope Street,Douglas.Tel. +44 1624 661640

M. G. Accountancy & Taxation,PO Box 372,Douglas.Tel. +44 1624 619022mgcomp@manx.net

David J. Hill & Co, Museum Buildings,Church Road,Port Erin.Tel. +44 1624 833776

Matthew Edwards & Co, Clinch’sHouse, Lord Street, DouglasTel. +44 1624 663166audit@matthew-edwards.com

Noble & Co, Abacus House, Mona Street, Douglas.Tel. +44 1624 624633abacus@manx.net

Julie Oates,2 Camlork Place,Union Mills.Tel. +44 1624 852552

Paul & Co, 5 Market Place,Peel.Tel. +44 1624 844188

PricewaterhouseCoopers LLC,Sixty Circular Road,Douglas.Tel. +44 1624 689689

PurpleAccounts,Salisbury House,Victoria Street,Douglas.Tel: +44 1624 618002enquiries@purpleaccounts.com

Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409

Shannon Callister & Co,Shannon Court, Bowring Road, Ramsey.Tel. +44 1624 812343

Shimmin Wilson & Co, 13-15 Hope Street, Douglas.Tel. +44 1624 627744

SMP Accounting & Tax LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 683229info@smppartners.com

T Leach & Co,Bradda House,Bradda Road,Port Erin. Tel. +44 1624 832891

TABS,Rechabite Hall,Allan Street,Douglas.Tel. +44 1624 674913

Thomas & Company, 36, Finch Road, DouglasTel. +44 1624 670577

Thompsons,1st Floor,Royal Trust House,60-62 Athol Street,Douglas.Tel. +44 1624 611108

Crossleys, P. O. Box 1, Portland House, Station Road, Ballasalla.Tel. +44 1624 822816

Crowe Clark Whitehill,6th Floor,Victory House, Prospect Hill, Douglas.Tel. +44 1624 627335mail@crowecw.im

David Gelling & Associates,44 Main Road,Onchan.Tel. +44 1624 615500

Deloitte LLP, The Old Courthouse,Athol Street,Douglas.Tel. +44 1624 672332

Chris Hollingworth,20 Finch Road,Douglas.Tel +44 7624 433346

E Thom,47 Buttermere Drive,Onchan.Tel. +44 1624 613782

W T Tickle & Co.,24 Finch Road,Douglas.Tel. +44 1624 627772

Michael Turner & Co, 17 Hope Street, Douglas.Tel. +44 1624 629619mbturner@manx.net

WFZ Services Ltd,2 Ballanawin,The Strang,Union Mills.Tel. +44 1624 852198

David Wilcock B.Com, FCA, Pine View,Glen Vine Road,Glen Vine.Tel. +44 1624 855110david.wilcock@manx.net

PO Box 25, 26-28 Athol St,Douglas, Isle of ManIM99 1BD+44 (0) 1624 662020mail@msiom.comwww.msiom.com

Grant Thornton,3rd Floor, Exchange House54/58 Athol StreetDouglas Tel: 44+ 1624 639494gtiom@grantthornton.co.im

T. P. Winnell & Co,, 7, Hill Street, Douglas.Tel. +44 1624 670022mail@fiscalservices.co.im

R G Wright,71 Circular Road,Douglas.Tel. +44 1624 674894

Celtic Associates Ltd,Chartered Accountants,One, The Parade,Castletown.Tel: +44 1624 822022Email: email@celt.im

ACCOUNTANTS

ISLE OF MAN BUSINESS DIRECTORY

J. H. Maddrell ACA, 1, Meadowfield, Port Erin.Tel. +44 1624 833535jhj@mcb.net

Martin Associates Ltd,Meadowcroft,Ballabrooie Road,Peel.Tel. +44 1624 845343

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REFERENCENEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

In association with

Advocates Smith TaubitzUnsworth Limited,Barrule Chambers,36 Finch Road, Douglas.Tel +44 1624 677888reception@advocates.co.im

Appleby,33-37 Athol Street, Douglas.Tel. +44 1624 647647www.applebyglobal.comIOM@applebyglobal.com

