iom portfolio issue 154
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THE INTERNATIONAL BUSINESS MAGAZINE OF THE ISLE OF MAN
ISSUE 154ISLE OF MAN
Join us on 18-19 April as we showcase the new BMW 1 Series and BMW 2 Seriesmodels, and their innovative technologies, while you can discover best in class
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CONTENTSDEPARTMENTS
News Government Features Travel 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
A profile of twooff-Island
destinations: onein the BritishIsles and onefurther afield
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
Simcocks joinsIsle of ManMaritimeGroup
Page 14
Chief Ministerwelcomesfindings of
Earnings Survey
Page 20
Showcasing thewatchmakingperfection of
Patek Philippe
Page 22
Is online bankingdamaging genuine
customerservice?
Page 30
United KingdomBudget:
TheVerdict
Page 35
From the Isle ofMan to Belfast:From Belfast to
Barcelona
Page 44
A Week in theLife:
Mary Linehan,B-localiom.com
Page 62
PRODUCTION, CONTACTADVERTISING
ANDEDITORIAL
Keith UrenT: 01624 611100
M: 07624 498740E: [email protected]
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: [email protected]
ISLE OF MAN
PORTFOLIOISSUE 154
© 2015Keith Uren Publishing Ltd
5
Well I’ll be. Says here it’s six years since
the launch of Manx MotorMart.
Where have the years gone?
MMM MotorMartMANX
The Island’s tried and trusted New and Used car magazine since 2009
News
ISLE OF MAN
Support for ‘Better World’ campaign
Governance, Risk and Compliance
Launch of new PR agency
Isle of Man Superyacht Forum attendSpanish tax briefing
RL360° achieves 31% growth in 2014
Award recognises ‘unsung hero’
Unlock your car’s value
Simcocks joins IOM Maritime Group
KPMG host UK and Manx Tax briefing
Apple Watch could be a game changer
ISLE OF MAN
PORTFOLIO ISSUE 154
avendish Trust, a leading
corporate service provider
based in the Isle of Man and a
long-time supporter of the Society of
Satellite Professionals International
(www.sspi.org), has endorsed the
Society’s new “Better World”
campaign, cataloguing the
enormous contribution
satellite technology
has made to human
welfare, the economy,
peace and security.
The campaign is
part of a long-term
effort designed to raise
awareness of satellite as
one of the world’s essential
technologies. Cavendish Trust,
one of the Isle of Man’s leading
corporate service providers has been
actively involved in the satellite and
space industries for a number of years
and has been successful in helping a
number of satellite operators to set up
in the Island.
The Isle of Man itself has a long
track record of attracting satellite
operators such as SES, Telsat, ViaSat
and Avanti, together with not for profit
organisations such as the Space Data
Association, the Satellite Interference
Group and the International Institute
of Space Commerce.
The SSPI is leading a consortium
of associations, including ESOA, GVF,
SIA, CASBAA and WTA, in an effort to
bring the industry’s role in the global
economy to light. A new website
http://www.bettersatelliteworld.com
promotes the industry and has begun
to publish a wide range of stories
from around the world that highlight
satellite’s role in the work to end
polio, enable disaster recovery,
promote environmental education,
and carry sports and entertainment to
billions, as well as its essential roles
in the financial industry, economic
development in remote areas and the
flourishing of democracy.
Among the stories is Intelsat’s
global distribution of the Live Earth
benefit concert, which raised
awareness of the need for urgent
action on climate change. The story,
“Rallying the World to Climate
Change,” explains how, through a C-
band and Ku-band satellite network
antennas, Live Earth 2007 reached a
global audience of 2 billion people
with a message of hope, education
and action on climate change.
Tim Craine, a Non-Executive
Director at Cavendish Trust and former
Head of Space Commerce within the
Isle of Man Government’s Department
of Economic Development, said
Cavendish would do everything that it
could to support the SSPI initiative.
“Undoubtedly, the impact that satellites
have on our day-to-day lives is largely
overlooked or taken for granted. This
initiative brings into sharp focus how
important satellite technology is now
and in the future.
“The Island’s economy has gone
through many changes in the last 10
years but Cavendish remains
committed to continuing to promote
the island’s myriad benefits for
satellite operators and is committed to
bringing more new space related
business to the Island,” said Tim.
SSPI’s Executive Director Robert
A. Bell added, “When you read
through the stories about our
‘invisible technology,’ you understand
how critical satellites and the
technologies from companies like
ASC Signal are. It is not a stretch to
claim that satellites and its technology
enablers make modern life possible.
Without it being widely known, this
industry makes daily contributions to
the human experience.”
SSPI invites the submission of stories
by emailing [email protected]
CSupport for ‘Better World’ campaign
News
8
CSA’s 2015 Isle of Man Corporate
Governance Conference will take
place at the Best Western Palace
Hotel & Casino, Douglas, on 15 May.
The Isle of Man Conference 2015 will
provide governance, risk and
compliance professionals with a forum
to network, learn from peers and hear
from industry experts on the latest
thinking in corporate governance;
thought leadership on risk management,
and the latest regulatory and legal
changes that will affect businesses.
Topics and speakers include the
following: Examining new guidance for
boards on risk; mThe Bribery Act by
Adrian Bond, Practice Manager and
Compliance Officer, Bond Solicitors;
Conflicts of interest: competency vs
independence by Vanessa Jones,
Director, Corporate Legal Solutions
Limited; EU Data Protection Directive
update by Iain McDonald, Isle of Man
Data Protection Supervisor, Office of the
Data Protection Supervisor; The
Company Secretary: building trust
through governance? by Peter Swabey,
Policy & Research Director, ICSA; Dirty
cash? Best practice in anti-money
laundering; Effective boards: taking
responsibility by Bob Semple, Company
Director; A panel session on
transparency versus competitiveness.
IGovernance, Risk and Compliance
ISLE OF MAN
PORTFOLIO ISSUE 154
es Able, dubbed ‘poacher
turned gamekeeper’12 years
ago when he gave up life as a
journalist and moved into public
relations, is launching his own
Douglas-based agency under the
banner of Able PR.
Les moved to the island five years
ago when he became director of PR
and media relations at marketing and
design agency Home Strategic.
“Moving to the
island and joining
Home Strategic was
definitely one of the
best decisions I’ve
made but I’ve been
looking to set up my
own agency for a
while now and the
timing just seemed
to be right. My departure from Home
Strategic is 100 per cent amicable and
I will continue to have close links
with the team there.”
Les, whose career in journalism
started on weekly newspapers, went
on to include working as a reporter on
the parliamentary team of The Times
before joining the Daily Telegraph
where he spent eight years in various
reporting roles, both in England and
Scotland. He left the Telegraph to take
up the specialist role of London/City
Editor for the Western Mail, the
morning newspaper for Wales, a
position which brought him into close
contact with leading politicians and
industrialists.
“Out of the blue, I was asked by
the head of a London PR agency if I
had ever thought of going into PR, the
occasion is etched on my memory as
it was at a lunch in the House of Lords,
and, three months later, I was no
longer a journalist but working in PR.
My introduction was something of a
baptism of fire as the first client I was
faced with was Westminster City
Council which at that time had
something of a tarnished image.”
Past accounts have also included a
wide range of companies, including
the Leeds offices of business advisers
Deloitte and international law firm
DLA Piper, accountants PKF,
insolvency specialists Begbies Traynor
along with SMEs and owner managed
businesses. A major Home Strategic
account has been Manx Gas.
“Because of my background as a
journalist and the many facets of PR I
have been involved in I like to think I
know what journalists are looking for
and can advise clients on the best
news angles to adopt so as to achieve
maximum exposure in the media.
“It’s also a background which
means I have a pretty extensive range
of contacts in the worlds of media and
business alike. Able PR aims to offer a
‘no nonsense’ approach to media
relations consultancy. Glib PR, which
I often encountered as a journalist, is
very definitely anathema to me.”
L
Isle of Man Superyacht Forum attendSpanish tax briefing
ver 40 of the Isle of Man’s
superyacht service
providers heard details of
recent positive and dramatic changes
affecting how superyachts will
operate in Spanish waters this year.
he presentation was sponsored by
the Isle of Man SuperYacht Forum
(“IOMSF”) and featured industry
expert and founder/managing
director of Network Marine
Consultants, Patricia Bullock who
detailed ground breaking changes in
tax rules and regulations.
“We were very fortunate to have
Patricia join us,” commented Andy
Roy, Chairman of the IOMSF, “Few
people in the industry can speak with
the same authority and experience on
the special challenges and
opportunities facing superyachts in
Spain.”
At the meeting, held at Döhle’s
Fort Anne offices, Bullock explained
the nuances of the recent changes to
the Spanish Matriculation Tax and
how non-EU-flagged charter yachts
will operate from the Balearic Islands.
“The brakes are off Spain’s
yachting sector so I was thrilled with
the number of Forum members who
attended; it’s good to know that there
is such a strong interest in Spain,”
Bullock said, “It was also interesting
to hear from the Isle of Man Shipping
Registry and Customs and Excise, to
gain their perspective on recent
changes to Spanish legislation.”
O
Launch of new PR agencyNews
10
Above:Les Able
Above:Patricia Bullock
with members of the IOMSF
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News
L360°’s first full calendar year
since its management-led
buyout delivered 31% growth
in new business across the board.
In total, sales in PVNBP terms hit
£591m in 2014, up from 2013’s year
end figure of £452m.
The results (PVNBP*) for 2014 also
reveal confidence is returning to the
Single Premium market, with sales up
from £332m in 2013 to £450m in 2014,
a 36% increase.
Regular Premium (RP) sales were
strong too, up 18% from £119m in
2013 to £141m last year. The Far East
was by far the biggest region for RP,
with almost half of the sales coming
from that region.
Audited operating profits were
180% of planned target and RL360°’s
overall increase in the embedded
value was 222% ahead of its 2014 set
target.
The company was in the envious
position of having all of its five key
regions hit revenue target and
finishing the year strongly.
“2014 was a momentous year for
RL360°,” said Chief Executive David
Kneeshaw. “We celebrated our first
year since the management buyout
and have delivering a fantastic first set
of results. 2014 saw new opportunities
opening up in Africa and in the Latin
American market our most recent
market entry.”
“We have set ourselves some
ambitious sales targets for 2015 and
we’ve made good headway already,
with a record number of new business
applications in the first 2 months of
the year.”
This strong start to 2015 comes on
the back of some key product changes
made at the end of 2014, including a
revamp of RL360°’s regular savings
product Quantum.
“We also invested heavily in
technology. For example, we launched
online dealing for Portfolio Bonds,
meaning that online dealing is now
available to all products, old and new.
We are now looking ahead to the
launch of our online applications this
summer.”
“We are grateful for the
commitment of our financial backers
and supporting advisers, as well as to
the entire RL360° team, as we
continue to push hard across all our
markets”.
* PVNBP = Present Value of New
Business Premiums is calculated as
total single premium sales received in
the year plus the discounted value, at
point of sale, of regular premiums
expected to be received over the term
of new contracts
RRL360° achieves 31% growth in 2014
erry Downward, Director of
Operations at Ramsey
Crookall, has won a
prestigious title at the 2015 City of
London Wealth Management Awards.
Perry, who has been with the long-
established Isle of Man stockbroking
and investment management firm for
35 years, was honoured for his
‘Exceptional Performance in the Back
Office’ during the ceremony at The
Guildhall, London, on 17th March.
The annual ceremony, this year
hosted by newsreader Natasha
Kaplinsky, is a highlight of the
financial industry calendar. Attended
by more than 300 professionals, it
aims to recognise and promote quality
service from wealth managers and
stockbrokers.
Winners are determined by online
votes from investors, with voting
taking place over two weeks in
February and the poll reviewed by an
independent panel of judges from
firms Edwin Coe, Jones Day and RBS.
Ramsey Crookall CEO Joanna
Crookall said the presentation of the
award to Perry was well-deserved
recognition.
She added: “This award recognises
the unsung heroes, those people in
operations who ensure the wheels of
a business turn. While their
importance is recognised and
respected by colleagues, much of the
vital work they do can go unnoticed by
clients, so it is wonderful for it to be
honoured with this award.
“Perry has been with us for 35
years and is a stalwart of Ramsey
Crookall, we have always known
exactly how important he is to the
smooth running of our business, but it
is fantastic for him to be recognised
with this prestigious award.’
Perry joined Ramsey Crookall in
1979 and was promoted to office
manager in 1986. He joined the
Chartered Institute for Securities &
Investment as an Associate Member in
1998 and was elected to membership
in 2005, acquiring his Chartered status
in 2010. In March 2004, after 25 years’
service, Perry was made an Associate
of the firm and was appointed a
Director in May 2007.
He said: “It was a surprise to have
been nominated, but I was astounded
to be announced as the winner. I see
this award as a personal honour, but
also as a deserved recognition of the
hard work and dedicated service of
everyone at Ramsey Crookall.”
Stephen Pinner, Managing
Director of Goodacre UK, the
company responsible for arranging
City of London Wealth Management
Awards, said the award won by Perry
was introduced in 2006 following a
conversation with Clay Harris, then a
journalist at the Financial Times
writing the Mudlark column. They felt
people working in the back office
were, and still are, the unsung heroes
of the investment industry and should
be recognised with an award, which
the Mudlark column leant its name to.
Stephen added: “Winning a City of
London Wealth Management Award is
now firmly established as a significant
proof of distinction for the best
companies and individuals within the
regulated investment space. The fact
that winners are determined
exclusively by online votes is a huge
endorsement for all winners. The
record number of votes cast
demonstrates the increasing interest
from private investors in giving
accolades to the best in the business.”
Award recognises ‘unsung hero’
ISLE OF MAN
PORTFOLIO ISSUE 154
12
PAbove:Natasha Kaplinsky,
Perry Downward,Clay Harris
News
prestige sports car is
a prized possession.
While a rare or
collectible model can hold its
value as an investment, that
Ferrari or Aston Martin
gleaming in the garage can
also leave many owners
feeling asset rich, but cash
poor.
However, there is a way
to enjoy the best of both worlds.
Asset-backed Peer-to-Peer (P2P)
Lending allows prestige car owners to
take out loans based on the value of
their vehicle, be that a classic or
modern premium car. Ed Pearce,
founder and CEO of Isle of Man-based
P2P Lender MoneyThing, explains.
“Most peer-to-peer businesses offer
‘unsecured personal loans’.
MoneyThing.com is different because
we are one of only a handful of
businesses in this sector to offer asset-
secured lending. Because all loans are
asset-secured it means credit checks
are not required, which makes the
process of borrowing quicker than
using banks to secure loans. Prestige
cars worth upwards of around £20,000
are ideal assets for borrowers to use to
secure loans – although our customers
can also use assets such as
commercial property, jewelry,
watches, fine wine and art. Loans are
available up to 50% of the asset value,
and up to a maximum of £500,000.
The borrower’s asset is independently
valued and most will have a
guaranteed buy-back price. We then
set the loan-to-value figure based on
this valuation. It’s a simple and
straightforward process, but has
safeguards for both lender and
borrower. P2P Lending is the fastest
growing branch of the alternative
finance sector providing a refreshing,
modern alternative for borrowers and
lenders frustrated by High Street
banks’ reluctance to help borrowers
who may be asset rich, but cash poor.
For anyone with a prestige car looking
for a loan, asset-backed P2P
Borrowing could be the ideal
solution.”
The process of applying for a loan
is straightforward using MoneyThing.
Borrowers register on the website and
give details of the asset they wish to
use as security. Once the
asset has been
independently valued and
approved, a loan can be
agreed – and in most cases
this whole process is
completed within 72-hours.
This simple method provides
a refreshing, modern
alternative for borrowers
frustrated by the reluctance
of High Street banks and building
societies to grant loans. The loan
amount and interest are repaid in full
at the end of the loan term which is
typically between three and twelve
months.
Lenders with MoneyThing can
earn 12% interest per annum on their
savings. Again, it’s an easy process.
Lenders register on the site; upload
the funds they wish to lend; allocate
funds to a chosen loan; and then start
receiving 1% interest deposited
monthly into their MoneyThing
account which is available to
withdraw instantly. Lenders can agree
to allocate funds to all or part of a
particular loan amount, and they can
browse details of the secured asset,
loan agreement, and the investment
history on each loan from other
MoneyThing.com lenders which
provides a comprehensive view of
what they are choosing to invest in.
AUnlock your car’s value
imcocks has joined The Isle
of Man Maritime Group
which works to promote the
Island as a maritime centre of
excellence.
Simcocks has an established
shipping team offering a premier legal
service. It advises on most shipping
and ship related matters and works
with ship owners, managers,
charterers, shipyards, traders, banks
and underwriters.
There are lawyers on the team
who have direct experience of the
maritime industry and who work on
the registration, sale and purchase of
many types of ship and superyacht. We
have considerable experience in
maritime finance and work with banks
and investors with the financing of
new builds, purchases and the
preparation and registration of related
security documents.
Simcocks also advise on leasing,
dispute resolution, ownership
structures, chartering, insurance,
management agreements as well as
operating and crewing issues for
commercial and private owners. The
team has a very detailed knowledge of
seafaring employment matters under
the relevant Merchant Shipping Acts
and works with clients on all aspects
of employment, contracts, incentives,
workplace disputes, regulatory issues
and proceedings.
Other members of the group
include Baker Tilly, Bernhard Schulte
Shipmanagement, Bibby Ship
Management, Bibby Travel, Boston,
Cayman National Bank and Trust
Company, Dohle Group, i-Bos, ICM
Group, InterManager, Isle of Man
Shipping Association, Isle of Man Ship
Registry, Moore Stephens, the Isle of
Man Superyacht Forum, KPMG and
PDMS Maritime.
Chief Executive of Simcocks Phil
Games said: “The ringleaders on the
Mutiny on the Bounty met here,
Captain John Quilliam was the First
Lieutenant on HMS Victory in the
Battle of Trafalgar, The Star of India
the world’s oldest active sailing ship
was built in Ramsey and Sir William
Hilary founded the RNLI after seeing
shipwrecks around the Island’s coast.
Mix in Vikings, the slave trade and
smuggling and we have an amazing
maritime heritage.
“From all this we have evolved and
developed into a modern, technically
astute international centre of
excellence for the marine sector which
Simcocks is very pleased to be a part
of.”
Isle of Man Maritime Group
Chairman Bruce McGregor said: “We
are delighted to have Simcocks on
board – it adds another dimension to
the range of skills offered by the group.
The Isle of Man has a very strong
maritime sector and although the
Group is Island-based our expertise
and services provided spread globally,
with many of our members having
international offices and large
international client portfolios.”
SSimcocks joins IOM Maritime Group
ISLE OF MAN
PORTFOLIO ISSUE 154
14
Above:Phil Games
ISLE OF MAN
PORTFOLIO ISSUE 154
18R
R
News
16
PMG held one of its regular UK
and Manx Tax Briefings at the
Claremont on Tuesday the 31st
of March, attracting nearly 200 local
professionals and business leaders. As
with previous sessions, the speakers
covered a wide range of topics and
covered a lot of ground in their
respective presentations.
Director Greg Jones’ first topic was
the UK 2015 Budget. Although the
Budget itself might have been short of
new developments in tax, most of the
“announcements” having been trailed
in the 2014 Autumn Statement, it was
clear that the Diverted Profits Tax will
need to be considered by larger Manx
companies. It is intended to tackle
circumstances where companies aim to
divert their profits offshore and reduce
their UK corporate tax liability.