Marie Ashworth,2nd Floor,Harbour Mews,Parliament Square,Castletown.Tel. +44 1624 822880

BridsonHalsall,20 Athol Street,Douglas.Tel. +44 1624 614422www.iomlaw.com

Cains, Fort Anne, Douglas.Tel. +44 1624 638300law@cains.com

Cains Gordon Bell, Auckland Chambers,Auckland Terrace,Ramsey.Tel. +44 1624 811311

Callin Wild, Bank Chambers, 15-19, Athol St,Douglas.Tel. +44 1624 623195www.callinwild.commail@callinwild.com

Carter’s, Court View Chambers,12 Mount Havelock, Douglas.Tel. +44 1624 662809

Carter Jones McDonald, Athol Chambers, 21, Athol Street, Douglas.Tel. +44 1624 629627

Conti, 17, Circular Road, Douglas.Tel. +44 1624 670003www.contiadvocates.com

Corbridges, Chancery House,22 Finch Road, Douglas.Tel. +44 1624 690060

Nigel M Cordwell,2nd Floor Suite,6 Hill Street,Douglas,Tel. +44 1624 677277

Corlett Bolton & Co., 4, Finch Road,Douglas.Tel. +44 1624 676868mail@corlettbolton.com

Dickinson Cruickshank Ramsey,Masonic Buildings,Water Street, Ramsey.Tel. +44 1624 812107

Dougherty Quinn,The Chambers,5 Mount Pleasant,Douglas.Tel. +44 1624 626999info@dq.im

Gelling Johnson Farrant, 24, Athol Street, Douglas.Tel. +44 1624 675367

Hannan Law5 Hill StreetDouglasTel: +44 1624 628900mail@hannanlaw.im

Jones & Co,Finch Chambers,28 Finch Road,Douglas.Tel. +44 1624 629200

Laurence Keenan, Victoria Chambers,47, Victoria Street, Douglas.Tel. +44 1624 611933info@lklaw.co.im

Kerruish Law & Trust, 5th Floor,Anglo International House, Bank Hill,Douglas.Tel. +44 1624 623919

Long & Humphrey,The Old Courthouse,Athol Street,Douglas.Tel: + 44 (0)1624 651951

Kelly, Luft, Stanley & Ashton,2 Sydney Mount, Douglas.Tel. +44 1624 674316

Ian Kermode,Court View Chambers,14 Albert Street,Douglas.Tel. +44 1624 611117mail@ik.im

M&P Legal, New Court Chambers,23-25 Bucks Road, Douglas.Tel. +44 1624 695800law@mplegal.im

MannBenham Advocates Ltd, 49 Victoria Street,Douglas.Tel. +44 1624 639350enquiries@mannbenham.com

Old Court Chambers,Eight Finch Road,Douglas.Tel: +44 1624 641580info@oldcourtchambers.im

Pringle Law,Victoria Court,16 Athol Street,Douglas.Tel. +44 1624 612200

Quinnlegal,30 Ridgeway Street,Douglas.Tel. +44 1624 665522mail@quinnlegal.im

Simcocks, Ridgeway House,Ridgeway Street,Douglas.Tel. +44 1624 690300mail@simcocks.com

Judy Thornley,Beach House,Bay View Road,Port St Mary.Tel. +44 1624 833708

Turnbull Advocate,1st Floor,Exchange House,54-58 Athol Street,Douglas.Tel. +44 1624 614516

Laurence Vaughan-Williams,Museum Buildings,Church Road,Port Erin.Tel. +44 1624 836757barrister@manx.net

Lawrence J Weatherill,20 Athol Street,Douglas.Tel. +44 1624 674994

John Wright,16 Willowbrook Gardens,Douglas.Tel. +44 1624 611999

AIB Bank (CI) Ltd, Isle of Man Branch, 10, Finch Road, Douglas.Tel. +44 1624 639639one@aib.im

Anglo Irish Bank Corporation(International) PLCJubilee BuildingsVictoria StreetDouglasTel. +44 1624 698000

Bank of Ireland (Isle of Man) Ltd,P. O. Box 246,Christian Road, Douglas.Tel. +44 1624 644200www.boioffshore.com

Bank of Scotland PLC,PO Box 19, Evergreen House,43 Circular Road, Douglas.Tel. +44 1624 644000offshore_enquiries@bankofscotland.co.uk

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas.Tel. +44 1624 684444iom@offshorebanking.barclays.com

Barclays Private ClientsInternational Ltd, PO Box 9, Barclays House, Vic-toria Street, DouglasTel. +44 1624 684444

Cayman National Bank & TrustCompany,4-8 Hope Street, Douglas.Tel. +44 1624 646900banking@cnciom.com

Duncan Lawrie (IOM) Ltd, 14/15 Mount Havelock, Douglas.Tel. +44 1624 620770iom@duncanlawrie.com

Conister Bank Ltd, Clarendon House, Victoria Street,Douglas.Tel. +44 1624 694694

Britannia International Ltd,Britannia House, Athol Street, Douglas.Tel. +44 1624 681100enquiries@britanniainternational.com

HSBC Bank PLC,HSBC House, Ridgeway Street,Douglas.Tel. +44 1624 684840

Isle of Man Bank Ltd, 2, Athol Street, Douglas.Tel. +44 1624 637000

Lloyds TSB Offshore Ltd., PO Box 111,Peverial Buildings,Douglas.Tel. +44 1624 638200

Habib European Bank Ltd, 14 Athol Street, Douglas.Tel. +44 1624 622554

Nationwide International Ltd, Samuel Harris House,St George’s Street,Douglas.Tel. +44 1624 696000

Merrill Lynch Bank & Trust Co.(Cayman) Ltd, Circular Rd, Douglas.Tel. +44 1624 688600

Barclays Private Bank & Trust(Isle of Man) Limited, 4th Floor, Queen Victoria HouseVictoria StreetDouglas.Tel. +44 1624 682828

Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 643270www.closewm.combankingiom@closewm.com

Nedbank Private Wealth Ltd,St Mary’s Court,20 Hill Street,Douglas.Tel. +44 1624 645000

RBS Coutts Bank (Manx) Ltd,PO Box 59,Royal Bank House,2 Victoria Street,Douglas.Tel. +44 1624 632222

Permanent Bank International Ltd.,Hillary House,Prospect Hill, Douglas,Tel. +44 1624 673373info@permanent-bank.comwww.permanent-bank.com

Santander UK PLCPO Box 12319/21 Prospect Hill, DouglasTel 01624 641888enquries@santander.co.im

Standard Bank (IOM) Ltd, Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 643643www.sboff.comsbiom@standardbank.com

The Royal Bank of ScotlandInternational Ltd, Royal Bank House,2 Victoria Street, Douglas.Tel. +44 1624 646464

The Royal Bank of Scotland TrustCompany (IOM) Ltd.,Royal Bank House,Victoria Street,Douglas.Tel. +44 1624 646464

Zurich Bank International Ltd, PO Box 422,43-51 Athol Street,Douglas.Tel. +44 1624 671666

The Standard Bank of South Africa,Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 643643www.sboff.comsbiom@standardbank.com

ADVOCATES

BANKS - LICENCEHOLDERS

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ISLE OF MAN

PORTFOLIOISSUE 141

REFERENCE

ISLE OF MAN BUSINESS DIRECTORY

Abacus Trust Company Ltd,Sixty Circular Road, Douglas.Tel. +44 1624 689600

AXA WF Distibutors (IOM) Ltd,Royalty House,Walpole Ave, Douglas.Tel. +44 1624 643333

BlackRock (Isle of Man) Ltd3rd Floor, Atlantic House,Circular Road,Douglas.Tel. +44 1624 662255

Collins Stewart (CI) Ltd,Anglo International House,Bank Hill, Douglas.Tel. +44 1624 690100

Caledonian Fund Services(Europe) Ltd,PO Box 172, 4th FloorOne Circular Road, Douglaswww.caledonian.comTel: +44 1624 640150.