Greg also mentioned the wide-
ranging changes that will be occurring
in the savings/ pensions market.
Although it is the UK Government’s
intention to deregulate this market,
there are clearly still pitfalls for
taxpayers to avoid.
Greg flagged up the possible
removal of the UK Tax Return and, in
the next session from Harley Richards
(Tax Manager), this point was
considered in more detail. Harley’s view
was that, while pre-population of Tax
Returns for individuals might be a
relatively straightforward and welcome
development – it seemed an altogether
more complex undertaking for
businesses.
Harley went on to outline the actions
currently being taken by the Tax Office
in respect of payments made to
Personal Service Companies, and
HMRC activity around the issuing of
Accelerated Payment Notices.
Sandra Skuszka (VAT Senior
Manager) then delivered an update on
VAT matters which centred primarily on
the use of structures involving non-EU
companies. Sandra talked the audience
through a number of recent tax cases
where taxpayers had fallen foul of the
relevant legislation and flagged up the
areas where businesses looking to
utilise non-EU companies should
exercise caution. Sandra also explained
the operation of a typical “Carousel
Fraud” arrangement, and outlined what
steps a business can take to reduce the
risks of unwittingly becoming involved.
Sandra was followed by Sarah
Brunswick (Audit Manager). Sarah’s
presentation tackled the new UK GAAP
(Generally Accepted Accounting
Practice) regime which provides a
significant reduction, and
simplification, to the current standards
and guidance. Sarah outlined the key
areas that will be impacted by the
changes and suggested that it may now
be appropriate for businesses to
consider adopting full IFRS
(International Financial Reporting
Standards) for their accounting systems.
David Parsons (Tax Director) then
examined the 2015 Manx Budget and
provided an update on the Auto
Exchange regime for financial
information. The Manx Budget, as has
been pointed out elsewhere, was not an
exciting event but it did increase the
rate of tax paid by companies in respect
of Manx land and property income from
10% to 20%. David also referred to the
ongoing, and potentially far-reaching,
consultation on National Insurance and
benefit reform.
David’s comments on the Auto
Exchange regime made it quite clear
that this is an issue which will continue
to require diligence from businesses
and individuals alike, and is seen by
governments as an integral part of their
challenge to tax evasion. David also
referred to the withdrawal of the
current disclosure facilities in the UK
and their replacement with altogether
less financially favourable options.
The morning’s final session was
from Greg who outlined changes to UK
legislation which introduce a potential
Capital Gains Tax charge for non-UK
resident entities who sell land/ property
in the UK. Greg’s message was that any
Isle of Man based companies who
dispose of UK land/ property should
now give careful consideration to the
possibility of a UK tax charge arising.
K
KPMG host UK and Manx Tax briefingRight:
Harley Richards,Sandra Skuszka,
Greg Jones,Sarah Brunswick,
David Parsons
Apple Watch could be a game changerhe long-awaited Apple Watch
is on sale around the world on
April 24.
It’s the latest in the drive from all
major manufacturers to crack the
wearable technology market.
Alex Barlow, Marketing Assistant at
Manx Telecom, says it’s an important
announcement in the evolution of
wearable technology, but adds: “Its
popularity is all about how customers
react to it and whether it fills a need in
their everyday lives. For example,
there were a lot of sceptics when Apple
launched the iPad – but from day one
it has been a huge success story and
has driven the global use of all types of
tablet devices. The Apple Watch looks
great, but only time will tell whether it
is the key which unlocks the huge
potential of the wearable tech market.
The Apple Watch will launch with
two screen height sizes – 38mm and
42mm with a choice of different strap
materials and designs. If money’s no
object, then there are 18ct gold
editions with prices up to £13,500.
T
Government
ISLE OF MAN
Government outlines key findings of theDigital Survey
A tri-island meeting of Health and SocialServices Ministers
Treasury sells Pinewood shares at 50%profit
Invitation to exhibit at major events
Cabinet Office publishes ‘Isle of Man inNumbers’
Chief Minister welcomes findings ofEarnings Survey
47,000 voters confirmed in registerupdate
New school development progressing
Crown Dependencies e-Gov Meeting
ISLE OF MAN
PORTFOLIO ISSUE 154
Government outlines key findingsof the Digital Survey
Isle of Man Government has today announced key findings of therecent Digital Services Survey.
In summary, the survey has found that:• 70% of the 1,229 respondents would prefer to use a digital
channel for Government services;• Although there are some good digital services already available,Government must work to provide simpler access to information
and services online;• 88% of respondents want to be in control of their relationship
with Government – something digital services can assist with;• The digital strategy needs to focus on people and meeting
customer needs not just technology.
inister for Policy and
Reform John Shimmin
MHK said: “I would like to
thank everyone who took the time to
share their opinions with us as part of
the Digital Services Survey. The
survey information is part of a broad
piece of work to develop a digital
strategy for the next generation of
digital services. It is providing clear
improvement themes that we can
focus on over the next couple of years.
“We had an excellent level of
engagement, with over 1,200
responses and a wide range of
constructive feedback. I am also
hugely encouraged by the number of
people who volunteered to provide
more detailed information. This will
be vital as we move forward and really
start to understand how Government’s
digital services can best serve
everyone in the Isle of Man.”
The survey, launched on January
26 this year, concluded on March 10.
It received 1,229 responses, with a
good representation from various
different age groups. The goal of the
consultation was to understand what
is working well in today’s digital
services for customers through the
Government’s website Gov.im and
why, identify where improvements are
needed and gain insight into the
prioritisation of new digital services.
Mark Lewin, Director of
Government Technology Services
said: “We have learned a great deal
from this research along with all the
other focus groups and I appreciate
how honest and constructive every
respondent has been. In all, some 35
focus groups with more than 400
participants have taken part in this
phase and when viewed with the
public survey, it has provided a wealth
of information, comments and ideas to
shape the strategy.”
Explaining the survey’s
conclusions, Mr Lewin commented:
“Overall the survey found widespread
support for digital services, with
positive comments around existing
services such as income tax, vehicle
tax, planning searches and jobs.
There was strong feedback to make
more services available online, with
70% of respondents telling us that
they would prefer to use Government
services in this way. Many of the
suggestions for future digital services
we received were requesting online
access to services currently only
provided offline or asking us to
simplify basic administration
processes such as booking, requesting
or paying for services.
“There were areas for
improvement identified; in particular
we need to improve the way
information is presented to customers.
Despite frequent use of Gov.im and
the high online capability of
respondents, the feedback has shown
that people confident in using the
internet are not as confident when
finding information and services they
are looking for on Gov.im. So we need
to work on making information easier
to access.
“Another key theme is that people
want to be in control of their data and
their relationship with Government.
This is something that digital services
can assist with - increasingly placing
the customer in control of their own
information. 78% of respondents
believe Government should only have
to be told once when changing
something like names and addresses,
88% want control of their own data
and 71% said that they want to be the
ones making the decision to access
data held by one Department of
Government to use a service within
another. This is compelling evidence
that the public believe that
Government needs to fundamentally
consider its approach to data
ownership and simplify access to
services.”
Mr Lewin concluded: “This whole
process is proving that it’s actually
about people first and foremost, not
technology. It’s about staff inside
Government, who listen, respond and
design services around our customers.
It’s about our customers who value the
service they receive today and are
looking for more digital services
tomorrow; and it’s about the choices
we can all make as citizens and
businesses in the Island to use those
services.
“We do not need to compel people
to use digital services. If we invest in
understanding the needs of our
customers and design digital services
with the customer in mind first and
foremost as well as keeping them
simple and compelling, then those
who can use digital services will
increasingly choose to do so. This has
to be good for the public and good for
Government in releasing more
capacity to deal with front line
services and support initiatives that
foster inclusion in an increasingly
digital age.’
The Digital Strategy is planned to
completed and be presented to
Tynwald by June 2015.
M
Government
18
reasury Minister Eddie Teare
MHK has confirmed that the
Manx Government has sold
about half of its shares in Pinewood
Group plc for some 50% more than it
paid for them.
The deal makes a net profit in the
region of £2.5m for the public funds of
the Island.
The sale, yielding a total return of
£7.6m, reduces the Government
holding in Pinewood from 9.9% to
4.99% but it still holds shares valued at
around £10.7m. Pinewood’s
management of the Island’s Media
Development Fund, which is a separate
arrangement, is unaffected by the sale.
Mr Teare explained: “Pinewood has
been raising capital for the expansion
of its studios and this has presented us
with an opportunity to realise the value
of some of our shareholding in the
Group. Fifty per cent is a nice return on
an investment so this is very good news
for the Government and public of the
Isle of Man.”
T
Treasury sellsPinewood sharesat 50% profit
Isle of Man Treasury
ocal food and drink producers
have the chance to showcase
their produce at two of the
Island’s main food and drink events.
The Department of Environment,
Food and Agriculture is inviting
exhibitors to the Royal Manx
Agricultural Show, being held on 7th
and 8th August at Knockaloe, and the
Isle of Man Food & Drink Festival at
the Villa Marina Gardens, Douglas, on
19th and 20th September.
Producers should download
application forms from gov.im/manxfood
(show) and www.gov.im/food (festival).
Alternatively, ring 685856 or email
Produce exhibited should be
grown, reared, caught, brewed,
pickled, baked or smoked in the Isle
of Man or, where processed, contain
produce from the Island.
DEFA is delivering this via ‘Food
Matters’ - its strategy to grow the
value of the food and drink industry
by £50 million over the next decade.
L
Invitation toexhibit at majorevents
DEFA
he Cabinet Office has today
published the ‘Isle of Man in
Numbers’, a comprehensive
collection of statistics about the Island.
The publication covers a diverse
range of economic and social
information and incorporates the most
recent data. Replacing the former
Digest of Economic and Social
Statistics, it uses new data sources and
offers improved presentation of key
facts and figures.
‘Isle of Man in Numbers’ presents
statistics on the growth and
development of the Manx economy but
also includes social and environmental
data on various aspects of life on the
Island.
The publication covers a wide
range of topics such as benefit
payments, demographic and crime
figures, volumes of treated water,
greenhouse gas emissions and number
of licensed vehicles, to name but a few.
Hard copies can be purchased from
the Tynwald Library.
T
Cabinet Officepublishes ‘Isle ofMan in Numbers’
Cabinet Office
ISLE OF MAN
PORTFOLIOISSUE 154
A tri-island meeting of Health andSocial Services Ministers
A tri-island meeting of Health and Social Services Ministers andChief Officers focussed on how the three jurisdictions might better
support and challenge each other in the delivery of high quality,integrated and financially sustainable health and social care.
osted by Jersey's Department
of Health and Social Services,
the meeting focussed on a
number of areas of common interest
including: the development of cost
effective, preventive services; improved
safeguarding of children and adults at
risk; regulation of health and social care;
commissioning of services; and
benchmarking performance.
Senator Andrew Green, Minister for
Health and Social Service, States of
Jersey stated: “I was delighted to
welcome my Ministerial colleagues and
their senior officers from Guernsey and
the Isle of Man. We operate similar
departmental structures founded on a
common vision to deliver integrated
health and social care to all Islanders.
We also share the unique opportunities
and challenges that being a small,
island, jurisdiction brings. We are all
seeking to redesign our health and
social care systems so that we can meet
the needs of our ageing populations in
affordable and effective ways.
Establishing formal and informal ways
of working together, therefore, is a
sensible and necessary step in the right
direction.”
The Honourable Howard Quayle,
Minister for Health and Social Care, Isle
of Man said: “Discussions with our
Guernsey and Jersey colleagues were
frank, wide ranging and positively
framed in that we want to work together.
In the Isle of Man, we are looking at
different design models for our future
health and social care system. I am
especially interested in the different
funding mechanisms used in the two
Channel Island jurisdictions. It is clear
that in areas such as public health, we
share similar challenges and that there
is potential to work together in a more
systematic way. Equally, I think there is
an opportunity to benchmark the
performance of health and social
services across the three jurisdictions as
this will enable us to identify where best
practice exists (and to learn from that)
as well as assist our improvement
agenda where we know our
performance is not yet good enough.”
Deputy Paul Luxon, Minister of
Health and Social Services for the States
of Guernsey said: “Guernsey's health
and social services also face an
improvement and sustainability agenda
- and it was helpful to understand a little
of Jersey's and the Isle of Man's
common issues. As a result, we have
tasked our Chief Officers to develop
detailed proposals for how we might
work together in a number of key areas
including: commissioning; the
regulation of health and social care;
public health; and performance
management. We have agreed to come
back together later this year to discuss
these proposals and to agree how we
might formalise joint working
arrangements.”
H
Above:Deputy Paul Luxon,The Hon Howard Quayle MHK,Senator Andrew Green
19
ISLE OF MAN
PORTFOLIO ISSUE 154
Government
Chief Minister welcomes findingsof Earnings SurveyAverage full-time earnings in the Isle of Man increased by 0.7% lastyear, according to statistics contained in the Government’s annual
Earnings Survey.ompiled and published by the
Economic Affairs Division of
the Cabinet Office, the survey
provides a snapshot of earnings
between June 2013 and June 2014
based on a random sample of
employees drawn from income tax
records.
It shows the average gross weekly
pay of full-time employees in the
sample was £624, taking into account
overtime, shift premiums and bonus
payments.
Median pay, the mid-point
between what the highest 50% of
earners are paid and what the lowest
50% of earners are paid, also
increased last year to £546.
Other headline statistics from the
Earnings Survey include:
• Overtime, incentive pay and shift
premia made up 7.1% of employees’
gross weekly earnings
• Average earnings in the Isle of
Man matched those in the United
Kingdom, while median earnings
were 5.4% higher in the Island than
in the UK
• Full-time employees worked an
average of 38.1 hours per week,
including 1.2 hours of overtime
• 10% of people earned less than
£315 per week in gross pay, while
10% earned more than £1,114
Chief Minister Allan Bell MHK
welcomed the survey findings as
further evidence of the strength of the
Isle of Man economy. However, he
added that Government would
continue its efforts to help lower paid
and vulnerable members of the
community.
Mr Bell said: “The quality and
diversity of the Isle of Man’s economy
continues to provide good
employment prospects and earnings
potential. The resilience of our core
financial services industry and the
rapid growth in sectors such as e-
business and high-tech
manufacturing are helping to
broaden the choice of well-paid
careers available to local people.”
He added: ‘I recognise that the
survey findings will provide little
comfort to people earning much less
than the average figure. Some areas
of the local economy have struggled
in recent years and the nature of
employment is also changing, with
more job growth at lower pay levels.
This Government will continue to act
in the best interests of all the people
of the Isle of Man. We will maintain a
strong focus on economic growth and
job creation, as well as progressing
proposals announced in this year’s
Budget to lift more than 10,000 low-
paid people out of the tax net.”
The Chief Minister also expressed
his hope that modest wage rises,
together with falls in inflation and
unemployment, will start to increase
household spending power.
He said: “I am conscious of the fact
that Manx Utilities has announced an
increase in its tariffs that will add
about £2 a month to the average
consumer’s electricity bill. However,
with the recent drop in oil prices and
continued low inflation, I am
cautiously optimistic that the pressure
on family incomes will start to ease.
This in turn should support spending
in the local economy, in particular the
retail and catering sectors who have
found it difficult in recent years.”
C
ouseholders have confirmed
the details of more than 47,000
eligible voters in a major
update of the Island’s electoral register.
A new voters list, based on registration
forms returned by the March 18
deadline, came into effect on April 1st.
The forms were sent to all households
in January.
H
47,000 votersconfirmed inregister update
Cabinet Office
he construction of a new
primary school building in the
heart of Douglas is
progressing well.
The £9.5 million Henry Bloom
Noble Primary School will open in
September 2016 on part of the site of
the former Noble’s Hospital in
Westmoreland Road.
T
New schooldevelopmentprogressing well
Department of Education and Children
he Information and Technology
leads of the three Crown
Dependencies met in Guernsey
in March.
The agenda covered opportunities
in areas of public service delivery
including e-education and e-health, the
use of new technologies, intelligence,
connectivity and cyber-security.
T
CrownDependenciese-Gov Meeting
Department of Economic Development
20
Features
ISLE OF MAN
Grand Exhibition showcasing thewatchmaking perfection of Patek Philippe
Built on success:the all new BMW 1 Series
Is the drive towards online bankingdamaging genuine customer service?
Unintended Consequences:How the recent financial crisis and GreatRecession has impacted politics, policyand regulation.
Proceed with caution
It’s never too late!
‘Follow the money’
The Artisan Spirit
SPECIAL FEATURE:UK Budget - The Verdict
United Kingdom
The
VERDICTBUDGET
Special Feature:Page 35
GrandExhibitionSince 1839, without interruption, Patek Philippehas been perpetuating the tradition of Genevan
watchmaking. As the last family-ownedindependent watch manufacturer in Geneva, it
enjoys total creative freedom to entirely design,produce and assemble what experts agree to
be the finest timepieces in the world.
s part of their 175th
anniversary celebrations,
Patek Philippe is opening
their doors for members of the public
to experience the rich history of the
brand and how they have influenced
the evolution of watch making.
London will host the Patek Philippe
Grand Exhibition at The Saatchi
Gallery, which will be transformed
into a spectacular exhibit. Guests can
discover the intricate world of Patek
Philippe, the last privately, family
owned Geneva Watch Company.
Visitors can immerse themselves
in the Patek Philippe universe
including the opportunity to explore
400 exceptional timepieces displayed
throughout a dozen rooms, including
live demonstrations and on-site
watchmakers. The exhibition is
designed to transport guests to the
manufacturer’s headquarter’s in
Geneva, The Patek Philippe Museum
and iconic Genève Salon on Rue du
Rhone. There is the chance to witness
the current collection, key historical
timepieces and original Patek watches
dating back to 1839. For the first time
UK visitors can share the company’s
unveiling of commemorative pieces
marking the end of their 175th
anniversary celebrations.
ISLE OF MAN
PORTFOLIO ISSUE 154
A
Features
22
ISLE OF MAN
PORTFOLIOISSUE 154
The Exhibition is designed to
highlight the fascinating history of
horology and Patek Philippe’s role in
the development and craftsmanship
of watches since the company’s
creation in 1839.
Jean Adrien Philippe, one half of
the original duo creating Patek
Philippe, was the first to create and
patent a keyless winding mechanism
in 1845. The independence of the
company has enabled them to
establish a philosophy of excellence
according to its own quality criteria,
producing timepieces that reflect this.
Since passing into the hands of the
Stern family in 1932 the company has
seen four generations perpetuate the
vision of the founders with traditional
values still present in the company
today. The company benefits from
total creative freedom, overseeing all
the manufacturing steps from initial
design, component manufacture and
right through to assembly. The
sentimental values in each piece,
from the quality of its materials to the
artistry in its creation, make Patek
Philippe timepieces more than just a
wristwatch.
In 1851, Patek Philippe was
present for The Great Exhibition of
the Works of Industry of All Nations,
held in The Crystal Palace. It was here
that two special visitors acquired
Patek Philippe timepieces - Queen
Victoria and Prince Albert, so the
return of the company for the Grand
Exhibition 2015 is of particular
significance to the UK. Mark Hearn,
the Managing Director for Patek
Philippe UK, says: “We are very proud
of hosting this magnificent event in
London, a multicultural city and a
hub for business and tourists who
come to visit from all over the world.