CMI Fund Managers (IOM) Ltd,Clerical Medical House, Douglas.Tel. +44 1624 638888

Fedelta Trust Limited,29-31 Athol Street,Douglas.Tel. +44 1624 622331mail@fedelta.com

Isle of Man Assurance Ltd.,IOMA House,Hope Street,Douglas.Tel. +44 1624 681200ioma@ioma.co.im

Fund Management Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 688300fundservices@im.fortisbank.com

Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 643270www.closewm.combankingiom@closewm.com

Laxey Partners Ltd,4th Floor,Derby House,64 Athol Street,Douglas.Tel +44 1624 690900

Lloyds TSB IndependentFinancial Advisers Ltd, P. O. Box 12, Peveril Buildings, Peveril Square,Douglas.Tel. +44 1624 641741

Maitland Management Services(IOM) Ltd,Falcon Cliff,Palace Road,Douglas.Tel. +44 1624 630000

Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409

Neville James Fund Managers Ltd,Park House,Isle of Man Business Park,Douglas.Tel. +44 1624 670500

Nedgroup Investments (IOM) Ltd.,1st Floor, Samuel Harris House,5-11 St George’s Street,Douglas.Tel. +44 1624 645150nedgroupinvestments.com

Ramsey Crookall & Co, Securities House,38-42 Athol Street, Douglas.Tel. +44 1624 673171dealers@ramseycrookall.com

RBSI Fund Administration Ltd.,PO Box 151,Royal Bank House,Victoria Street,Douglas.Tel. +44 1624 646464

Royal Bank of Scotland TrustCompany (IOM) Ltd,PO Box 151,Royal Bank House,Victoria Street, Douglas.Tel. +44 1624 646464

Lorne House Trust Limited,Lorne House, Castletown.Tel. +44 1624 823579

Creechurch Capital Limited,Knox House,16-18 Finch Road,Douglas.Tel: +44 (0) 653800info@creechurchcapital.com

GAM Administration Ltd, 11 Athol Street, Douglas.Tel. +44 1624 632632info@gam.com

Fortis Fund Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 688300fundservices@im.fortisbank.com

SMP Fund Services LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 683229info@smppartners.com

Hansard International Ltd, Harbour Court,Lord Street,Douglas.Tel. +44 (0) 1624 688000

HPB Assurance Limited,IOMA House,Hope Street,Douglas.Tel +44 1624 681200info@hpba.co.im

IntegraLife International Limited,Barbican House,8-10 Malew Street,Castletown.Tel +44 1624 825986

Royal Skandia Life Assurance Ltd,PO Box 159,Skandia House, King Edward Road,Onchan.Tel. +44 (0) 1624 655555

Zurich International Life Ltd,43-51 Athol Street, Douglas,Tel. +44 1624 662266

Isle of Man Assurance Group, IOMA House,Hope Street, Douglas.Tel +44 1624 681200

LCL International Life AssuranceCompany Limited,St George’s Court,Upper Church Street,Douglas.Tel +44 1624 683683

Nordea Life & Pensions Ltd,Island House,Isle of Man Business Park,Douglas.Tel. +44 1624 694444

RL360 Insurance CompanyLimitedRL360 House, Isle of ManBusiness Park, DouglasTel. +44 1624 681681csc@rl360.com

AXA IOM Ltd,Royalty House,Walpole Ave, Douglas.Tel +44 1624 643333

Canada Life International Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 820200info@canadalifeint.com

Friends Provident International Ltd,Royal Court,Castletown.Tel +44 1624 821212

Global Life Assurance Limited,St George’s Court,Upper Church Street,Douglas.Tel. +44 1624 618611

Thomas Miller Investment(Isle of Man) Limited,Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas.Tel +44 (0) 1624 645200tminvestment.com

CLI Institutional Limited Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 820200info@canadalifeint.com

CMI Insurance Company Ltd,Clerical Medical House, Victoria Road,Douglas.Tel. +44 1624 638888

Capital International Ltd,Capital House,Circular Road, Douglas.Tel. +44 1624 654200info@capital-iom.comwww.capital-iom.com

Whilst every effort has been made to ensure that this directory is as comprehensive as possible,the Publishers cannot take responsibility for any errors or omissions contained herein.