If we can inspire and help visitors to
understand and appreciate
watchmaking, we will have achieved
our objective”.
The Patek Philippe Grand Exhibition
will take place from May 27th to
June 7th 2015. It is open to the
public, free of charge, no tickets
required, from 9:00 to 19:00
weekdays and Saturdays, and from
10:00 to 16:00 on Sundays, with
guided tours available on a daily
basis in multiple languages. For
further event information contact
For all product information please
contact Neil via email at
If we can inspire andhelp visitors tounderstand andappreciatewatchmaking, we willhave achieved ourobjective
“ “
There is the chance towitness the currentcollection, keyhistorical timepiecesand original Patekwatches dating back to1839
“ “
in association with
23
Built on successNearly two million 1 Series models have been sold since theintroduction of the first 1 Series generation ten years ago.
This latest incarnation builds on the winning formula of these three-and five-door predecessors with new power units from the latest BMW
engine family, additional EfficientDynamics technologies fitted asstandard, and careful enhancements to the exterior and interior design.
he level of standard equipment
is now even higher, new
options have been added and
with new mobility services from ‘BMW
ConnectedDrive’, there are even more
ways to increase the functionality and
personalisation of the new 1 Series.
The proportions, lines and surface
design of the new BMW 1 Series bear
all the classical hallmarks of a BMW
with its set-back passenger
compartment, long bonnet and short
overhangs, in particular, give it a
uniquely sporting presence. The new
car features subtle but key differences
to refine yet further the overall
package. At the front, a new lower
apron with larger air intakes and a
horizontal bar combines with reshaped
BMW kidney grilles and new
headlamps that feature LED daytime
driving lights as standard on all
models.
The driver-focused cockpit of the
new BMW 1 Series is an even more
welcoming, sporty, comfortable place
to sit, thanks to enhancements to the
design, and the materials and fabrics
used. In particular, there’s a new cloth
fabric for the seats.
The BMW Radio Professional and
iDrive operating system continues to
be standard across the entire range so
all new 1 Series models feature the
freestanding, 6.5-inch Control Display,
the controller wheel mounted on the
centre console, and the direct menu
control and favourites buttons. If the
optional Professional Navigation
system is fitted, the Controller comes
with a larger, touch-sensitive surface
for inputting numbers and characters,
while the onboard monitor takes the
form of an 8.8-inch display of
particularly slim design.
Engines: a new power unit familyThe new BMW 1 Series sees the
introduction of powerplants from the
BMW Group’s new engine family, plus
an expansion of the standard-fit BMW
EfficientDynamics technology.
The new engines bring a reduction
in fuel consumption of up to 12 per
cent while simultaneously providing
more power and sharper responses. All
engines meet the Euro 6 exhaust
emissions standard and offer as much
as 326hp in the new M135i, with C02
emissions as low as 89g/km in the newISLE OF MAN
PORTFOLIO ISSUE 154
Features
T
24
ISLE OF MAN
PORTFOLIOISSUE 154
116d EfficientDynamics Plus model.
The eight-speed Steptronic
transmission has been further refined.
More equipment, higher qualityThe new BMW 1 Series features an
even greater range of standard
equipment, while also offering an array
of high quality options - many of which
were originally developed for BMW
cars in higher segments.
The BMW 1 Series is offered in
three trims - SE, Sport and M Sport.
The generous range of standard
equipment fitted to all new BMW 1
Series models includes remote control
central locking, keyless engine
ignition, electric window controls,
electrically heated exterior mirrors and
the Driving Experience Control switch.
Also included is automatic air
conditioning, a multi-function leather
steering wheel adjustable for height
and reach, and a rain sensor including
automatic driving lights control. BMW
Radio Professional includes CD player
with DAB, six loudspeakers and an
AUX-In socket, and Bluetooth audio
streaming functionality are other
standard equipment features along
with the iDrive operating system.
Completing the offer is 16-inch alloy
wheels, extended storage, a sliding
front armrest and fog lights.
Building on this in Sport for £1,000
more, the specification is enhanced to
include 17-inch alloy wheels, ambient
lighting, black high-gloss interior trim,
Sport exterior styling elements, Sport
steering wheel and Sports seats. For an
additional £2,700 above SE
specification, M Sport comes as
standard with 18-inch M Sport alloy
wheels, aluminium hexagon interior
trim, M Aerodynamic body styling, M
Sport suspension, Sport seats,
Alcantara upholstery and an M Sport
leather steering wheel.
The new M135i model has its own
specific interpretation of the M
aerodynamic package including even
larger front air intakes and the typical
BMW M Performance Ferric Grey wing
mirrors. Naturally, the steering,
suspension, gearbox and wheels/tyres
combination have all been developed
specifically for this high performance
machine.
All new BMW 1 Series models are
optionally available with a 40:20:40
split rear seat backrest: folding one or
more of the sections allows boot
capacity to be increased in stages from
360 to 1,200-litres.
The options list of the new BMW 1
Series encompasses items for comfort,
functionality and entertainment. These
include: electrically adjustable and
heated seats for the driver and front
passenger, two-zone automatic air
conditioning, a heated steering wheel
and the Harman Kardon Hi-Fi system,
complete with 12 loudspeakers and a
digital amplifier with 360-watt output.
The new BMW 1 Series is on sale 28
March, 2015 priced at £20,245 OTR for
a three-door 118i SE and £20,775 OTR
for a five-door 118i SE.
The new BMW 1 series is launched
at a special Launch Weekend on 18-19
March at Buchanan BMW’s Showroom
at the Isle of Man Business Park.
Alternatively, telephone 616161 to
arrange a Test Drive.
he BMW 2 Series Convertible
is the third model in the
company‘s 2 Series line-up and
comes to market as a direct
replacement for the 1 Series
Convertible - a vehicle that was the
most successful car in its class with
global sales of more than 130,000 units.
More open-top driving pleasurewith an added dash of style
The BMW 2 Series Convertible is
longer (by 72mm) and wider (by
26mm) than the model it replaces, and
has a wheelbase which has been
elongated by 30mm. These increases
have been put to good use to enhance
passenger access and space, increase
driving enjoyment with the roof down
and change the proportions so that
BMW's latest compact convertible
looks even more stylish.
The electrically operated folding
soft top lowers or raises in just 20
seconds at the touch of a button, and
can be carried out at speeds of just over
30mph. Additional insulation in the
skin of the soft-top improves acoustic
comfort and adds to the year-round
usability of the car. Improved
aerodynamics, with a Cd of just 0.31,
also helps to make the cabin quieter.
Once folded, the soft top disappears
fully into the boot to give the BMW 2
Series Convertible a premium ‘boat
deck’ appearance. Luggage capacity
increases by 30 litres to 335 litres,
making it the largest boot in its class.
The four-seat interior, with folding
rear bench, provides greater space and
a more intense open-top driving
experience, placing the occupants in a
typical BMW set-back position. Rear
access benefits from an 11mm wider
aperture when the front seats are tilted
forwards. Large door pockets, a
spacious glovebox, a central storage
compartment and two cup holders
provide improved in-cabin storage.
LED accent light cuts across the top
of the lighting unit on the optional
Xenon headlights, while Adaptive
Headlights featuring Selective Beam
technology are also available.
The interior has been deliberately
kept as simple as possible, with
driver-focused controls, clear
instruments and a multi-function
steering wheel. Controls for the audio
and climate control systems are set
against high-gloss black surfaces and
the air vents have chrome surrounds.
Switchable ambient lighting is further
confirmation of the car’s premium
quality. The BMW iDrive controller,
linked to a 6.5-inch display screen,
gives access to the car’s control
systems with minimum distraction.
The BMW 2 Series Convertible is
on sale from £29,180 OTR for a 220i
Sport Convertible. A call to the
Buchanan BMW Showroom on
616161 is all it takes to arrange a Test
Drive.
TLess limit. More sky.
25
or every positive story you may
hear about an online banking
customer being able to make
transactions 24/7 , there’s probably a
negative one about someone frustrated
at not being able to get a simple answer
to a simple question without sending
half a dozen emails to faceless and
nameless ‘customer service’ personnel.
There used to be a time when it
was common to know the name of your
bank manager and be able to meet
them face to face. That was great for
customers who were made to feel that
they were more than just a name and
an account number on a balance sheet,
but not much good if they needed to
make a transaction or check a balance
in the evening or at the weekend.
In between the traditional and the
online-focused banking model could
there be a ‘third way’ which blends the
best of both worlds? Aidan Doherty,
Managing Director of Permanent Bank
International (PBI), believes there is.
With 37 years’ experience in financial
services, and 30 of those years offshore,
he has seen first hand the tremendous
impact which technology has had on
the sector.
He says: “There’s no doubt that
online banking offers many advantages
– and an online-focused model doesn’t
always mean poor customer service.
But in our experience there are still
many customers who miss the face-to-
face interaction that was once the
hallmark of high street banks. We are
introducing online banking for our
customers in the next few months, but
in doing so we will remain focused on
our core principle which is to provide
‘the personal face of banking’.
“This is much more than just a
marketing slogan, it demonstrates a
genuine commitment to put customers
first at all times. As a client focused
bank we concentrate on building long-
lasting relationships with customers by
taking time to get to know them and
their requirements. When a customer
phones they will get straight through to
an experienced client relations team
member who will do all they can to
make doing business with PBI easy and
enjoyable.
“In many ways this type of
traditional customer experience harks
back to the days before the IT
revolution – so our online platform will
be designed to reflect our personal face
of banking ethos and complement our
already high standards of customer
service.”
PBI customers choosing to use the
online platform will be able to manage
their money online, no matter where
they are. Customers will be able to
view their transactions and check
balances 24/7. New customers will be
able to apply online to open an
account, making the process much
more user friendly.
But underpinning the online
platform will be a commitment to
listening to customers, and providing
the type of experience they expect and
deserve. New technology doesn’t have
to mean banks becoming faceless and
bureaucratic – as the PBI example
shows, there is a way to find the right
balance between the old and the new.
F
Is the drive towards onlinebanking damaging genuinecustomer service?The convenience of online banking is something many of us now enjoy.
But the drive to push customers online has led some banks to beviewed as faceless and bureaucratic, and many customers old enough
to remember the era before the IT revolution often hark back to thedays when they could speak directly to their bank or account manager.In this article we look at one bank here on the Island which is provingthat there is a way to find the perfect balance between a personal
approach to customer service, and the convenience of online.
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Right:Aidan Doherty,
Managing Director,Permanent Bank International
In our experience thereare still manycustomers who missthe face-to-faceinteraction that wasonce the hallmark ofhigh street banks.
“ “
€135,000(Cost when purchased: €220,000)
Periana, SpainPeriana, SpainPeriana, in the province of Malaga, is situated in the Axarquia region, less than an hour from Malaga
Airport. It is an area surrounded by a natural landscape including Alhama and Tejeda mountain ranges.
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Modern 3 storey townhouse with huge garage situated in a small urbanization of similar houses walking distance toall the village facilities and with views of the mountains, lake and distant coast from the balcony. The propertycomprises entrance hall, door to huge garage that could convert to extra living accommodation if required, waterdeposit, marble stairs to living room with sliding glass windows to balcony, fitted kitchen with door to utility area andback patio, entry phone, large walk in cupboard, shower room, stairs up again to bedroom 3 with fitted wardrobes,bedroom 2, family bathroom, bedroom 1 with balcony and ensuite bathroom. there are telephone and TV points andmarble floors throughout. The property is also available for long term rent at just €450 per month plus utilities. THISPROPERTY HAS AN ENERGY PERFORMANCE CERTIFICATE. The owner would consider a house swap in the UK.
Offered for sale with the Estate Agents using this link:http://www.axarquiaproperties.com/en/property/id/531160
€135,000(Cost when purchased: €220,000)
ell, following a period of
over two decades, from
the introduction of
monetarism and fairly unfettered
capitalism as preached by the likes of
Milton Friedman and practiced by
Ronald Regan & Margret Thatcher, we
had a series of apparently unconnected
issues that impacted markets and
governments including the Enron
scandal, the bursting of the Dot.Com
bubble and other instances of ‘over
exuberance ‘(!)
Alan Greenspan, held by many
financiers at the time to be a financial
guru spoke in riddles and eventually
oversaw a widening chasm between
what (ordinary) people needed and
what they got - from the Wall Street
Masters of the Universe.
From such a ‘light-touch’
regulatory world, we have experienced
the stockmarket Crash of 2008 and the
following recession, the outcome of
which is that, following the mud-
slinging between politicians and by
politicians toward greedy bankers and
the financial sector is general, we have
come full-circle to a world where the
micro-analysis of everything in the
finance sector and the fear held by
politicians that anything could fail
whilst on their watch, leaves markets
having become so regulated by a
multitude of regulations and regulators
– often overlapping, that there is the
real risk of those financial markets not
just changing (which they needed to
do) but becoming inert i.e. being
unable to operate as we would wish as
a well-oiled but well maintained and
well-managed engine for the world
economy and for our own little cog in
that wheel.
Ben Bernanke, Chairman of the US
FED and who oversaw the financial
crisis in 2008, said at an investment
conference in late 2014 that even he is
not eligible for a home loan under new
banking regulations: “Just between
the two of us,” Bernanke told
conference moderator Mark Zandi of
Moody’s Analytics, Inc., “I recently tried
to refinance my mortgage and I was
unsuccessful in doing so.” The
audience laughed, thinking he was
joking but he told them he was not
making it up, according to Bloomberg
News. “I think it’s entirely possible that
lenders may have gone a little too far
on mortgage credit conditions,”
Bernanke added.
The New York Times reported that
Bernanke is a new employee of a
think-tank and “makes a reported
$250,000 for giving a speech and has
signed a book contract that is surely
paying seven figures. His income in
the next couple of years will surely
dwarf the value of his house...”
Since his income is not coming
from a regular, salaried government
job like the one he had when he was
chairman of the Federal Reserve Bank,
however, it is not considered to be
stable!
Despite the Federal Reserve Bank
keeping interest rates low to stave off
inflation, banks have tightened credit
standards beyond what is typically
allowed by government agencies and
mortgage-finance companies, in order
to avoid regulatory problems or public
censure. That surely is the crux of the
matter – things have come so far
around that the lending institutions are
now so concerned at being fined by
regulators or management fearful of
being fired and black-listed from
working in the industry that the system
has, in some areas, ground almost to a
halt.
Now banks are worried they will be
held accountable if borrowers default
and they are under pressure not to take
major risks on their balance sheets.
New mortgages are tied to credit scores
and employment histories and
Bernanke has just got a new job, which
makes him a higher risk.
The financial crisis in 2008 showed
the financial sector’s vulnerabilities by
revealing banking and mortgage
institutions saddled with debt from
failing mortgages, spiraling consumer
debt and from banks over-leveraging
derivatives like credit default swaps.
The Dodd-Frank financial reform laws
– passed in the wake of the crisis – gave
regulators far more control over
whether banks can issue a mortgage or
business loan than before but some
critics argue there has been a
downside to that action i.e. the impact
W
UnintendedConsequencesHow the recent financial crisis and Great Recession has impacted
politics, policy and regulation.
ISLE OF MAN
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By Alan Molloy,Managing Director,
A 2 B Consulting Limited
Features
28
of the law of unintended
consequences.
One of the outcomes of regulators’
action and oversight of the financial
market is the perceived assumption
that they (the regulators) have taken
unto their shoulders responsibility for
ensuring that markets are kept calm.
Investors and participants see the
regulators holding a magic wand or
golden ‘bullet’ whereby at the first hint
of market panic or negative economic
news, they will take action to ensure
the financial markets, as represented
by the relevant indices (i.e. the
constituents’ themselves) remain
stable. Surely there is a difference
between ensuring market integrity, the
operation of the systems that underpin
those markets, and, the constituents of
those indices i.e. the companies and
listed securities themselves, which
ought to be free to rise and fall, to
prosper as well as fail. The latter aspect
appears to have been swept up in the
rush to ensure the integrity of the
financial system itself and is now
almost a quasi-guarantee for investors
– the commercial risk appears to have
been subsumed in the market risk
management and regulatory control.
Why?
Politicians of all persuasions are
desperately seeking public approval,
seeking the daily news headlines and
sound-bites. They are all trying to
outdo each other in appearing the most
concerned to ensure the financial well-
being of the nation and, let’s not kid
ourselves, the voters. Such a drift or
shift toward the middle-ground, where
cross cultural, cross age and cross
social appeal will enhance the
prospects for re-election is also having
the effect of driving politicians toward
pandering to a misguided perception
that the public must be protected (from
itself) at all times, from faceless,
nameless capitalists who are bent upon
their own greedy agenda at the
expense of the innocent public voters.
Such pantomime personality
assassination might have some truth in
it somewhere – after all, we have seen
evidence of dreadful misbehaviour
within the financial community from
time to time but I do not think that it
helps to deal with important, long term
issues, to demonise a sector of the
economy that has encouraged and
supported business and economic
development over many hundreds of
years, albeit with periods of excess and
wrong-doing. However, the acceptance
of a middle-ground where capitalist
markets can develop, flourish and
provide the mechanism for growth and
economic prosperity within acceptable
parameters and with sufficient
integrity is, at the present time,
somewhat missing from the
discussion. Commercial risk: the
reality of capital markets, alongside
commercial success, the concept of
profit and loss, of gain and failure need
to be allowed to exist. Otherwise, the
state is at risk of always having to carry
the responsibility for covering any
significant loss for investors.
There needs to be a balance of
systemic stability and integrity,
commercial risk-taking and an
acceptance of / desire for profit and
successful commerce without concern
that success will foster resentment and
witch-hunting, but with a similar
acceptance that businesses must be
allowed to fail too – sometimes
painfully for investors or bond holders.
Getting that balance right is not
necessarily easy in normal market
conditions. It certainly wasn’t easy
during the recent financial crisis. We
need a sense of balance and proportion,
to encourage entrepreneurship and
risk-taking in the knowledge that the
system works but enterprises may
come and go, prosper or fail.
We need balance. We need
stewardship. We need politicians with
vision, the vision to look beyond the
instant sound-bite toward delayed
gratification i.e. the long term good of
the nation and not necessarily that of
one particular party i.e. we need
statesmanship! It’s rather like the
difference between cheapness and
value. Same as always.ISLE OF MAN
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usiness owners are often
renowned for their flair and
risk-taking prowess, but on
occasion we’re also a notoriously
cautious breed so adjectives such as
“unprecedented” can be a cause for
concern.
Recently-published indicators
would suggest we’re in the midst of an
economic boom. Inflation remains
negligible; the number of unfilled job
vacancies has reached its highest-ever
level (though records only began in
2001), unemployment continues to fall
and corporate confidence is soaring.
And, of course, the FTSE100 index has
belatedly powered through the
previous high point established on the
final trading day of the last
millennium.
It’s difficult to envisage a more
auspicious combination of
circumstances, although cynics might
argue we’re only two months away
from a General Election…
Yet should we be partying like it’s
1999, or are there worrying parallels
between the rapidly fading boom of
fourteen years ago and March 2015?
If we take a closer look at a
handful of economic indicators,
there’s good reason to suggest we
should be positive.
Consider interest rates, for
example. The general consensus is
that while they’re likely to rise at some
point next year, we’re unlikely to see
them reach anywhere near the levels
they were during the dying embers of
the last century.
Between February 1995 and
December 1999, as the FTSE100 index
motored from 3,000 to hit 6,930 and
interest rates hovered between 5.5%
and 6.625%, touching 7.5% in June
1998. Despite this, dotcom-induced
euphoria ensured that investors took
little notice; rates were only slightly
above their long-term ‘neutral’ level,
but as the blue chip index more than
doubled in the space of four years, it
was fear – of missing out on easy
profits – that drove it to, ahem,
unprecedented levels.
Unlike the situation twenty years
ago, it’s taken the FTSE100 index
more than seven years to advance
from a low of around 3,500 to its
current record levels. I believe this
much steadier progress augurs well,
for the time being at least.
There are other reasons for
investors to remain positive regarding
equities’ medium-term outlook.
Unemployment, which had fallen
to 6.2% of the workforce by December
1999, today sits at 5.8%, a figure
expected to be closer to 4.5% by year-
end. Meanwhile, the number of
unfilled job vacancies continues to
rise as businesses, both large and
small, create new opportunities.
Inflation, defined as the annual
change in consumer prices, has
plummeted since 2012 and is expected
to turn negative in the near future. Yet
rather than usher in a worrying period
of deflation, the fall in consumer
prices, which boosts consumer
spending, is expected to be aligned
with more robust economic activity:
UK GDP is should rise from 2014’s
2.7% to 3.2% this year.
Meanwhile, corporate profits have
risen dramatically over the past three
years, good news for investors and
dividend yields, and equally good for
longer-term capital expenditure
prospects as companies invest the
billions of pounds accumulated on
their balance sheets.
Elsewhere, specific stock market
indicators suggest that the blue chip
index is some distance from ‘bubble’
territory. The current p/e ratio on the
FTSE100 is 16.7 compared to a longer-
term mean of 15, while average yields
of 3.4% are remarkably close to their
20-year norm.
Admittedly, we detect the faintest
sound of caution from across the
Atlantic: the cyclically-adjusted p/e
ratio on the S&P500 recently reached
levels previously seen in 1929, 1999
and 2008 – all years which
experienced stock market crashes.
It would be foolish to ignore such
data, particularly because once US
equity markets overheat, the
repercussions are felt in London
almost immediately.
For the time being, however, I
remain cautiously optimistic – but
then, I always am.
B
Proceed with cautionThe Bank of England has, as expected, recently announced thatinterest rates will remain unchanged at 0.5% for the time-being,prompting commentators to proclaim the period 2009-15 as “an
unprecedented era of cheap money.”
By Joanna Crookall,CEO,
Ramsey Crookall
Unlike the situationtwenty years ago, it’staken the FTSE100index more than sevenyears to advance froma low of around 3,500to its current recordlevels. I believe thismuch steadierprogress augurs well,for the time being atleast.
““
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Features
n the case of Wyatt v Vince
[2015] EWCA Civ 934, the ex-
wife of a self-made millionaire
“eco-warrier” has been given the
green light to pursue her claim for a
lump sum payment from him, despite
the fact that they divorced over 22
years ago.
The unusual facts of this case
make it particularly interesting. The
wife, Ms Wyatt, met the husband, Mr
Vince, in 1981 when she was 21 and he
was 19. They married shortly
afterwards and subsisted on state
benefits. The parties’ son, Dane, was
born in May 1983 but soon afterwards
the parties’ relationship broke down,
their marriage having lasted just over
two years.
At this stage Mr Vince began living
as a traveller in an old ambulance
converted into a camper van. Ms
Wyatt’s life was equally unsettled,
moving frequently from various
travellers’ sites and living a hand to
mouth existence. She found work
where she could but continued to rely
largely on state benefits. Dane, apart
from a very brief period where he
lived with his father on the road, was
cared for and supported solely by Ms
Wyatt.
Ms Wyatt filed for divorce and the
marriage was formally dissolved on 26
October 1992. The court at that time
ordered that Mr Vince should only pay
nominal payments for maintaining his
child Dane, since clearly he was not in
a position to afford more and that, Mr
Vince probably thought, was the end
of it.
However it was at this stage that
the lifestyles of these ex-spouses
began to differ radically. While Ms
Wyatt continued to struggle with her
hand to mouth existence, raising
Dane (and three further children born
to another partner) without financial
support from anyone else, Mr Vince
set forth on an extraordinary path
which would see him develop a multi-
million pound green energy company
supplying wind power to at least
70,000 homes and businesses in the
UK. Today, he is the sole shareholder
of a company worth £57m. His son
Dane has lived with him since he was
18 years old, and he now has a second
wife and a young child. Ms Wyatt, at
the age of 55, lives partly on wages
from low paid employment and partly
on state benefits. She is in ill health
and resides with 3 of her adult
children in a house which she
purchased from the local authority
and which is in a poor state or repair.
It is from these divergent positions
that Ms Wyatt and Mr Vince found
themselves back before the court
after Ms Wyatt made application in
2011 for a lump sum order of almost
£2m.
It is very clear from the judgment
of the Supreme Court that the size of
lump sum claimed by Ms Wyatt was
regarded as excessive. Lord Wilson
stated “It is a dangerous fallacy… that
the current law always requires rich
men to meet the reasonable needs of
their ex-wives.” However the court
did consider that Ms Wyatt’s care of
Dane up to the age of 18 in the
absence of any significant financial or
other contribution from Mr Vince gave
her a real prospect of a successful
claim for an order which would
enable her to purchase a somewhat
more comfortable home for herself
and her remaining dependents. The
long delay in bringing the claim did
not automatically preclude it, the
court finding that “consistently with
the potentially life- long obligations
which attend marriage, there is no
time-limit for seeking orders for
financial provision”. As a result, Ms
Wyatt is now entitled to pursue her
application for a lump sum.
Furthermore, Mr Vince has been
ordered to fund Ms Wyatt’s solicitors
to pursue the claim against him.
Of course not many divorcing
couples will find themselves in
circumstances similar to those of Ms
Wyatt and Mr Vince. Nevertheless, the
thought that financial claims can be
made as much as 22 years after
divorce will come as a great surprise
to many and will no doubt concern
those who have chosen to sort out
their financial settlement on divorce
themselves, without the assistance of
advocates or the court. This case
demonstrates just how important it is
to draw a formal line under matters,
either by way of a separation deed or
consent order, to ensure that any
future claims by your ex-spouse are
ruled out. This will leave you safe in
the knowledge that if you do develop
your own multi million pound
business in the future, it will be
protected from any claim!
I
It’s never too late!A landmark decision by the Supreme Court has made headlines
recently and created shockwaves in the field of matrimonial law.
By Stephanie Bateson,Associate, Dispute Resolution,
Appleby
This casedemonstrates just howimportant it is to drawa formal line undermatters, either by wayof a separation deed orconsent order
“ “
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onsider this – you have invested
substantial funds in a financial
product which you were
assured would pay out good returns. As
the maturity date of your investment
comes and goes, you come to realise
that you have become the victim of
fraud. The monies you invested have
long been moved out of your reach.
A criminal will use an array of
structures to create a fraudulent
scheme – the aim being to create a
convoluted and intricate web which
allows for the fluid movement of funds.
This web will usually be a combination
of companies, trusts (and other legal
arrangements) incorporated in a variety
of jurisdictions (particularly
jurisdictions with weak regulatory and
enforcement frameworks and/or strong
secrecy laws).
Disguise vehicle #1 – companiesThese can be resident or non-
resident companies but their essential
characteristic is that they should be run
by “puppet”, or complicit, directors and
have nominee shareholders who hold
the shares upon trust for some third
party. Accordingly, these companies
can hold bank accounts, move funds
and own assets (which may range from
cash to shares or even works of art)
without appearing to be the property of
the true owner.
Disguise vehicle #2 – trustsAgain, this requires the appointment
of a “puppet”, or complicit, trustee who
will do as directed by the settlor.
Whilst powers are vested into the
trustees in accordance with the trust
deed when a trust is established, a
settlor can nonetheless retain
significant control over the assets held
in a trust and their distribution. For
example, a settlor may provide the
trustees with a Letter of Wishes to
“guide” the trustees in distribution of
the trust’s assets. Other means of
controlling the trustees include varying
the terms of the trust deed,
appointing/removing trustees, or
appointing a complicit protector (who
has control over a trustee’s
discretionary powers).
Further, whilst trusts can hold bank
accounts, trusts involved in criminal
arrangements rarely do. More often
than not, such trusts will own shares in
companies (via nominees), which in
turn will operate bank accounts. Those
companies and their assets may be
located in a multiplicity of jurisdictions,
thus adding to the convolutedness of the
structure.
TypologiesOnce a criminal has raised funds by
a fraudulent scheme through a complex
web of corporate structures, his goal
will be to move these funds out of the
grasp of his victims and the authorities.
This may be achieved in a number of
ways, including:
Use of the modern banking system,
breaking up larger transactions in
smaller ones which may not be
detected, systematically moving funds
from one account to another and
filtering monies back into the financial
system through legitimate sources;
Use of alternative remittance
systems, cryptocurrencies and prepaid
stored value cards which create little to
no paper trail;
Investment into financial products –
such transactions can be aborted during
the cooling off period, and monies
returned to the investing entity appear
to be from a legitimate source.
Alternatively, if retained, such policies
on maturity will pay out returns in the
form of “clean money”;
Use of trade based commodities –
false invoicing; over-invoicing and
C
‘Follow the money’In recent years, there has been a subtle yet steady increase inwhite collar crime. This may reflect the proportionate need of
unscrupulous individuals to make a “quick buck” in an otherwiserestricted economy. Once funds have been extracted, criminals will
be quick to move the proceeds of their crime through variousstructures and across borders in an effort to disguise the sourceof their funds and keep them away from the grasp of authorities. In
this article Chiva Arthurs of Gough Law considers the differentvehicles and methods used in moving and disguising criminal
proceeds before turning our attention to the tools available totrace and reacquire misappropriated assets.
By Chiva Arthurs,Associate Advocate,
Gough Law
ISLE OF MAN
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under-invoicing of commodities that
are imported or exported around the
world (e.g. expensive cars, diamonds).
The tracer’s toolkitFaced with a complex set of
structures and a myriad of ways in
which the criminal filters the proceeds
of his crimes out of the reach of his
victims and authorities, what chance
have you got of locating assets which
are rightfully yours?
There are a number of weapons
which can be deployed in tracing assets:
• Freezing injunctionsThese prevent a Defendant dealing
with his assets (thus preserving assets
which may well be the Claimant’s)
pending a claim being made by the
Claimant in respect of those assets. The
frozen assets in question need not be
the Claimant’s actual assets and a
freezing injunction can freeze funds to
the value of the Claimant’s assets (or
such other value as the Court thinks fit).
It is possible further to obtain a freezing
injunction here whilst a substantive
claim is made in a different jurisdiction.
• Order for the disclosure of assetsA freezing injunction is usually
granted in conjunction with a disclosure
order which requires the Defendant to
give information as to his assets. This
ensures that the injunction is effective
in safeguarding assets.
• Tracing ordersOften granted in conjunction with
freezing injunctions, this will usually
require officers, corporate
administrators and others in control of
nominee companies and/or trustees to
give an Affidavit as to the funds within
their control and require them also to
hand over documents relating to those
funds. It is possible to cross-examine
witnesses on the evidence they give.
• Search ordersThese prevent a Defendant from
disposing of incriminating evidence. A
search order allows a Claimant to enter
and search a Defendant’s premises
(supervised by an independent lawyer)
and remove specified documents or
obtain information (e.g. from electronic
devices). This may include, for
example, bank statements showing
where the monies have gone or emails
instructing the movement of funds;
A search order may be granted in
conjunction with a gagging order to
prevent the Defendant from alerting
complicit third parties of the
proceedings afoot.
• Bankers Books Evidence ActOrders
This enables a court to order a bank
which is not party to the proceedings to
deliver up documents, bank statements,
or files in relation to the parties to the
proceedings. This is particularly useful
to ascertain whether assets have been
moved abroad, without actually tipping
off the Defendant.
• Norwich Pharmacal OrderThese orders enable a Claimant to
go to an innocent third party (who is not
a party to the proceedings but has
somehow become embroiled in
matters) and obtain
information/documents relevant to the
tracing in possession of that third party.
This may be useful, for example, in
respect of corporate administrators who
may have relevant documentation but
who are not tainted with the
wrongdoing of the criminal.
• Appointment of a receiver to theassets of a company
A receiver so appointed would have
those powers bestowed by the Court in
respect of the company’s assets. This
ensures that the relevant assets are
preserved.
The use of the above tools can assist
in tracing assets and preserving the
same, whilst a substantive claim is
progressed through the Courts for the
return of the same.
What if the trail goes cold?Notwithstanding best endeavours, a
party may find that they are unable to
ascertain the precise destination of their
funds or the identity of the wrongdoer.
It may be that the Court has been
unwilling to grant the relief sought or,
alternatively, that further investigations
arising out of information and
documents disclosed as a result of a
court order have not borne any fruit.
If a party becomes unable to trace
assets, all is not lost. Such a party may
still be able to claim damages against a
complicit third party who has dealt with
or assisted in the disposal of the assets
out of the victim’s reach and knows they
have done so (regardless that such third
party has not benefitted from their
conduct). Such claims are called
“knowing receipt” and “knowing
assistance”. Knowledge in such cases is
not limited to actual knowledge but also
includes cases where a party wilfully
shuts his eyes to the obvious, and/or
fails to make enquiries and/or has
knowledge of circumstances which
would put a reasonable man on enquiry
or indicate the facts to him.
This provides a stark reminder for
corporate service providers to retain an
inquisitive mind into the affairs of the
companies and trusts they administer to
ensure they do not unwittingly become
embroiled in a knowing receipt or
knowing assistance claim.
ConclusionThe facilities available to the
criminal appear daunting, but the tracer
of assets is not without an arsenal of
weapons to combat the ingenious
schemes of the criminal. Additionally,
where such ingenuity surpasses the
limits of the tracing tools provided by
the law, further recourse may be
available against a third party who has
knowingly dealt with or disposed of
assets belonging to another on behalf of
the criminal.
Thanks!
30
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Features
even
Kingdom
Distillery
will create a range
of spirits to be sold
in the Isle of Man
and also exported
world-wide under
the Manx brand.
The man behind the project,
Andrew Mackenzie, says: “We will be
using two bespoke pot-stills to
produce high quality gin, vodka, and
a single malt whisky. We are also
keen to produce an American style
grain whiskey and experiment with
other spirits such as rum, along with
mixers and bitters”.
“During the past 20 years South
America, the Far East and the Indian
sub-continent have been draining
Scotland of its single malt stocks. The
United States has seen an explosion in
craft distilling in recent years, not
dissimilar to the growth seen in the
real ale sector in the UK.
‘Closer to home Scotland has seen
a number of new and previously
moth-balled distilleries spring into
life. Consumers are also expressing
more interest in where produce
originates from and in that sense
Seven Kingdom will be a true grain-
to-bottle distillery producing unique
handcrafted spirits.
“We shall use as many natural
local resources as possible and we
look forward to seeing the first spirit
run shortly after we take delivery of
the stills from a German
manufacturer later this year. We are
dedicated to producing something the
Isle of Man can be proud of with pure
ingredients to produce premium
spirits.
“We plan to visit the still
manufacturers in late summer and
their consultancy office and distillery
in Chicago before the stills arrive. But
for the moment there is much else to
do involving our architect, Planning,
and Customs and Excise and other
Government departments.
“When we are up and running
Seven Kingdom will be inviting local
people and visitors to
the distillery for
tours, master classes,
and tasting events. In
addition to this we
intend to offer
educational visits to
students focusing on
the science of
distilling and the impact of alcohol.
Ahead of launch more information is
available from our landing site
www.sevenkingdomdistillery.com
Originally moving to the Isle of
Man in 1999 to work in the finance
sector, after becoming disillusioned
with his work after the banking crisis,
Andrew was determined to turn his
passion and collection of whisky into
his work.
Andrew added, “We’ve a lot of
work ahead of us however we have a
determined team behind us and I’ve
been encouraged by the enthusiasm
of both private sector and
Government departments assisting in
this project. I hope people will see this
as placing the Isle of Man in the
forefront of a luxury market with
international recognition, also
creating jobs and revenue for the
island”.
S
The Artisan Spirit
Plans are being drawn up to establishwhat is known as a boutique distillery inDouglas designed to produce a range of‘artisan spirits’ for discerning drinkers.
The opinions of some of the Island’s leading figureswithin the Financial Services Industry.
In association with
United Kingdom
The
VERDICTBUDGET
Duncan Lawrie Private Banking is a trading name of Duncan Lawrie International Holdings Limited and its subsidiaries, Duncan Lawrie (IOM) Limited and Duncan Lawrie Offshore Services Limited whose registered office is 14/15 Mount Havelock, Douglas, Isle of Man IM1 2QG. Registered numbers 27397 and 44074 respectively and incorporated in the Isle of Man. Licensed by the Isle of Man Financial Supervision Commission.
ISLE OF MAN
PORTFOLIO ISSUE 154
The state of the economy• UK grew 2.6% in 2014, faster than any
other advanced economy but lower than
3% predicted in December
• 2.5% growth forecast in 2015, up from
• • 2.4% predicted in December, followed
by 2.3%, 2.3%, 2.3% and 2.4% in the next
four years
• Record employment in the UK, with
jobless rate to fall to 5.3% this year
• Trade deficit figures “the best for 15
years”
• Living standards “higher” than in May
2010, according to OBR data, with
households better off by an average of
£900 in last five years
• Inflation projected to fall to 0.2% in
2015
Publicborrowing/deficit/spending• Deficit halved since 2010 as a share of
national income
• Borrowing set to fall from £97.5bn in
2013-14 to £90.2bn in 2014-15, £75.3bn
in 2015-6, £39.4bn in 2016-7, £12.8bn in
2017-8 before reaching a £5.2bn surplus
in 2018-9
• Debt as a share of GDP to fall from
80.4% in 2014 to 80.2% in 2015-16
before falling in every year, reaching
71.6% in 2019-20
• Additional £30bn savings needed in next
Parliament
• Public spending squeeze to end a year
earlier than planned in 2019-2020, with
spending from then to grow in line with
total economic growth
• Welfare bills set to be an average of
£3bn lower each year than predicted in
December, and interest charges on
government gilts £35bn lower
• Sale of £13bn Northern Rock and
Bradford & Bingley mortgage assets
Pensions• The lifetime allowance for pension
savings that can be accumulated free of
tax will be cut from £1.25m to £1m from
April 2016, saving £600m annually
• Pensioners will be able to trade in their
annuities for cash pots, with the 55% tax
charge abolished and tax applied at the
marginal rate
Alcohol, tobacco and gamblingand fuel• Beer duty cut by 1p a pint and cider by
2p. 2% cut in excise duty on scotch
whisky and other spirits while wine duty
frozen
• No changes to tobacco and gambling
taxes, with tobacco duties set to rise by
2% above inflation, equivalent to 16p on
a packet of 20 cigarettes.