INVESTMENT COMPANIES

LIFE ASSURANCE COMPANIES

ISLE OF MAN BUSINESS DIRECTORY

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

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PORTFOLIO ISSUE 141

A Global PartnerThe Isle of Man is a leadinginternational business centrerenowned for its innovation,professionalism and long standingpolicy of positive engagement withinternational initiatives andstandards. The Isle of Man operatesa policy of low taxes with astandard rate on individuals of 10%,a higher rate of 20% and generouspersonal allowances. There is a capof £120,000 on the amount ofincome tax payable by an individualeach year. The Isle of Man strives tobe a model of political stability andfinancial supervision and has longbeen committed to internationalstandards of tax transparency.There is no capital gains tax, wealthtax, stamp duty, death duty orinheritance tax.

Taxation allowanceSingle Person: £9,300Married Couple: £18,600Additional Personal Allowance: £6,400

Dept of EconomicDevelopment

The Department of EconomicDevelopment’s financial assistancescheme offers support to qualifyingbusinesses (up to):40% equipment grants40% building grants either for newbuild or for rents payable;40% revenue grants

Capital Douglas

Population 80,058

Land Area 572 sq km - 227 sq ml

Population density 133 people/sq km(336/sq mile)

Location Irish Sea, 50km (31 miles)from Ireland, 50km from UK

Longest River Sulby, 17km - 10.5 miles

Highest Peak Snaefell, 621 metres,2036 feet

Head of State Her Majesty the Queen,Lord of Mann

LieutenantGovernor

His ExcellencyMr Adam Wood

Chief Minister Hon Allan Bell MHK

Presidentof Tynwald Hon Clare Christian MLC

Speaker ofHouse of Keys Hon Steve Rodan SHK

www.gov.im

THE ISLE OF MAN . . . 59R

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INFORMATION

Ramsey

Douglas

CastletownPort Erin

Peel

ISLE OF MAN

PORTFOLIOISSUE 141

He thought he was in,

but he’d forgotten

to ring about the

sporty convertible

she saw advertised

in Manx MotorMart . . .

MMM MotorMartThe Isle of Man’s New and Used Car Magazine

MANX

Lifestyle

ISLE OF MAN

In association with

A Week in the Life: Giulio Fabrizio

Gig Guide:Your Guide to the hottest actsappearing in Belfast, Liverpool,Manchester and London

Q&A:Stan Keig, Managing Director,Viking Office Systems Ltd

Get Ready for Glasgow:Citywing prepare to renew air links toScotland with nine weekly return flightscommencing end of March

My name is Giulio Fabrizio. I am 32 years old and I have worked at UtopiaHairdressers for 18 years, starting as a junior at 15.

During my time at Utopia I have been on a number of courses, most recentlyto Milan, Italy. I have just been promoted to manager of Utopia’s new WalpoleAvenue salon, where I manage a team of 5 stylists. It’s a new adventure for

me, and a challenge that I feel really excited to be a part of.I love my cars, and enjoy clay pigeon shooting in my spare time. Between mygirlfriend, Sarah; my two cats; family; and hairdressing I enjoy a balanced life.

A Week in the Life

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ISLE OF MAN

PORTFOLIO ISSUE 141

MONDAYOn Monday, I wake up at 7.45am, have

a cup of coffee, shower, deal with my

buddies (cats) Bruno and Nero, have a

quick breakfast, iron a shirt for work

and then head to the salon. On Monday

we’re open late so it’s a long day, but

luckily there are no headaches today

and everything runs smoothly. I check

the stock and put in our order with

Castlemona salon. In the afternoon, my

Mother turns up with change and stock

- she always makes me smile. After

what feels like a very long day, I finally

head home at 8.30pm. I let the cats in,

have something to eat, and enjoy the

chance to relax and unwind in front of

the TV, before heading off to bed.

TUESDAYTuesday starts in much the same way

as Monday. I arrive at the salon early

and have a quick meeting with my girls

before opening. The salon is still

relatively new, but so far everything is

running smoothly and we are finding

our feet. Once again we have a late

night finish at 8.00pm, after which I

head to the gym for a work out. Finally

I head home for some food, a shower

and then bed.