• Petrol duty frozen - September’s planned
increase cancelled
Personal taxation• The tax-free personal allowance to rise
from £10,600 in 2015-6 to £10,800 in
2016-7 and £11,000 in 2017-8
• The threshold at which people start
paying 40p income tax to rise by above
inflation from £42,385 in 2014-5 to
£43,300 in 2017-8
• Annual paper tax returns to be
abolished, replaced by digital accounts.
• Transferable tax allowance for married
couples to rise to £1,100
• Class two national insurance
contributions for self-employed to be
abolished in next Parliament
• Review of inheritance tax avoidance
through “deeds of variation”
Savings• New personal savings allowance - first
£1,000 interest on savings income to be
tax-free for basic rate taxpayers and £500
allowance for 40p tax ratepayers.
• Annual savings limit for ISAs increased
to £15,240
• “Fully flexible” ISA will allow savers to
withdraw money and put it back later in
the year without losing any of their tax-
free allowance
• New “Help to Buy” ISA for first-time
buyers will allow government to top up by
£50 every £200 saved for a deposit.
Business• Tax on “diverted profits” to come into
effect from April, aimed at multinational
firms moving profits “artificially offshore”
• Annual bank levy to rise to 0.21%,
raising an extra £900m. Banks to be
barred from deducting compensation for
mis-selling from corporation tax
• Supplementary charge on North Sea oil
producers to be cut from 30% to 20%
while petroleum revenue tax to fall from
50% to 35%. New tax allowance to
encourage investment in North Sea
• Review of business rates
• Automatic gift aid limit for charities to
be extended to £8,000
• Farmers allowed to average incomes for
tax purposes over five years
36
The opinions of some of the Island’s leading figureswithin the Financial Services Industry.
In association with
United Kingdom
The
VERDICTBUDGET
ISLE OF MAN
PORTFOLIOISSUE 154
Paul HotchkissNon-executive Director, Duncan Lawrie (IOM) Limited
ringing a clear focus on tax
evasion and tax avoidance - and
penalties for those who facilitate
them - the UK Government is clear in its
2015 Budget: transparency is paramount
and people must pay their dues.
So, what does the Chancellor’s latest
statement mean for our Island?
The Budget’s key changes included:
• the early closure of disclosure
facilities;
• introducing a ‘diverted profits tax’;
• introducing capital gains tax on non-
UK residents disposing of UK residential
property; and
• new criminal offences for offshore
tax evasion with increased penalties and
naming and shaming both evaders and
those who assist them.
Frankly, this was all to be expected.
The UK Government has given tax evaders
plenty of opportunities to ‘come clean’ and
pay up; but perhaps seeing fewer
disclosures than expected and some
thinking the disclosure facilities were
overly generous, HMRC has now run out of
patience and ‘called time’. To this end, the
closing dates of the Liechtenstein and Isle
of Man disclosure facilities have been
brought forward by three and nine months
respectively, to 31 December 2015. For
some then, it is most certainly the time to
act.
While not the intended target, some
businesses on the Isle of Man might be
affected by the ‘diverted profits tax’.
Unfortunately no guidance has yet been
published to be entirely clear, but in
future, businesses will have to
demonstrate they have sufficient
substance here (employees, premises etc.)
to pass muster or face tax at a rate of 25%.
Helpfully, the non-domicile regime
stays - albeit less beneficial for the long-
term UK resident taking advantage of this
special treatment. As certain UK residents
find the complexity of the UK tax system a
hindrance to business and a concern from
a wealth preservation perspective,
relocation to the Island may become an
attractive alternative. Escaping UK
inheritance tax laws, they may relocate
existing businesses, create family offices
or simply retire to enjoy our relatively
benign tax system and active business
environment – while our close proximity to
the UK and the statutory residence test
means they can still spend some time in
the UK.
The UK tax system increases in
complexity and size each year but it seems,
more than ever, the Isle of Man is an
appealing place for high net worth
individuals to live, work and do business.
If you would like to know anything
else, or to find out how the changes
announced might affect you personally,
please contact us: +44(0) 1624 620770,
Paul Hotchkiss is MD of Hotchkiss
Associates Limited and a Non-executive
Director of Duncan Lawrie (IOM) Limited
B
37
Phillip DeardenTax Director, Equiom Solutions
his was George Osborne’s sixth
Budget and its timing - 50 days
before an election – made it quite
political. As anticipated, much was made
of economic circumstances.
In summary, house and share prices
are doing very well, we have reached
record levels of employment, strong
growth took place last year and is forecast
for this year and the deficit has been
‘halved’. This last point has to be said
quickly as the actual level of Government
debt is still growing. Nevertheless, the
overall message was that the current
Government was economically capable and
it would be a risk to change paths now. The
message was delivered with energy and
enthusiasm; it appeared that Mr Osborne
was confident that his message would win
over voters.
There was little in the way of new
reforms, much ‘tidying up’ and some
giveaways. As far as the Isle of Man was
concerned, there was little that will
directly affect the Island or the activities
carried out from here. As usual, there are
further initiatives to combat tax evasion
and tax avoidance – both will have some
effect on the Island, probably resulting in
more administrative duties for businesses.
The Foreign Account Tax Compliance Act
(FATCA) is morphing into The Common
Reporting Standard (CRS) which is a
version of FATCA created by the
Organisation for Economic Co-operation
and Development. At the moment, more
than 90 jurisdictions are signed up which
means that Isle of Man financial
institutions will soon be reporting
financial information about their clients
to over 90 other countries. This will be a
complex administrative burden.
The Manx Disclosure Facility, an Isle of
Man focused tax-amnesty, is to end early
but there will be a new CRS Disclosure
Facility. With regard to anti-avoidance
measures, these include specific penalties
for Offshore Tax Evasion, new penalties for
users of schemes which are within the new
anti-abuse regime and denials of reliefs
for ‘serial avoiders’. In addition, the new
‘Google Tax’ is to be effective from 1 April
2015.
Isle of Man residents who own
property in the UK will be affected by the
introduction of a Capital Gains Tax charge
for non-UK residents. This had been trailed
in the Autumn Statement and is now to be
formally introduced from 6 April 2015.
After this date, any owner of UK
residential property will be subject to tax
on sale. In the early years the charge
should be minimal as all properties may
be re-based to market value as at April
2015. Over time, the charge is expected to
raise nearly £200 million per annum.
At the end of the day, the key targets
on which the Government will be measured
are economic growth and Government
finances. Growth does appear to have been
reignited and the deficit is moving the
right way, but there is a long way to go.
T
Alan MolloyManaging Director, A 2 B consulting Limited
ISLE OF MAN
PORTFOLIO ISSUE 154
ell, the recent UK Budget was
pretty much as expected –
nothing looking too radical.
The most direct impact is likely to be in the
Pension area – so I will leave it to the Isle of
Man pensions experts to comment.
Vote winning? Well, it was designed to
encourage voting for the Conservative party
in May. Looking at it in summary, it appears
to be a case of mild electioneering: a case of
not upsetting too many people and
attempting to increase their ‘footprint’ in the
central ground – where all three main parties
fight for the marginal seats amongst
themselves.
Looking more closely, it delivered what
the Chancellor stated last year – significant
freedom for those people who have saved up
a pension ‘pot’ and don’t wish to be forced to
buy an annuity with the money, when they
come to retirement. All very laudable I hear
you say. Well, yes. Freedom is good. Absolute
freedom, just like absolute capitalism might
not be entirely good though. We surely
haven’t forgotten the unbridled capitalism
that led up to the Great Recession – from
which Mr. Osborne is attempting to lead us?
Whilst the Chancellor has undoubtedly
sought to secure or increase votes from the
middle-income, middle-England voters who
might have been tempted elsewhere, in the
forthcoming general election, it is not an
unbridled gift. As with much in politics, the
sound-bite headline reads well but the devil
is in the detail. The reduction in the Lifetime
Allowance to £1M may sound like it will only
affect the rich amongst us. However, there is
nothing to stop a subsequent government (of
ay political persuasion) from ‘tinkering’ with
it i.e. reducing it further.
There is an irony in the images that the
main parties create. The Conservatives are
keen to project the ‘Middle-England’,
rational, (financially) sensible, educated and
civic spirited image. Labour would have us
believe that they represent ‘working men and
working women’. Well, surely 99% of us are
‘working men and women’? It’s not a class
thing – merely a reality of life for those who
are not lucky enough not to have to work for
a living.
I certainly support the concept of
providing alternatives to forced annuity
purchase, in the interests of all concerned.
In a period of almost zero interest rates, a
pension ‘pot’ of c£1M, would provide an
income of around £50,000 per annum.
Certainly, that is a decent income but it
would not support a millionaires’ lifestyle. So
the idea that the Lifetime Allowance could
or might be further reduced at some time in
the future should concern us.
The austerity package imposed by
government after 2008 was, in the main,
required. The financial markets had to be
saved, if only to provide economic/financial
self-preservation in the long term. However,
the danger is that continual cutting of
departmental budgets is leading to structural
uncertainty / fears. It is ok to cut fat when
one is seeking to slim, problems arise
however when there is no fat to cut and you
eat into muscle – it can cause long-term or
permanent problems and damage.
The UK may not be in ‘Rude Health’ but
it is on the mend and is recovering.
Following a middle path between boom and
bust economic cycles is preferential.
Similarly following a middle way between
austerity and spending is preferable –
especially to those (and there are many) who
are struggling to manage their day to day
budget. Even the Office of Budgetary
Responsibility questioned the ongoing level
of austerity being imposed. So, we might all
be a little better off if the politicians could
ditch the sound-bites and look at the longer-
term fundamentals. However, that is a tough
‘ask’ at the best of times, much less so in a
pre-election run up!
W
Kevin CowleyTax Partner, PwC Isle of Man
nother year, another UK Budget.
This was a pre-election budget
through and through with the UK's
continuing economic recovery trumpeted as
the platform on which tax giveaways could be
announced. Key demographics were in Mr
Osborne’s sights here:
• A commitment to continue to increase
personal allowances over the next two tax
years, with a view to taking more people with
lower incomes out of the UK tax net
altogether;
• For those struggling to add value to
their savings pot, a tax free personal savings
allowance to give savings a boost and
• For younger voters (sorry, taxpayers)
the chance to manage their tax affairs in real
time on-line with a 'Digital Tax Account'.
Good stuff of course, but largely
irrelevant for the Isle of Man.
One item which may have caught a Manx
eye or two was a commitment (of sorts) by
UK Treasury to funnel money into developing
a ‘Northern Powerhouse’. The commitment was
to invest in infrastructure (especially rail
links), devolve decision making powers to
local governments and support particular
initiatives which would promote and grow the
region. This may prove to be empty rhetoric,
but from an economic viewpoint it makes
total sense. Removing the UK's dependence
on London's financial services sector as its
economic growth engine and spreading the
benefits throughout the UK must be an
aspiration of any UK government. Given the
Isle of Man’s historic connections with the
North of England and close proximity to
businesses based there, that must be good
news for the Island.
Other than this, there were the usual
changes to duties and an indication of a
proposed (minor) change to the UK NICs
system. The former will impact IoM
government revenues directly and the latter
might act as a catalyst for a wider reform of
our social security arrangements, something
which the recent IoM Budget hinted at.
However, on the whole, this was largely a
budget which Isle of Man businesses and
residents could be forgiven for quickly
forgetting about. And in the current climate,
where every political move seems to focus
attention on offshore jurisdictions and make
life more and more difficult for those
pursuing wholly legitimate business interests
in the IoM and elsewhere, that should be seen
as very good news indeed.
A
38
The opinions of some of the Island’s leading figureswithin the Financial Services Industry.
In association with
United Kingdom
The
VERDICTBUDGET
ISLE OF MAN
PORTFOLIOISSUE 154
Tom CroftInvestment Director, Ramsey Crookall
eorge Osborne delivered his final
budget of the current Parliament
with several measures designed
to help savers, low earners and home
buyers. Heralding the strongest growth of
any other advanced economy in 2014, the
Chancellor portrayed Britain as ‘the
comeback country’ with better times
ahead and claimed Britain will be back in
the black before the end of the decade.
With record employment and the
jobless rate set to fall further this year
the Chancellor also announced that the
Government had met its target set in
2010 to see national debt falling as a
share of national income by the time of
the next election.
Among measures to assist savers who
have now suffered years of historically low
interest rates, there will be a new
personal savings allowance which will
mean that from April next year the first
£1000 of interest earned on savings will
be completely tax-free, regardless of
whether or not they are in an ISA. This
means that at current rates, a basic rate
taxpayer would need to have more than
£70,000 in an average account to go over
the new £1000 allowance. In addition to
this, the annual savings limit for ISA’s is
to be increased to £15,240 and a “fully
flexible” ISA will allow savers to withdraw
money and put it back later in the year
without losing any of their tax-free
allowance.
For lower earners, a rise in the income
tax allowance to £10,800 next year and to
£11,000 by 2017 means 5.4 million people
will be taken out of tax. Elsewhere, the
threshold at which those paying the 40p
higher rate is to rise above inflation to
£43,300 in 2017/18.
Potential house buyers also received a
boost with an announcement that a new
Help to Buy ISA was being introduced to
assist in saving for a deposit.
The Chancellor also announced £1.3bn
of support to the North Sea Oil companies
following the drop in oil prices, including
cutting the petroleum revenue tax to 35%
from 50% and cutting the supplementary
charge to 20% from 30%, backdated to
January. And drinkers will see beer duty
cut by 1p a pint and cider by 2p while there
will be a 2% cut in excise duty on Scotch
whisky. No such luck for smokers though,
with the duty on cigarettes to increase by
16p per packet.
To pay for these moves, the chancellor
plans to raise in excess of £5bn over five
years in a double strike on the banking
industry; firstly, by raising the annual bank
levy to 0.21% and secondly, by stopping
banks claiming relief on compensation
claims. George Osborne also said that the
Government would offload £13bn of
mortgages the state was left holding
following the rescue of Northern Rock and
Bradford & Bingley and another £9bn of
Lloyds Banking Group shares are to be sold.
Finally, in changes to current pension
arrangements the Lifetime Allowance for
pension savings is to be reduced from
£1.25m to £1m from April next year
although the Chancellor said that up to 5
million pensioners who had used their
pension to buy an annuity would soon have
the right to sell the contract in return for
a lump sum.
In summary, Chancellor George
Osborne has stuck to his word and
delivered a fully-funded budget despite the
fact that an election is just around the
corner.
G
Trevor KirkDirector and Owner, Villicus Limited
s you may have anticipated
before a general election, this
was always going to be a
political budget with plenty of good and
popular headlines (price of beer down,
price of petrol frozen, end of tax on
savings and bashing the banks, coupled
with the sale of Lloyds Banking Group
shares), and the staggering of the biggest
spending cuts over the next three years.
However, it wasn’t the type of
giveaway budget we have come to expect
from a party in power, which is obviously
a consequence of the coalition (we might
be forgiven for having forgotten that fact).
While there was very little impact on
the Isle of Man, the economic growth of
our near neighbour and greatest trading
partner is very important. Unfortunately,
the growth numbers in the budget were
underwhelming and a very slow recovery is
predicted. We learned in the Autumn
Statement that this will be fuelled by
household, rather than government,
borrowing increasing sharply. Nonetheless,
it is forecast to grow, which will be
welcome, especially if accompanied by
increased confidence from businesses and
individuals alike.
Our Treasury Minister has confirmed
that the planned increase in fuel duty was
not anticipated, so the scrapping of that
measure will not hit the Isle of Man
Government’s income predictions. Of
potential benefit to the Manx finance
industry are the plans to boost Manchester
and create a ‘Northern Powerhouse’ by
encouraging wealth migration and foreign
investment. This is because the North of
England looks more readily to the Isle of
Man, whereas high net worth individuals
and professionals in London have
traditionally tended to look to the Channel
Islands.
The announcement that companies
which aid tax evasion could face penalties,
and that tax evasion authorities will no
longer have to prove “intent to evade tax”
to prosecute offenders, was light on detail.
When this is announced by the Chief
Secretary to the Treasury, Danny Alexander,
I suspect any promoters of aggressive tax
schemes might be sitting uncomfortably,
however, the vast majority of corporate
service providers here do not fall into that
category.
On the whole, this was a budget
without any major shocks likely to directly
affect the Island, which was welcome
news.
A
39
Tim HargreavesSenior Relationship Manager, Lloyds Bank International
ISLE OF MAN
PORTFOLIO ISSUE 154
he response to our own Isle of Man
Budget has been well documented.
Eddie Teare as Isle of Man Treasury
Minister delivered his speech with
confidence and in the main was well
received – our own Budget Breakfast
meeting generating the appropriate
debate and challenge as you would expect.
George Osborne then delivered his own
Budget – surely a forthcoming election
wouldn’t have any influence would it? I
think these days major surprises in Budget
speeches are few and far between,
although the response to the UK Budget in
general has been positive.
The announcements of significant
changes to the taxation of savings, the ISA
regime and confirmation of UKFI’s
intention to sell around £9bn of Lloyds
Banking Group shares during the fiscal
year were all positioned amongst other
highlights as being indicators of a general
return to health of the economy.
Unemployment in the UK is at its
lowest for 6 years and with inflation
falling to 0% in February (the lowest since
records began, a headline which passed
with hardly a mention), increases in tax
allowances should continue to boost
confidence which in turn brings the
investment which oil the wheels of an
economy. A modest level of inflation
could be reflective that wages are
increasing, which in turn improves
spending power and again the “confidence
factor” as people begin to feel better off.
However, with the MPC still alert to the
risk of very low inflation becoming
entrenched, the CBI commented that “a
rise in interest rates anytime soon seems
off the cards”. Counter that with the Bank
of England's chief economist Andy Haldane
who said rates “were as likely to need
cutting as raising in the immediate
future”. So, that clears that up then!
Just as any sensible business
mitigates insurable risks, potential
interest rate movements should be
considered and it remains a worthwhile
exercise seeking input from your advisors
as to options to mitigate these - be it from
a Depositor or Borrowers perspective.
So, very slowly the clouds of the
recession do appear to be moving away,
and with a reduction in the duty on beer,
it’ll be generally a more pleasant
experience for those in the UK watching
the General Election unfold, and a more
confident UK economy can only be a good
thing for us here on our island.
T
Timothy BolesManaging Director, Equilibrium Pensions
t was quite obvious that George
Osborne enjoyed delivering his sixth
and last in this parliament UK budget.
This was quite a change from 2011. He is
becoming the “lucky” Chancellor.
What came across was a blatant (and
brilliant) political point scoring exercise.
Three concerned Scotland and the power of
the “Better Together” Union, being the oil
major tax breaks; the strength of Sterling
(despite the falling oil price); and handouts
for Aberdeen and Inverness redistributed
from Westminster. None of which would have
been options to an independent Scotland. He
even managed to get in a dig at Ed “2
Kitchens” Miliband, for having those two
kitchens!
The UK grew by some 2.80%, faster than
any other advanced economy - unemployment
is low at 5.30%, inflation 0.20% and the
trade deficit – “the best for 15 years”. A good
hand dealt to George here. But the deficit is
still with us with HMG borrowing £97.5bn
2013/14, £90.2bn in 2014/15, £75.3bn in
2015/16. Forecasts of £39.4bn in 2016/17
improving to a £5.2bn surplus in 2018/19
may well be pie in the sky, but serve to keep
the Markets happy.
HMG is fortunate to be able to borrow all
this money at historically low rates- 15 year
Gilt yields are less than 2%. The knock on
effect of this has been to punish savers and
pensioners. So George came up with a
sweetener to allow the first £1,000 of
interest to be received tax free. At these low
interest rates it takes quite a lot of savings
to achieve £1,000 of interest; but this will
change when interest rates rise.
Reducing the Life Time Allowance
(“LTA”) to £1,000,000 seems like yet another
example of pension “apartheid” as those with
gold plated government DB schemes have no
such restrictions on the total. For example @
the current GAD rates a £1,000,000 pension
pot would expect to provide an annual
pension of around £42-49,000 pa for a 55
year old man in normal health. How many
retiring civil servants retire on significantly
more than that figure? I would suggest a
considerable number given that there are over
9,000 public sector employees earning more
than the British Prime Minister (£142,500)!
Of course the pensioner may take more of his
(now limited) pension out in benefits but
will suffer the tax consequences if he/she
does! This alone is expected to earn HMRC
an additional £500m in extra taxes next
year. At least top rate tax relief is still
available on the recently reduced annual
limit of £40,000 pa.
Perhaps there lies an opportunity for IoM
pensions to be used where Members’ limits
near the new cap of £1m since the IoM has
no LTA? I am concerned that a tightening of
pension investment options in the UK
(removal of UCITS for e.g.) and historically
low interest rates have coincided with the
dropping of the fiscal reins altogether for
pensioners over 55. The over 55s are being
targeted to encash and extract their schemes,
and the under 55s are being equally hard
targeted to invest in high risk investments
often wrapped in bonds and life products
from high pressure sales call centres. There
will be a lot of miss-selling to unscramble in
5 or 10 years time.
There is a big push for eradication of tax
evasion and tax avoidance for companies and
individuals. The former has to be stamped
out and there is a £21m case going on in IoM,
Guernsey and England and a much larger
€2bn case going on in Andorra. HSBC have
moved UK residents’ personal accounts in IoM
and Channel Isles back to UK. We can expect
more of the same; which is fine for a well
regulated and prudent international financial
centre such as the Isle of Man.
I
40
The opinions of some of the Island’s leading figureswithin the Financial Services Industry.
In association with
United Kingdom
The
VERDICTBUDGET
ISLE OF MAN
PORTFOLIOISSUE 154
Neil ChadwickTechnical Marketing Manager, RL360°
s it’s an election year in the UK it
was thankfully a pretty tame
budget and, to be fair, we rarely
get many surprises these days due to the
fact that most things are generally
announced in the Autumn statement. There
were, however, a number of measures that
could have an impact on Isle of Man
residents, in particular those with UK
residential property.
With effect from 6 April 2015, private
residence relief can only be claimed where
the individual is resident in the country in
which the property is situated or where the
individual spends at least 90 days in that
property or other properties in the same
jurisdiction.Anyone qualifying under the initial part
of the relief for a UK property would, in all
likelihood, already be subject to UK taxes,
therefore the UK is happy. It’s people who
are not generally resident in the UK that will
struggle to claim the exemption going
forward, due to the minimum day count
required.
Incidentally, if the individual did meet
the minimum 90 day occupation rule, then
under the UK’s statutory residency test,
depending on other factors that may link
them to the UK, it could actually make them
UK resident for tax purposes and open up
another can of worms altogether.
Where the exemption cannot be claimed
non-residents will be subject to Capital
Gains Tax on increases in the property value
arising on or after the 6th of April.
A
41
Raj NandhaSenior Tax Manager, Grant Thornton
he UK pre-election budget was
announced on 18 March 2015 with
very few surprises, which is
understandable given that the UK election
is on the horizon.
The majority of changes due to come
into effect from April 2015 have already
been announced in the previous year’s
spring budget and autumn budget. The
statements and proposals in this budget
were largely suggestions for future years,
and there is no guarantee which political
party (or parties) will be in office, and
whether they will uphold the
announcements by George Osborne in his
final budget before the election.
Therefore, given that this is election
year, let us briefly consider some of the
main political parties’ pledges which are
relevant to the Isle of Man (IOM), and the
potential impact these could have on
Island residents and the Island’s economy
if the UK enacted these proposals.
Conservatives• Increase Personal allowance (PA) to
£12,500 - Potential impact on the IOM:
Currently the IOM PA is £9,500. However,
proposals in the February 2015 Manx
budget suggest that the PA will increase to
at least £14,000 by 2016/2017. Therefore
an increase in the UK PA is unlikely to have
a major impact on the IOM economy
• Withdraw PA for non-residents -
Potential impact on the IOM: IOM residents
with UK source income could have a UK tax
liability if the income was previously
covered by the UK PA, or an increased UK
tax liability if no UK PA is available
• Increase Inheritance Tax (IHT) nil
rate band to £1m, being the point after
which IHT applies - Potential impact on the
IOM: An IOM resident individual could hold
UK situs assets directly without §suffering
UK IHT if the total value of their UK estate
is below £1m, assuming that they are not
UK domiciled
Labour• Restore the top rate of tax to 50% -
Potential impact on the IOM: The IOM
higher rate of tax is 20%, and on election
there is an opportunity to use the Tax Cap.
Therefore, a rise in the top rate of tax in
the UK could be positive for the IOM with
an increase in the attractiveness of the
Island
• Lower Capital Gains Tax (CGT) for
long term investors - Potential impact on
the IOM: Personal investment in UK situs
assets that could be subject to UK CGT on
IOM residents, e.g. UK residential property,
if held for a lengthy period could suffer
lower CGT
Liberal Democrats• Increase PA to £12,500 by 2020 -
Potential impact on the IOM: See
comments above in response to the
Conservative Party’s proposals
• Align Income Tax and CGT rates, with
CGT top rate being 35% - Potential impact
on the IOM: There could be increased UK
CGT for IOM residents holding UK situs
assets that could be subject to UK CGT, e.g.
UK residential property
SNP• Restore the top rate of tax to 50% -
Potential impact on the IOM: See
comments above in response to the Labour
Party’s proposals
• Scotland to have full powers over
Income Tax, CT and excise duty
responsibilities - Potential impact on the
IOM: Internal competition within the UK
could be positive for the IOM. However, any
lowering of income and corporate taxes
could have an adverse affect on the Island
UKIP• Increase PA to £13,500 by next
election - Potential impact on the IOM: See
comments above in response to the
Conservative Party’s proposals
• Abolish IHT - Potential impact on the
IOM: An IOM resident individual could hold
UK situs assets directly without suffering
UK IHT
• Replace Value Added Tax (VAT) with
a local sales tax (presumably once out of
the EU) - Potential impact on the IOM: This
would have an impact on the UK and IOM
VAT sharing agreement, and the IOM status
as an ‘EU state’ for VAT purposes, thus
affecting the Island’s consumer tax
position.
It appears that all parties are keen to
implement further measures to combat tax
evasion and tax avoidance. The impact is
likely to be greater scrutiny of offshore
jurisdictions, including the Isle of Man.Please note that this is a brief article providing commentary
on the possible impacts on the Isle of Man should certain post-
election measures be implemented by the successful party (or
parties). It does not cover all the parties’ proposals, and is not
a political opinion or endorsement by Grant Thornton.
T
ISLE OF MAN
PORTFOLIO ISSUE 154
42
Tom MaherManaging Partner, DQ
Q views George Osborne’s
Budget 2015 as well balanced
from an Isle of Man
perspective. Notably, the Budget does
not herald any new direct attack against
the Crown Dependencies. Thank you
George!
I cannot, however, say the same to Ed
Miliband whose pre-election rhetoric
about forcing the Crown Dependencies
and Overseas Territories to introduce a
public beneficial ownership register was
painfully misconceived. Miliband may
have won a few wavering voters with this
attack, but he has lost credibility in the
City.
Unlike anti-offshore Miliband, George
Osborne clearly recognises the
importance of reputable financial centres
like the Isle of Man to the City of London
and the UK economy generally. Thank you
again George!
The Budget has formally introduced
the new “Googletax”, which was entirely
as expected. This is not aimed
specifically at the Crown Dependencies.
As the OECD states, “base erosion and
profit shifting (BEPS) is a global
problem which requires global
solutions”. I don’t see the UK’s or OECD’s
initiatives on BEPS having a material
impact on the Isle of Man financial
sector.
The most notable development in the
Budget for offshore practitioners is the
introduction of new criminal offences
regarding tax evasion. The UK Treasury
has introduced this tough new regime
which is specifically aimed at tax evaders
and the professionals who enable tax
evasion. The detail of this new regime
was announced the day after the Budget
by the Chief Secretary to the Treasury
Danny Alexander. We have now seen
Danny Alexander’s paper, which details
the new (a) strict liability criminal
offence of tax evasion, (b) criminal
offence of assisting a tax evader and (c)
penalties and fines for professionals who
assist evaders.
Whilst this is of interest to offshore
practitioners generally, this is not
something which worries me in an Isle of
Man context. The Isle of Man has been at
the forefront of global tax co-operation
for over 15 years. We are highly rated as
a “compliant” jurisdiction by Global
Forum and our financial sector business
is not aimed at UK residents seeking to
avoid tax.
Interestingly, we are the only
offshore jurisdiction to be top ranked by
the Global Forum as “compliant”, beating
all our major competitors and, notably
(given Miliband’s rhetoric), the United
Kingdom and the United States who only
manage a “largely compliant” ranking.
Come on Ed, get your own house in
order! Or is that putting the election cart
D
Gregory JonesTax Director, KPMG
or the first time in his five-year
reign as UK Chancellor, George
Osborne delivered a budget
without leaving taxpayers and their
advisers feeling battered and bruised
(some might say the damage had already
been done).
Notwithstanding that the Finance Act
which followed (hurriedly becoming law
so that Parliament could be dissolved on
30 March) contained 127 sections and 21
schedules and included ground-breaking
(and punitive)
rules on Diverted Profits Tax (DPT)
and Capital Gains Tax (CGT – about both
of which more later), the March 2015
Budget will be remembered more for its
giveaways.
The two most notable of these were
the scrapping of income tax on interest
for most savers (worth £200 per year to
a basic rate taxpayer) and the creation of
a special Individual Savings Account
(known as an ISA) aimed at first time
buyers: essentially they could save
£12,000 into an ISA with the government
topping this up to £15,000 provided the
money is used only to buy a property. (It
seemed churlish to point out to the
Chancellor that even this princely sum
falls well short of the 10% needed to put
down a deposit on the average UK
home..)
Cleverly, Osborne found sponsors to
fund these handouts, so that the taxpayer
did not bear the cost: banks, by now used
to being the perennial pantomime villain,
who saw their annual levy hiked by 35%
i.e. with effect
from 1 April 2015 the rate applying
to chargeable equity and long term
chargeable liabilities increased from
0.078% to 0.105%, and high earners
saving for retirement, whose pension
funds cannot now exceed £1m in value
without tax charges.
In the current era of "austerity to
prosperity" this was overall a neat bit of
spin-doctored wealth redistribution,
coupled with the by now customary
barrage of anti-avoidance and evasion
measures to show that this
government really DOES mean
business (hell we do, Mr Miliband!).
For those of us on the Isle of Man
there are dark clouds on the horizon.
Diverted Profits Tax - the so-called
"Google tax" - may prove a menace to
Island businesses operating in the UK if
they try to reduce their UK
obligations. And everyone living
outside the UK, including Manx residents,
will now have to pay Capital Gains Tax if
they make a profit selling a UK home to
the extent the profit arose after 5 April
2015.
Mr Osborne won't lose any sleep,
though - he knows he's probably done
enough to ensure the Conservative party
(does anyone remember that the last
government was actually a coalition?!) is
returned to office on 7May.
F
The opinions of some of the Island’s leading figureswithin the Financial Services Industry.
In association with
United Kingdom
The
VERDICTBUDGET
Travel
ISLE OF MAN
FROM BELFAST TO BARCELONAWherever you are in Barcelona, there'salways something to see nearby aroundthe neighbourhood or district: jewels ofhome-grown Catalan architecture,modernisme, and contemporaryarchitecture, markets that are a treatfor the senses, treasures of the ancientRoman and medieval city, parks whereyou can unwind
BELFAST-BOUNDCitywing provides your 30-minute hopto Belfast, now one of Europe’s mostcosmopolitan cities . . .scheduled flightsfrom the Isle of Man
In association with
ISLE OF MAN
PORTFOLIO ISSUE 154
From Belfast to Barcelona!
arcelona has the dynamic and
open personality so typical of
Mediterranean cities. It is the
perfect city to relax in, stroll around
and enjoy.
A walk through the history ofBarcelona
The first human settlements in
Barcelona date back to Neolithic
times. The city itself was founded by
the Romans who set up a colony called
Barcino at the end of the 1st century
BC. The colony had some thousand
inhabitants and was bounded by a
defensive wall, the remains of which
can still be seen in the old town.
From the 15th to 18th centuries
Barcelona entered a period of decline,
while it struggled to maintain its
economic and political independence.
This struggle ended in 1714, when the
city fell to the Bourbon troops and
Catalonia’s and Catalans’ rights and
privilegeswere suppressed.
A period of cultural recovery began
in the mid-19th century with the
arrival of the development of the
textile industry. During this period,
which was known as the Renaixença,
Catalan regained prominence as a
literary language.
The 20th century ushered in
widespread urban renewal throughout
Barcelona city, culminating in its
landmark Eixample district, which
showcases some of Barcelona’s most
distinctive Catalan art-nouveau, or
modernista, buildings.
The city’s hosting of the 1992
B
Wherever you are in Barcelona, there's always something to see nearbyaround the neighbourhood or district: jewels of home-grown Catalan
architecture, modernisme, and contemporary architecture, markets thatare a treat for the senses, treasures of the ancient Roman and medieval
city, parks where you can unwind
Isle of Man - Glasgow
from £29.95 one way
Book online at www.citywing.com
Travel
44
In Barcelona’s Eixample neighbourhood, you’ll come across abustling, lively neighbourhood which is home to the church of theSagrada Família, which attracts thousands of visitors every day andhas made the neighbourhood from which it takes its name so famous.
n 1882, the original Sagrada Família Gothic church project, designed by
Francesc de Paula Villar, was taken over by the young Antoni Gaudí, who
transformed it into the most fascinating church of all time. An architectural
bible called the Sagrada Família which has become a Barcelona icon. The
building has lent its name to the area and made it world famous. After all,
the Sagrada Família is a vibrant neighbourhood with its own unique
personality.
The church of the Sagrada Família is still under construction but it is
hoped it will be completed in 2026, to coincide with the centenary of death
of Gaudí at the age of 73, when the building was just a quarter completed.
ISLE OF MAN
PORTFOLIOISSUE 154
Olympic
Games gave
fresh
impetus to
Barcelona's
potential
and reaffirmed its status
as a major metropolis.
In 2004, the Forum of
Cultures reclaimed
industrial zones to convert
them into residential districts.
An example of the renewed
vigour with which Barcelona is
looking towards the 21st century
The Catalan capital of cuisineThe Catalan capital has gained a
truly international profile thanks to its
restaurants and highly acclaimed
chefs. The choice of dining options is
so wide that you will find it difficult to
make a decision.
With more than 20 Michelin-
starred restaurants, gastronomy has
become a special ingredient of
Barcelona’s cultural heritage. Visitors
will have the opportunity to discover a
varied selection of the city’s finest food
emporiums and landmarks.
Camp Nou ExperienceVisit the FCB Museum and explore
some of the most emblematic areas of
the Camp Nou on an unforgettable
tour. There is no better way to learn
about the history of FC Barcelona and
you can also enjoy a multimedia
experience displaying the moments
that made Barça ‘more than a club’.
The visit to the Camp Nou
Experience includes: Visit to the
Museum, trophy room, multimedia
area, Messi Area and the stadium tour,
including visits to the visitors’
changing rooms, players’ tunnel,
mixed zone, pressroom and the Camp
Nou playing field.
45
The greatest show on earthFounded in 1899 by Hans Gamper, FC Barcelona has become a symbol of football,
social and cultural identity for millions of people around the world.
BELFAST:HOW TO GET THERE
WITH CITYWING
Services to Barcelona operate on Tuesdays, Thursdays and Sundaysfrom May thru’ October, operated by www.vueling.com.
Alternatively, telephone Belfast City Airport Information Desk:02890 939093.
DEP ARR M T W T F S S
0720 0755 • • • • •
0910 0950 •
1110 1150 • • • •
1400 1440 • • •
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DEP ARR M T W T F S S
0815 0850 • • • • •
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1900 1940 • • • • • •
ISLE OF MAN - BELFAST BELFAST - ISLE OF MAN
DEP ARR M T W T F S S
0815 0950 • • • • •
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BELFAST - BLACKPOOL BLACKPOOL - BELFAST
ISLE OF MAN
PORTFOLIO ISSUE 154
Travel
46
Belfast-bound
TitanicOnly in Belfast can you trace the
Titanic story to its source, discover the
passion and pride of those who
designed and built her and relive the
excitement of the Titanic era when
the city was at the height of its
powers.
Titanic Belfast is the world's
largest Titanic visitor experience and
a ‘must see’ visit in any tour of Belfast
and Northern Ireland. It is located in
Titanic Quarter, right beside the
historic site of this world famous ship's
construction. Housed in an iconic 6-
floor building, this state-of-the-art
visitor experience tells the story of the
Titanic, from her conception in Belfast
in the early 1900s, through her
construction and launch, to her
famous maiden voyage and tragic end.
The adventure begins the moment
you walk through the door and into
the building's giant atrium
surrounded by the four "ship's hulls"
shaped wings which house the Titanic
Experience.
As you journey through the nine
large galleries of this state-of-the-art
interactive exhibition, you will
uncover the true story of the Titanic,
from her conception in Belfast in the
early 1900s, through her construction
and launch, to her famous maiden
voyage and subsequent place in
history.
At the start, you'll learn about
Belfast at the turn of the century as a
thriving boom town and experience a
thrilling ride through a dramatic
presentation of the shipyards and the
Titanic under construction. Watch the
launch from the slipways, and explore
the sumptuous luxury and superb
craftsmanship of Titanic's interiors.
Be brought deep into the stories of
the passengers, the crew and the
heroes of the day; relive the drama of
the tragic end to Titanic's maiden, and
only, voyage, and visit the wreck at her
resting place on the floor of the North
Atlantic. Voyage to the bottom of the
sea in our unique Ocean Exploration
Centre with live links to contemporary
undersea exploration.
Enjoy breathtaking views to the
slipways where the Titanic was
launched and relax in one of the
superb restaurants. And if you'd like a
souvenir to remind you of your trip to
the home of the Titanic, there's plenty
to choose from in the Titanic Store.
Game of Thrones Locations ToursBelfast is home to Titanic Studios
where Game of Thrones is shot, and
only a stone’s throw away from other
filming locations across Northern
Ireland including The King's Road,
Winterfell, The Wall and Dragonstone.
Take a tour around Northern Ireland
and discover the dramatic scenery
used in the show.