WEDNESDAYWednesday morning is the same as

Monday and Tuesday - what can I say,

I really am a creature of habit! Today

the salon closes at normal time so I get

to spend a little quality time with my

family. I enjoy the evening with my

Mum and Dad and catch up with my

Brother. I eventually get home at

10.00pm to let Bruno and Nero in and

settle down for the rest of the evening

to catch the Everton match - great win

for the toffees! Good end to a great day.

THURSDAYThursday is another long day with no

breaks, so I work straight through. The

girls are all brilliant and we are

working really well as a team, which

makes for a slick operation. We have

been increasingly busy and the salon is

filling up nicely, but this means that I

have been extremely busy with the day

to day running of the salon. Now I

know how my Uncle Marco feels.

“Home James”… I need to eat!

FRIDAYI have a day off today … and I need it.

It has been a really busy period over

Valentine’s Day, where we ran a

promotion which took in beauty

treatments and hair. The girls all dealt

with the clients really well, but with the

new salon and new systems I need

some time to recharge the batteries.

After a nice lie in, I head off to the gym,

before giving my motor a good wash

and some TLC. Later I meet my

Brother for a coffee and do a little

shopping for the house. I spend the

evening enjoying a meal and a movie

with my girlfriend.

SATURDAYSaturday is an early start and it really is

a full on day with party styles to create,

colours, highlights etc. Saturdays tend

to be mostly clients who work during

the week and get the chance to pamper

themselves at the weekend. As always,

everybody produces excellent work

and lots of happy clients leave the

salon. I finish at 5.00pm and head

home for something to eat and a quick

change. On Saturday nights, I help at

the door at The Courthouse, which

starts at 10pm and normally finishes at

3.00am. So I only get a few hours’ sleep

before another early start on Sunday.

SUNDAYI love Sundays, as I get to spend time

with my Pop, and after a crazy week

working with my Uncle, Aunty, Cousin

and Mother, I need some time with my

Dad. Normally we go clay pigeon

shooting together, which usually

finishes around 3.00pm. Finally, to end

off a great weekend, we all try and get

together at some stage on Sundays. Tea

time is chaos, with twelve or so people

around the table, but hey, we are

Italian.

Tea time is chaos, withtwelve or so peoplearound the table, buthey, we are Italian.

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

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NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

ISLE OF MAN

PORTFOLIO ISSUE 141

Katy Perry07 May

Miley Cyrus19 May

WWE Live21 May

McBusted31 May, 01 Jun

Cliff Richard05 Jun

Little Mix09 Jun

Dolly Parton10 Jun

Robbie Williams13-14 Jun

Jason Derulo25 Jun

Ant & Dec Takeaway21-23 Aug

Ed Sheeran08-09 Oct

Lee Evans14-15 Nov

Andre Rieu05 Dec

John Bishop06-07 Dec

BELFASTOdyssey Arena

www.odysseyarena.com

LIVERPOOLEcho Arena

www.echoarena.com

MANCHESTERMEN Arena

www.phones4uarena.co.uk

LONDONO2 Arena

www.theO2.co.ukTinie Tempah

07 Apr

Globetrotters08 Apr

Gary Barlow11, 15 Apr

Elbow12 Apr

McBusted19 Apr, 13 May

Katy Perry21 May

Little Mix23 May

Julie Andrews27 May

Dolly Parton08 Jun

Jason Derulo23 Jun

Eagles26 Jun

Ant & Dec Takeaway10 Sep

The Vamps04 Oct

Joan Rivers18 Oct

Backstreet Boys05 Apr

Justin Timberlake07-08 Apr

Elbow09 Apr

Globetrotters10 Apr

Johnny Mathis12 Apr

Gary Barlow14 Apr

McBusted09-11 May

Miley Cyrus14 May

Barry Manilow18 May

Katy Perry20, 24 May

Nine Inch Nails25 May

Kings of Leon18 Jun

Eagles25 Jun

Robbie Williams2930 Jun, 01 Jul

Justin Timberlake01-02 Apr, 10 Jun

Backstreet Boys04 Apr

Gary Barlow05-06 Apr

Johnny Mathis08 Apr

Elbow16 Apr

McBusted24-26 Apr

Miley Cyrus06 May

Nine Inch Nails23 May

Little Mix25 May

Barry Manilow26 May

Katy Perry27-28, 30-31 May

Dionne Warwick11 Jun

Eagles16, 18, 20-21 Jun

Monty Python01-20 Jul

GIGGUIDE

Justin Timberlake,who will bebringing his ‘The20/20 Experience’show to The O2 on1 and 2 April andTuesday 10 June,and to Manchester07 and 08 April

YOUWhat is your business background?