Whether you are a fan or not you
will marvel at the spectecular
locations we will visit. And if that
wasn't enough this tour also features
the Giant's Causeway and Carrick-a-
Rede Rope Bridge. This tour has a
driver and a tour guide who will walk
you through your entire day, and we
we only use 24 seater coaches making
it an even more personal and
enjoyable tour. Courtesy pick up from
your city centre accomodation.
Citywing provides your30-minute hop to Belfast,now one of Europe’s most
46R
R
Above:Titanic Belfast
Appointments
ISLE OF MAN
In association with
www.hamblin.co.imT 01624 640420
Deloitte
PwC
ManSat
Equiom
Barclays
Cains Fiduciaries
Isle of Man Government
Appleby
In association with
ISLE OF MAN
PORTFOLIO ISSUE 154
lobal business advisory firm
Deloitte, which is strongly
represented in the Isle of
Man, has announced a series of senior
promotions as the company continues
to expand its range of Island based
services for a diversified local and
international client base.
The Athol Street based firm has
made some significant client gains
both on and off-island in recent
months.
Clare Mahood has been promoted
into the role of Senior Manager, Audit
and Advisory, whilst Marc Sawyer has
moved up to the position of Manager,
Audit and Advisory.
Clare has over 17 years of auditing
experience, 11 of which have been
dedicated to offshore financial groups,
working with a number of high profile
clients in the banking, fiduciary, e-
gaming and trading sectors on the
Island. Clare has also recently been
appointed to the Isle of Man Society of
Chartered Accountants.
She said that Deloitte provided a
great opportunity for career
development. “Despite being a global
firm, local market knowledge is
extremely important and we have an
open door policy for all industries and
I am looking forward to further
developing client relationships and
adding value across all sectors. We
don’t compromise on quality. This is
truly a business advisory service
where clients get more than just a
general tick box audit.”
Marc began his career in the
Durban office of Deloitte South Africa,
and qualified under the South African
Institute of Chartered Accountants.
Following the completion of his
articles in 2011, he spent the better
part of 2012 living and working in
Whistler ski resort, joining Deloitte
UK’s Isle of Man office in November
2012 as an Assistant Manager within
Audit & Advisory, before his recent
promotion.
He has managed the external
audits for a number of high profile
clients within the banking, insurance
and private equity sectors on the
Island.
“I am proud to be a part of
Deloitte’s expanding Isle of Man
management team and excited by the
prospect of new challenges and
opportunities. It promises to be a very
busy year for us here,” said Marc who
is also training for his first Iron Man
competition in July.
Sarah Sanders, Deloitte’s Isle of
Man Partner, said the firm actively
encouraged staff and career
development. “As a worldwide firm,
Deloitte promotes an environment in
which each individual employee can
drive their own career path. In the
Isle of Man, we foster a collaborative
culture where talented individuals
can produce their best work.
“Both Clare’s promotion to Senior
Manager and Marc’s promotion to
Manager reflect their exceptional
technical expertise and client service
delivery and recognise the excellent
contribution they have made to the
growth of the Isle of Man office over
the past couple of years. I look forward
to continuing to support them both in
their future careers,” Sarah added.
Deloitte
Above:Clare Mahood,
Sarah Sanders,Marc Sawyer G
ark Lilleyman has
been made a
manager in the
firm's audit department.
Mark began his career with
PwC in September 2008 and
qualified as a member of the
Institute of Chartered
Accountants in England Wales
in August 2011. During his time
with the firm Mark has worked
predominantly in financial
services with a particular focus
in fiduciary and corporate
services clients.
Commenting on the
appointment, Ian Clague,
Senior Partner said “Mark is a
great example of home grown
talent. His promotion is a
result of all of his hard work
over recent years and the
ability he has shown to take on
responsibility for his audit
assignments.
“It’s a significant step in his
career and I'm really looking
forward to seeing the
contribution Mark will make to
the firm in the coming years.”
PwC
M
Appointments
48
Right:Mark Lilleyman
anSat CEO Chris Stott has
been appointed Chairman
of the Society of Satellite
Professionals International, the satellite
industry’s largest global professional
association.
His one-year term as Chairman
comes as Chris finishes this year after
having served one year as SSPI
President. He has been a member of the
SSPI for more than 20 years, and is
Chairman of the organisation’s Isle of
Man chapter, and has served as a Board
member with the global SSPI for the
last five years.
Chris was one of the forerunners of
the Isle of Man’s space industry, setting
up ManSat in 1998. Since 2000, the
company has carried out satellite filings
for the Island under a contract with the
Isle of Man Government’s Commun-
ications Commission.
“This is superb recognition for the
Isle of Man, and our burgeoning
satellite industry,’ said Chris. ‘The
appointment is a real honour from a
personal point of view, but by far the
most important aspect is that it will
further help to raise the Island’s profile
within the global space industry.’
The SSPI is a non-profit
organisation which looks to develop the
careers of those working within the
satellite industry, creating opportunities
to network and work together, while
promoting greater awareness of the
satellite industry to businesses,
regulatory bodies and consumers via
regular publicity campaigns. It also
works to attract the next generation of
talent to the industry through student
competitions, scholarships and grants
in partnership with leading student
associations.
The SSPI Board represents a cross-
section of the commercial satellite
business around the globe.
Outgoing SSPI Chairman Dianne
VanBeber, Vice President, Investor
Relations & Corporate Commun-
ications for Intelsat, said: ‘The mission
of SSPI is growing in importance, given
the current renaissance of space-based
communications and the acknowledge-
ment that satellite can resolve some of
the world’s greatest telecomm-
unications challenges. SSPI is fortunate
to have Chris Stott, a creative and
dynamic leader, at the helm of the
Society.
“Chris Stott’s background stretches
from involvement in the International
Space University and ITU to Silicon
Valley,’ said SSPI executive director
Robert Bell. ‘As our industry undergoes
an accelerating rate of change, I expect
him to keep us focused on the most
exciting opportunity ahead.”
Chris’s appointment comes as
ManSat continues to support a new
global awareness campaign from the
SSPI – ‘How Satellites Make a Better
World’ – which promotes the impact of
satellites on today’s society.
MManSat
eading international trust and
corporate services provider,
Equiom Group, has announced
the appointment of Rosie Rowlands as
a Senior Business Analyst.
Rosie will join the Integration and
Change team at the Group’s Isle of
Man office. She will be responsible
for identifying, translating and
simplifying requirements within
Equiom’s individual business units
and ensuring that all staff are fully
trained in Equiom’s in-house systems.
She will play a key role in the
integration process for new
businesses; analysing requirements
and identifying different processes to
bring them into Equiom’s existing
systems.
Stephen Roberts, Head of IT –
Integration and Change commented:
“The efficient integration of staff and
processes following business
acquisitions is a key focus for Equiom
Group. Rosie will use her extensive
experience in the implementation
and analysis of new systems to ensure
that integration projects continue to
run smoothly”.
Rosie has over 25 years’
experience in offshore financial
services. With an MBA in Advanced
Financial Management, she has a
broad knowledge of financial
reporting, analysis, and forecasting
and a proven track record in the
development and execution of
effective financial controls through a
comprehensive design and
development process.
Reflecting on her appointment,
Rosie commented: “I am delighted to
be joining Equiom at this time, as the
Group continues to extend its
jurisdictional reach. This position
will provide me with an extensive
range of new and exciting
opportunities and I look forward to
adding value to the existing dedicated
and professional team”.
Equiom Group has expanded
significantly over recent months
following several multi-jurisdictional
acquisitions, the most recent being
Ardel Trust Company (Guernsey)
Limited.
LEquiom
ISLE OF MAN
PORTFOLIOISSUE 154
Announce yournew appointment!Email text and pic [email protected] for next issue, 08 June!
Left:Chris Stott
49
Left:Rosie Rowlands
In association with
ISLE OF MAN
PORTFOLIO ISSUE 154
arclays has appointed Rob Le
Page to the role of captive
insurance relationship
manager in the Isle of Man and has
recently promoted two members of the
captive insurance team.
Mr Le Page’s new role will involve
working with a large portfolio of Isle of
Man incorporated captive insurance
companies to provide a range of
tailored banking products and
solutions including, letters of credit,
security trust agreements, investments
and foreign exchange services.
Mr Le Page will be working closely
with the Isle of Man Captive
Association to facilitate and promote
captive business development
including the new insurance linked
securities (ILS) offering for the Isle of
Man.
He has over 15 years’ experience in
the offshore banking sector and joined
Barclays five years ago. He previously
worked with multi-national corporate
clients and local corporate service
providers and most recently with a
global portfolio of captive insurance
clients.
Colin Freeman, a relationship
manager in the captive insurance
team, has recently been promoted to
vice president. Mr. Freeman will be a
key part of the new look team, working
with captive managers in a number of
jurisdictions.
Madeleine McCrory has also been
promoted, taking on the role of
account executive, in the team.
Gareth Rowlands, head of business
banking and captive insurance at
Barclays in the Isle of Man, said: “We
are continuing to see opportunities for
growth and efficiency in the captives
sector and Barclays is very much a part
of that. We are actively seeking ways to
share our expertise and highlight what
the Isle of Man can offer owners of
captive insurance structures.
“We are pleased to be able to offer
our business clients the support and
advice of experienced captive
insurance specialists like Rob. His
appointment will strengthen our
captive insurance team and will help
us enhance our service to clients.
“It’s also great to see our
employees grow and develop in their
roles within the captive insurance
team locally with Rob, Colin and
Madeleine taking on more senior
positions in recognition of their
expertise and hard work.”
BarclaysRight: Barclays captives team:
Colin Freeman,Gareth Rowlands,
Rob Le Page
B
ains Fiduciaries Limited is
expanding with the
appointment of Katherine
Gomes as a corporate administration
officer.
“Katherine has 20 years
experience of working in the Isle of
Man fiduciary sector and we are
delighted to welcome someone with
her knowledge at a time of increased
demand for our services,” said Stuart
Gibson, director.
Katherine, who is a member of
the Society of Trust and Estate
Practitioners, commented: “I’m
thrilled at the opportunity to join what
is a great team and a firm which has
an outstanding reputation for both
stability and quality.”
CCains Fiduciaries
Appointments
50
Right:Katherine Gomes
ISLE OF MAN
PORTFOLIOISSUE 154
aldric Randall, the Isle of Man
Government’s current Chief
Internal Auditor, will be its
next Financial Controller. He will take
over the Treasury position when Clive
McGreal steps down at the end of
April.
Mr Randall has been Chief Internal
Auditor for the last seven years and his
achievements have included:
introducing a shared internal audit
service for the statutory boards;
implementing new processes in
relation to local authority accounts;
carrying out a major review of cost
improvement across the whole of
Government; and providing impartial
advice and assistance to the Public
Accounts Committee of Tynwald.
Commenting on his appointment
he said: “I am pleased and honoured
to have been offered this important
role and will seek to fulfil it
energetically and to the best of my
ability.
“The Island faces economic and
financial challenges, but does so from
a strong base. I am confident that,
working with colleagues across
Government and building on
Treasury’s good relationships with the
private sector, we can continue to deal
with those challenges professionally
and enthusiastically.”
Chief Financial Officer Malcolm
Couch said: “I have worked closely
with Caldric since he joined the
Treasury and have every confidence
that he will prove a success in his new
role. He has shown himself to be a
thoroughly professional and hard
working officer, with an innovative
and reforming approach. The
Treasury will face many challenges in
the coming years, and the work of the
Financial Controller will be vital in
dealing with them.
“We will commence a hand over
process immediately to ensure a
smooth transition when Clive
McGreal retires later in the year. I
would like to take this opportunity to
express my thanks to Clive for all of
his hard work and support to the
Treasury over many years.”
ong-serving advocate Walter
Wannenburgh has been
appointed to the new position
of Her Majesty’s Solicitor General in
the Isle of Man.
Mr Wannenburgh, who is currently
a partner at law firm DQ, will bring a
wealth of experience to the role having
demonstrated a strong track record of
professional achievement since being
called to the Manx Bar in 1993. He is
highly regarded for his expertise as a
litigator and currently sits on the Isle
of Man Law Society Council.
Mr Wannenburgh has been
appointed as Solicitor General by Her
Majesty The Queen and will act as
legal adviser to the Lieutenant
Governor, Council of Ministers,
Government Departments and
Statutory Boards.
He will support the Attorney
General in providing guidance on
matters of law and issues relating to
the Isle of Man’s domestic and external
interests. He will also assist in
representing the Crown in the
prosecution of offences and drafting of
Government legislation.
Well-known for his charitable
work in the Island, Mr Wannenburgh
said: ‘It is an honour to be appointed by
Her Majesty The Queen to the post of
Solicitor General. I will endeavour to
serve the Crown and the Isle of Man to
the best of my abilities. This is a
challenging role and one I am very
much looking forward to.’
The post of Solicitor General was
one of the recommendations of a
review into the Attorney General’s
Chambers conducted by Stephen
Wooler, a former Chief Inspector of the
Crown Prosecution Inspectorate.
Mr Wooler’s report concluded that
a second Crown officer should be
appointed to support the full range of
duties performed by the Attorney
General.
long-serving member of HM
Prison Service in the United
Kingdom has been appointed
as the new head of the Isle of Man’s
Prison and Probation Service.
Bob McColm brings a wealth of
experience to the role having held
senior management posts in a number
of UK establishments.
He will take responsibility for the
management of 140 members of staff
across the combined Prison and
Probation Service, succeeding Alison
Gomme who retires at the end of this
month after a distinguished 34-year
career.
Mr McColm said: ‘This is an
exciting chapter in my career and I am
looking forward to working with my
new colleagues to lead the
development of the Isle of Man’s
offender management strategy. I
intend to build on my predecessor’s
good work and will place a strong
focus on meeting the rehabilitation
needs of prisoners to keep them from
returning to custody. I’m aware of the
work taking place to reform the
Island’s criminal justice system and
the important contribution to be made
by the Prison and Probation Service.’
Mr McColm has served as
Governor at HM Young Offenders
Institute (HMYOI) Lancaster Farms,
HMP Garth, HMYOI Thorn Cross, HMP
Kirkham and HMP Altcourse, working
with both adult and young offenders.
He also led the transformation of HMP
Risley from a failing prison into one
with significant performance
improvements.
During almost three decades in the
UK prison service, Mr McColm has
gained vast experience of heading
change management and
performance improvement
programmes and has led a project in
Lancashire examining how probation
services are delivered in a prison
setting.
Mr McColm’s appointment has
been welcomed by Department of
Home Affairs Minister Juan Watterson
MHK who said: ‘Alison Gomme has
made an outstanding contribution to
the Prison and Probation Service
during her time in the post. We needed
an exceptional candidate to continue
that work and believe that Bob
McColm has the qualities and
experience to drive forward what is a
diverse and complex organisation.’
He added: ‘Home Affairs is
committed to protecting vulnerable
people and the Prison and Probation
Service has a fundamental part to play
in that. We are determined to achieve
further modernisation of the criminal
justice system and deliver meaningful
results for offenders, victims and the
general public.
C
Above:Caldric RandallWalter WannenburghBob McColm
Announce yournew appointment!Email text and pic [email protected] for next issue, 08 June!
Isle of Man Government
51
L
A
ISLE OF MAN
PORTFOLIO ISSUE 154
Right:Tim Swift,
Kyle Sutherland
ppleby’s Isle of Man
office has announced
promotions for two of
its lawyers.
Kyle Sutherland has been
appointed Partner with the
global law firm while Tim
Swift has been promoted to
Counsel.
Kyle joined the Appleby
Isle of Man Corporate group in
August 2010. He is qualified to
advise on both the laws of the
BVI and Isle of Man, and
specialises in a broad range of corporate
and commercial disciplines in those
jurisdictions, ranging from joint venture
work, restructurings, mergers and
acquisitions, asset finance transactions,
private placement and listing work.
Tim is a member of the Dispute
Resolution group in the Isle of Man. He
is a former English Deputy District
Judge, an English Solicitor, a Manx
Advocate and Commissioner for Oaths
with 31 years’ experience in all forms of
Civil and Commercial Litigation, having
acted for private, commercial,
insurance and union clients. Although
experienced in a broad range of Civil
Disputes, he specialises in Personal
Injury, Professional Negligence and
Professional Conduct cases. He also acts
in various Trust and Probate claims and
Commercial disputes.
Faye Moffett, Partner and Corporate
Practice Group Head, said: “I
am delighted for Kyle, who has
taken the lead in some high
profile cases for Appleby over
the past 12 months. Counsel
and Partner appointments at
Appleby are considered on a
global basis and involve a
rigorous selection process
involving board approval,
which makes Kyle’s promotion
an outstanding
accomplishment.”
Kyle and Tim were among
seven Appleby lawyers across the global
network to be promoted.
Appleby Group Chairman Frances
Woo added: “We are proud to be able to
promote a group of individuals who are
some of the best lawyers in the offshore
market. Their ability to provide first-
rate responsive services and counsel to
our clients across time-zones means
that Appleby continues to thrive and
strengthen its capabilities.”
AAppleby
Appointments
52
Directory
ISLE OF MAN
Isle of Man Airport Flight Schedules
Isle of Man Airport Contact Information
Isle of Man Business Directory:AccountantsAdvocatesBanks - LicenceholdersInvestment CompaniesLife Assurance Companies
Information - The Isle of ManKey locations, statisticsIts ConstitutionTax Allowances, Financial Incentives
In association with
ISLE OF MAN
PORTFOLIO ISSUE 154
BELFAST
Tel. 0871 200 0440www.citywing.com
BLACKPOOL
Tel. 0871 200 0440www.citywing.com
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BIRMINGHAM
Tel. 0871 700 2000www.flybe.com
DUBLIN
Tel. 0871 718 5000www.aerlingus.com
GLASGOW
Tel. 0871 200 0440www.citywing.com
GLOUCESTER
Tel. 0871 200 0440www.citywing.com
ISLE OF MAN AIRPORT FLIGHT SCHEDULES
BRISTOL
Tel. 0905 821 0905www.easyjet.com
Directory
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Above times on selected dates only. Visit easyjet.com for details.