I come from an old Manx family with

a recent history of being involved in

many diverse businesses. These

include manufacturing, retailing,

wholesaling, photography, hospitality

and others, and range from supplying

military equipment to making garden

gnomes. Being a Manx family, we also

always have a crofter in our midst.

“Spuds and herring” and “who’s

caught the crabs today?” are good

family mottos.

What was your very first job?

A Sailing Instructor at the Balqueen

Hydro in Port St. Mary.

If you hadn’t chosen your current

career, is there another career path

you would have liked persue?

An Army Air Corps Pilot.

Who is your business role model?

This is a tough one as I admire many

past and present people who

influence my thoughts. John Maynard

Keynes and his economic theories

were drummed into me as a young

adult, but latterly and more locally,

the great Sir John Bolton has to be the

guy who has influenced not just me,

but the whole of the Isle of Man, more

than any other individual in terms of

business and economics.

What is the best business lesson

you’ve ever learned?

Make a profit, as I needed to feed my

young daughter.

What’s the best thing about your job?

Undoubtedly having a fantastic team

of people to work with who share my

philosophy of having fun whilst being

serious.

What is the best business advice you

could offer to anyone?

Be fair and honest – especially with

yourself. Oh...and you must make a

profit.

DIGITAL AGEDo you own an iPad?

Yes.

What are your favourite gadgets?

My FartBox 2 with remote control and

my iphone for selfies (see selfie on

right)

Which websites do you visit most?

www.kyoceradocumentsolutions.com

Do you shop online and if so what for?

Yes, for my toothpicks.

PERSONALWhere in the world would you most

like to visit and why?

Patagonia, as it is cool down there.

What is your favourite TV series?

Blackadder

What is your favourite film?

Reservoir Dogs

What is your favourite album?

Hunky Dory by David Jones

What is the most memorable event

you have recently attended?

Barbarians v New Zealand at the

Cardiff Arms Park on 27th January

1973 when Gareth Edwards scored

“That Try” and the Baa-Baas won by

23 to 11. I have been to many Rugby

Internationals since, but I can’t

remember any of the games since

“that one”!

Name 3 things you would like to do

before you die?

Give my three daughters away (at

their weddings!)

What is the best piece of personal

advice you could offer?

Wash.

CURRENTBusiness processes and workflows

are paramount in enabling

organisations to operate in a

proficient and professional manner.

Not only do they eradicate grey areas,

so everybody knows what is expected

of them, there is also proper

accountability. This allows people to

take pride in what they are achieving

and know that they are delivering

what is expected of them. Obviously

every organisation is different, so the

fact that all of these processes are

easily customisable means that there

is no excuse for every organisation

with a conscience to implement these

as a matter of urgency. They are also

incredibly economically viable. I don’t

think anyone can afford not to have

properly documented processes and

electronic workflows within their

place of work. Viking has

implemented hundreds of these

solutions to a huge variety of

enterprises and organisations on the

Isle of Man by utilising Document

Management Software and Multi

Functional Print Devices. This is the

reason we are the Island’s leading

supplier of these products.

QA

NAMEStan Keig

TITLE AND COMPANYManaging Director,

Viking Office Systems Ltd

WHERE DO YOU LIVEON THE ISLAND?

Greeba

HOW LONG HAVE YOU LIVEDON THE ISLAND?

Most of my life, with a fewgaps here and there

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PORTFOLIO ISSUE 141

he addition of the vibrant hub to

Citywing’s range of flights from

the Isle of Man takes the total

number available to five, including

Blackpool, Belfast, Newcastle and

Gloucester. It also provides flights

between Cardiff and Anglesey for the

Welsh Government.

David Buck said: “I’m extremely

satisfied with our first year in business

and am eagerly anticipating what 2014

will bring for us as well. We’ve just had

our busiest day ever for bookings and

our new route to Glasgow is proving

very popular.”

Citywing will begin nine weekly

return flights to Glasgow on March 31st.

The flights were reinstated following

discussions between Chief Minister

Allan Bell and Scotland’s First Minister

Alex Salmond, who met during a visit by

the First Minister to the Island last July.

At the time, Mr Salmond described the

link as ‘simply too important a

connection to lose’.

The flights are regarded as a symbol

of the close historical and cultural links

between Scotland and the Isle of Man.

and will provide a boost to tourism and

business on both sides of the water.

David Buck continued: “We were

extremely pleased to have been able to

reinstate the air link between the Isle of

Man and Scotland, especially as there is

a long history of business, social and

cultural links between the two. Initially

there will be nine return flights every

week, but we would be looking to

increase this based on demand.

“It is particularly pleasing to have

been able to start the route in time for

the 2014 Commonwealth Games in

Glasgow, benefitting athletes and their

families, officials and fans from the

Island. We’ll certainly be flying the

Three Legs flag in support of the Isle

of Man!”

As Glasgow gears up for the Games

there’s never been a better time to

visit. The city expects to welcome over

a million visitors from 70 nations

around the world, who will watch the

games at one of the purpose built

venues including the Emirates Arena,

Sir Chris Hoy Velodrome and Tollcross

International Swimming Pool.

The Commonwealth Games is just

one of a number of major international

events heading to Glasgow this year,

with the MTV European Music Awards

and the Ryder Cup Opening Ceremony

both taking place at the stunning new

SSE Hydro Arena. In fact, the packed

calendar events have led to the city

being highlighted as a must-visit

destination in 2014.

The influence of Art Nouveau

genius and Glasgow born artist,

architect and designer, Charles Rennie

Mackintosh, is also very visible

throughout the city. Visitors can enjoy

a tour of the striking Glasgow School

of Art or take in the Scotland Street

Museum, or relax with a cup of tea and

slice of cake at Willow Tea Rooms. In

all, there are 20 world class museums

and art galleries -most of which are

free of charge!

Glasgow is also a shopper’s

paradise and is recognised as the top

place to shop in the UK outside of

London’s West End as well as being

home to some of Scotland’s chicest

hotels and restaurants.

While you can’t rely on the Scottish

weather, Citywing’s reliability exceeds

industry standards at 99.1%, compared to

98.5% as standard and 90.3% of

Citywing’s flights get away on time

compared to 65% as standard. While the

industry standard for flights departing or

arriving within 15 minutes of the

scheduled time is 85%, Citywing’s are

95.93% and 96% respectively.

David Buck continued: “We pride

ourselves on our ability to provide an

efficient service, from ease of check-in to

free parking at some of our destination

airports. The Isle of Man has so much to

offer and by providing a memorable

service we like to think we’re doing our

bit to help maintain and grow visitor

numbers too.

“During the last year we stepped in to

offer help to people who were booked

onto flights to and from Southampton,

which were cancelled when Flybe pulled

out of the route in July, and have offered

the same to people affected when Flybe

reduced its service between the Isle of

Man and Birmingham.”

In conjunction with the Department

of Economic Development Citywing

introduced a very successful ‘Friends Fly

Free’ offer, initially for passengers

travelling from Blackpool to the Island,

which was then extended to include

Newcastle and Gloucester airports. The

offer allows anyone who books a return

flight to the Isle of Man, with a stay of

more than one day, to claim a free trip for

a friend, as long as the friend isn’t

resident in the Island and has not visited

in the last six months.

David Buck concluded: “We are

feeling very positive about 2014 and

aim to continue providing reliability

and great fares and offers to customers,

new and old.”

Get ready forGlasgow

New exhibitioncommemorates 100thanniversary of WW1

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TThe exciting news of a

brand new routelaunch to Glasgow in

March has set thescene for a successfulyear ahead, accordingto Citywing ManagingDirector David Buck.