54
In association with Book online: citywing.com
ISLE OF MAN
PORTFOLIOISSUE 154
LIVERPOOL
Tel. 0905 821 0905www.easyjet.com
LONDON CITY
Tel. 0844 493 0787www.ba.com
LIVERPOOL
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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LONDON STANSTED
Tel. 0871 700 2000www.flybe.com
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* 06 June - 05 September
* To 04 July and from 05 September
55
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 [email protected]
BDO (Isle of Man) LLC,Analyst House, 20-26 Peel Rd., Douglas.Tel. +44 1624 [email protected]
Boothmans, Millennium House,Victoria Road, Douglas.Tel. +44 1624 [email protected]
Nicola Bowker & Co.,Commissioners Offices,New Road,Laxey.Tel. +44 1624 861271
Browne Craine & Co, Burleigh Manor, Peel Road, Douglas.Tel. +44 1624 [email protected]
Corlett & Co,Ellan Vannin Cottage,Baldrine.Tel. +44 1624 861060
Callin & Co, 6-7 Fort William,Head Road, Douglas.Tel. +44 1624 [email protected]
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 [email protected]
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, 11 Circular Road,Douglas.Tel. +44 1624 628571
Edwards & Hartley, Peregrine House, Peel Road, Douglas.Tel. +44 1624 [email protected]
Evolution Accounting Ltd.,West Suite, Ragnall House,18 Peel Road,Douglas.Tel: +44 1624 [email protected]
J. C. Fargher,Ballafreer House,Union Mills.Tel. +44 1624 851190
Finnie & Co, 6, Goldie Terrace, Douglas.Tel. +44 1624 [email protected]
Crowe Morgan,8, St George’s Street,Douglas.Tel. +44 1624 [email protected]
Fowler & Co.,First Floor, Norton House,41 Arbory Street,Castletown.Tel. +44 1624 827848
Fryers Bell & Co, 27, Athol Street, Douglas.Tel. +44 1624 [email protected]
Galloway Smith & Co, 9, Hope Street, Douglas.Tel. +44 1624 [email protected]
KPMG, Heritage Court,41, Athol Street, Douglas.Tel. +44 1624 [email protected]
Greystone LLC,18 Athol Street,Douglas.Tel +44 1624 [email protected]
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 [email protected]
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 [email protected]
David J. Hill & Co, Museum Buildings,Church Road,Port Erin.Tel. +44 1624 833776
Matthew Edwards & Co, Clinch’sHouse, Lord Street, DouglasTel. +44 1624 [email protected]
Noble & Co, Abacus House, Mona Street, Douglas.Tel. +44 1624 [email protected]
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 [email protected]
Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409
Shimmin Wilson & Co, 13-15 Hope Street, Douglas.Tel. +44 1624 627744
SMP Accounting & Tax LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 [email protected]
T Leach & Co,Bradda House,Bradda Road,Port Erin. Tel. +44 1624 832891
TABS,Rechabite Hall,Allan Street,Douglas.Tel. +44 1624 674913
Thompsons,1st Floor,Royal Trust House,60-62 Athol Street,Douglas.Tel. +44 1624 611108
E Thorn,47 Buttermere Drive,Onchan.Tel. +44 1624 613782
Michael Turner & Co, 17 Hope Street, Douglas.Tel. +44 1624 [email protected]
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 [email protected]
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
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 [email protected]
T. P. Winnell & Co,, 7, Hill Street, Douglas.Tel. +44 1624 [email protected]
R G Wright,71 Circular Road,Douglas.Tel. +44 1624 674894
PO Box 25, 26-28 Athol St,Douglas, Isle of ManIM99 1BD+44 (0) 1624 [email protected]
Grant Thornton,Exchange House,54/62 Athol Street,Douglas . Tel: 44+ 1624 [email protected]
Celtic Associates Ltd,Chartered Accountants,One, The Parade,Castletown.Tel: +44 1624 822022Email: [email protected]
ACCOUNTANTS
ISLE OF MAN BUSINESS DIRECTORY
J. H. Maddrell ACA, 1, Meadowfield, Port Erin.Tel. +44 1624 [email protected]
Martin Associates Ltd,Meadowcroft,Ballabrooie Road,Peel.Tel. +44 1624 845343
ISLE OF MAN
PORTFOLIO ISSUE 154
Directory
56
In association with
Advocates Smith TaubitzUnsworth Limited,Barrule Chambers,36 Finch Road, Douglas.Tel +44 1624 [email protected]
Appleby,33-37 Athol Street, Douglas.Tel. +44 1624 [email protected]
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 [email protected]
Cains Gordon Bell, Auckland Chambers,Auckland Terrace,Ramsey.Tel. +44 1624 811311
Callin Wild, Bank Chambers, 15-19, Athol St,Douglas.Tel. +44 1624 [email protected]
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 [email protected]
Dickinson Cruickshank Ramsey,Masonic Buildings,Water Street, Ramsey.Tel. +44 1624 812107
Dougherty Quinn,The Chambers,5 Mount Pleasant,Douglas.Tel. +44 1624 [email protected]
Gelling Johnson Farrant, 24, Athol Street, Douglas.Tel. +44 1624 675367
Hannan Law5 Hill StreetDouglasTel: +44 1624 [email protected]
Jones & Co,Finch Chambers,28 Finch Road,Douglas.Tel. +44 1624 629200
Laurence Keenan, Victoria Chambers,47, Victoria Street, Douglas.Tel. +44 1624 [email protected]
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 [email protected]
M&P Legal, New Court Chambers,23-25 Bucks Road, Douglas.Tel. +44 1624 [email protected]
MannBenham Advocates Ltd, 49 Victoria Street,Douglas.Tel. +44 1624 [email protected]
Old Court Chambers,Eight Finch Road,Douglas.Tel: +44 1624 [email protected]
Pringle Law,Victoria Court,16 Athol Street,Douglas.Tel. +44 1624 612200
Quinnlegal,30 Ridgeway Street,Douglas.Tel. +44 1624 [email protected]
Simcocks, Ridgeway House,Ridgeway Street,Douglas.Tel. +44 1624 [email protected]
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 [email protected]
Lawrence J Weatherill,20 Athol Street,Douglas.Tel. +44 1624 674994
John Wright,16 Willowbrook Gardens,Douglas.Tel. +44 1624 611999
Bank of Scotland PLC,PO Box 19, Evergreen House,43 Circular Road, Douglas.Tel. +44 1624 [email protected]
Barclays Bank PLC, Eagle Court, Circular Rd, Douglas.Tel. +44 1624 [email protected]
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 [email protected]
Conister Bank Ltd, Clarendon House, Victoria Street,Douglas.Tel. +44 1624 694694
Duncan Lawrie (IOM) Ltd, 14/15 Mount Havelock, Douglas.Tel. +44 1624 [email protected]
HSBC Bank PLC,HSBC House, Ridgeway Street,Douglas.Tel. +44 1624 684840
Lloyds Bank International Ltd., PO Box 111,Peverial Buildings,Douglas.Tel. +44 1624 638200
Isle of Man Bank Ltd, 2, Athol Street, Douglas.Tel. +44 1624 637000
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
Nedbank Private Wealth Ltd,St Mary’s Court,20 Hill Street,Douglas.Tel. +44 1624 645000
Santander UK PLCPO Box 12319/21 Prospect Hill, DouglasTel 01624 [email protected]
Merrill Lynch Bank & Trust Co.(Cayman) Ltd, Circular Rd, Douglas.Tel. +44 1624 688600
The Royal Bank of ScotlandInternational Ltd, Royal Bank House,2 Victoria Street, Douglas.Tel. +44 1624 646464
Standard Bank (IOM) Ltd, Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 [email protected]
Coutts & Co (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 [email protected]
The Royal Bank of ScotlandPLC.,Royal Bank House,2 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 [email protected]
ADVOCATES
BANKS - LICENCEHOLDERS
ISLE OF MAN
PORTFOLIOISSUE 154
57
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
Canaccord Genuity Wealth(International) Limited,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 [email protected]
Isle of Man Assurance Ltd.,IOMA House,Hope Street,Douglas.Tel. +44 1624 [email protected]
Fund Management Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 [email protected]
Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 [email protected]
Lasenby Knox Ltd,Knox House16-18 Finch Road,Douglas.Tel +44 1624 [email protected]
Laxey Partners Ltd,4th Floor,Derby House,64 Athol Street,Douglas.Tel +44 1624 690900
Lorne House Trust Limited,Lorne House, Castletown.Tel. +44 1624 823579
Royal Bank of Scotland TrustCompany (IOM) Ltd,PO Box 151,Royal Bank House,Victoria Street, Douglas.Tel. +44 1624 646464
Maitland Investment Services(IoM) Limited,Falcon Cliff,Palace Road,Douglas.Tel. +44 1624 630000
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 [email protected]
RBSI Fund Administration Ltd.,PO Box 151,Royal Bank House,Victoria Street,Douglas.Tel. +44 1624 646464
Lloyds TSB IndependentFinancial Advisers Ltd, P. O. Box 12, Peveril Buildings, Peveril Square,Douglas.Tel. +44 1624 641741
Creechurch Capital Limited,Knox House,16-18 Finch Road,Douglas.Tel: +44 (0) [email protected]
GAM Administration Ltd, 11 Athol Street, Douglas.Tel. +44 1624 [email protected]
Fortis Fund Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 [email protected]
Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409
Hansard International Ltd, Harbour Court,Lord Street,Douglas.Tel. +44 (0) 1624 688000
HPB Assurance Limited,Anglo International HouseBank Hill,Douglas.Tel +44 1638 [email protected]
IntegraLife International Limited,1st Floor,6 Goldie Terrace,Upper Church Street,Douglas.Tel +44 1624 654600
RL360 Insurance CompanyLimitedRL360 House, Isle of ManBusiness Park, DouglasTel. +44 1624 [email protected]
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
Old Mutual International Isle ofMan Limited,PO Box 159,King Edward Bay House, King Edward Road, Onchan.Tel. +44 (0) 1624 655555
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 [email protected]
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
SMP Fund Services LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 [email protected]
Thomas Miller Investment(Isle of Man) Limited,Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas.Tel +44 1624 645200tminvestment.com
WH Ireland (IOM) LimitedAthol House,21a-23 Athol Street,Douglas.Tel: +44 1624 [email protected]
CLI Institutional Limited Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 [email protected]
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 [email protected]
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
ISLE OF MAN
PORTFOLIO ISSUE 154
Directory
58
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 . . .
INFORMATION
Ramsey
Douglas
CastletownPort Erin
Peel
ISLE OF MAN
PORTFOLIOISSUE 154
59
Pre
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2013 Mercedes-Benz C180 AMG Sport Coupe Auto As New, Calcite with with Black Half Leather, Fitted with PanoramicGlass Roof, Privacy Glass, Climate Air Con, 18" AMG Alloy Wheels,Park Distance Control, Bluetooth, CD Player, Only 14,000 Miles OneLocal Owner From New, Cost Over £35,000 New
£25,950 • £149 per week2013 Volkswagen Polo 1.4 5 Door Finished in Diamond Black Metallic with Antrhracite Cloth Interior,Fitted with Electric Pack, CD Player, Alloy Wheels, Remote CentralLocking, 14,000 Miles, As New £8,695 • £49 per week2013 Toyota Yaris 1.3 VVTi TR Manual Finished in Decuma Grey with Anthracite Cloth Interior. Fitted withAir Conditioning, Electric Pack, CD Player, Alloy Wheels, RemoteCentral Locking, 14,000 Miles, in Immaculate Condition
£8,395 • £47 per week2012 Suzuki Grand Vitara 2.4 SZ-5 LWB Silver Metallic with Full Black Leather, Fitted with Climate Air Con,Alloy Wheels, Electric Glass Sunroof, Privacy Glass, Keyless Entry &Start, CD System, Remote Central Locking, Only 16,000 Miles As New
£11,995 • £69 per week2011 Nissan Note 1.6 N-Tec Auto Cappuccino Metallic with Anthracite Cloth Upholstery, Fitted withClimate Air Con, Sat Nav, Bluetooth, Privacy Glass, Alloy WheelsPainted Grey, Drivers Information System, 12,000 Miles As New
£7,895 • £44 per week2010 Toyota Aygo 1.0 Blue 3-door Electric Blue Metallic with Anthracite Cloth, Fitted with All UsualExtras including, Electric Pack, CD Player, Alloy Wheels, RemoteCentral Locking, Only 21,000 Miles Immaculate Condition
£5,295 • £29 per week2009 Honda CRV 2.2 CRDTi ES Allure Finished in Silver Metallic with Anthracite Cloth Upholstery, Fittedwith Climate Air Con, CD Player, Alloy Wheels, Privacy Glass, TowPack, Great MPOG, Local Car £8,695 • £50 per week2009 Peugeot 307 Convertible 2.0 Allure Grey Metallic with Anthracite Cloth Upholstery, Fitted with ClimateAir Con, CD Player, Alloy Wheels, Cruise Control, Remote CentralLocking, Only 28,000 Miles From New £5,895 • £34 per week2009 Suzuki Swift 1.5 GLX 5 Door Bright Red with Grey Cloth. All Usual Extras including Air Con, CDPlayer, Electric Pack, Remote Central Locking, Only 28,000 Miles
£5,395 • £31 per week
2009 Vauxhall Agila 1.2 Mini MPV Sebring Red with Grey Cloth. All Usual Extras including Air Con, CDPlayer, Electric Pack, Remote Central Locking, Only 23,000 Miles
£4,895 • £28 per week2009 Vauxhall Corsa 1.2 Life 3-door Champagne Gold Metallic, Fitted with Air Conditioning, ElectricWindows, CD Player. 33,000 Miles from New
£4,695 • £27 per week2008 Fod Focus CC 2.0 Cabriolet 2 Door Finished in Moondust Silver with Full Black Leather Upholstery.Fitted with Power Hood, CD Player, Air Con, Electric Pack, AlloyWheels, Remote Central Locking, Only 36,000 Miles, outstandingcondition £5,995 • £35 per week2008 Volkswagen Golf + 1.4 Luna 5 Door Finished in Silver metallic with Anthracite Cloth Interior. Fittedwith CD Player, Air Con, Electric Pack, Alloy Wheels, Remote CentralLocking, Only 28,000 Miles, outstanding condition
£6,395 • £37 per week2008 Volkswagen Fox 1.0 Hatchback Salsa Red with Anthracite Cloth, Fitted with All Usual Extras includ-ing CD Player, Electric Pack, Central Locking, Power Steering, Driv-ers Information System, Just 19,000 Miles From New
£4,695 • £27 per week2008 Renault Megane 1.6 Dynamique 5-door Red Metallic with Anthracite Cloth, Fitted with Air Conditioning,Alloy Wheels, CD Player, Electric Pack, Only 38,000 Miles ExcellentCondition Throughout £3,695 • £21 per week2007 Renault Modus 1.4 Dynamique Manual Finished in Silver Metallic, Grey Cloth, Fitted with All Usual Extras,Covered just 27 Miles from new, a spacious family MPV for only
£3,695 • £21 per week2007 Ford KA ManualIce Blue Metallic, Grey Cloth, Fitted with All Usual Extras, Coveredjust 3,000 Miles from new, repeat a mere 3,000 miles from new
£3,695 • £21 per week2006 Mazda 2 1.4 5 DoorGrey Metallic with Cloth Upholstery, Fitted with CD Player, Air Con,Electric Pack, Alloy Wheels, Remote Central Locking, Only 14,000Miles from new £3,895 • £22 per week2005 Toyota Yaris 1.0 5-door Silver Metallic with Black Cloth, Air Conditioning, Alloy Wheels,Electric Windows, Only 12,000 miles - REPEAT - Only 12,000 miles
£3,995 • £23 per week2005 Jaguar X-Type 2.0 V6 Sport Saloon Manual Silver Metallic with Grey Leather. Fitted with Air Conditioning, AlloyWheels, CD System, Front Electric Windows, Front Fog Lights,Heated Door Mirrors, Only 42,000 Miles from New. OutstandingValue at £3,295 • £18 per week2004 Rover 75 2.5 V6 Club Tourer Silver Metallic with Anthracite Velour, Fitted with Sat Nav, TV Func-tion, 18” Alloy Wheels, Full Electric Pack, Remote Central Locking,Only 30,000 Miles, Local From Virtually New, Immaculate Condition
£3,695 • £21 per week2004 Ford Fiesta 1.4 Ghia 5-door Red Metallic, Fitted with Air Conditioning, Alloy Wheels, CD Player,Remote Central Locking and much more. Luxuriously-appointedthroughout, this top-of-the-range model offers outstanding valueat only £2,895 • £16 per week2003 Lexus IS200 Sport Saloon Manual Ice Silver Metallic with Black Leather/Alcantara, Fitted with a HugeSpec including Climate Control, Heated Seats, CD System, 17” AlloyWheels, Electric Seats, Covered just 17,000 Miles from new, time-warp condition £5,695 • £32 per week
THISMONTH’SFEATURECAR
2004 Rover 75 2.5 V6 ClubTourerSilver Metallic with Anthracite Velour, Fitted with All Usual
Extras, including Sat Nav, TV Function, 18” Alloy Wheels, Full
Electric Pack, Remote Central Locking, Only 30,000 Miles,
Local From Virtually New, Immaculate Condition
£3,695 • £21 per week
P l e a s e f o l l o w u s o n
% 0 1 6 2 4 8 1 5 8 5 8
T h e Q u a y s i d e , D e r b y R o a d , R a m s e yWEEKLY FINANCE FIGURES BASED ON 10% DEPOSIT OVER 48 MONTHS AT 7.5%
WW
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Lifestyle
ISLE OF MAN
In association with
A Week in the Life:Mary Linehan,B-localiom.com
Q&A:Nick HardacreEstate Agent,Chrystals
Gig Guide:Your gig agenda for Belfast, Liverpool,Manchester and London
Sunday
This week, my week begins Sunday.
I am meeting the Irish Ferry at 6am and
a young family, plus dog, are arriving to
the Island to begin their new life!
It’s very dark and I see their two cars
packed completely with all their
significant life possessions. They follow
me to the temporary accommodation
and, once the bags have been unloaded
and we have introduced ourselves, it’s
time for me to lead the way to the
kennels. Their dog has never needed to
be in kennels before… all are anxious.
There was no need to worry, though, as
the skilled welcome of the kennel
manager reassured all and any worries
were alleviated, leaving us to travel back
to accommodation happily. I hadn’t met
this family before. Yvonne, one of my
colleagues, had supported at the
interview visit and between the
knowledge she had gleaned in that
experience together with our
“individual Info sheet” filled in by the
couple prior to relocation, we had a very
good understanding of what their
immediate priorities were in order to
settle here easily and happily! They had
had a long journey filled with mixed
emotions, so I left them to unwind and
relax… perhaps have a sleep.
Getting home I emailed Linda
Donald, who was taking the lead in this
relocation/integration, so that she would
know how the arrival had gone. Linda
was meeting them after Lunch to go
through their week’s schedule and pick
up any pressing issues.
My focus is now turned to my family.
We have just had a grandson, Alfie, and
our daughter Ciara is dropping him off
while she and her sister play Netball.
Her husband Neill is on an early shift, so
my husband Jerry and I devote
ourselves to watching this amazing little
man! The girls arrive home full of the
“ins and outs” of the game - thankfully
both in winning teams this morning -
and we enjoy a banter over tea and
coffee. Ciara organises Alfie as he is off
to visit his other “Grandma” who, like
us, is always keen to see him and help
them out.
Jerry and I go for our usual walk,
Douglas Head is our favourite. The day
is gorgeous and we love the time spent
there making plans and discussing life!
On the way home we pop in to see
Sarah and Chris; our middle daughter
and partner. Sarah is the “dynamo” of
the family, it’s always a treat when you
visit. A homemade something available
to eat or a new piece of furniture painted
to see, or a Great wall of China built. We
catch up on their news before getting
home for Call the Midwife and to catch
up on Scandal and Blacklist.
I check my emails and get up to
speed from Linda. She has a busy week
scheduled focusing initially on school
visits, to determine where the young
child will go to school. This in turn will
decide on where the property search
will need to be.
Monday
I LOVE MONDAYS. New day, new
opportunities. I wake to the amusing
tones of Jerry: “Hi my name is Jerry and
I will be your breakfast server for this
morning”. Fortunately, Jerry is a
morning person. He loves to be up early
and he really enjoys using early
morning time to read and digest Board
papers or correspondence with this
“dawn energy”. I’m not quite the same!
Jerry stepped down from his career
in banking 8 years ago and so we have
established a very set morning routine.
Jerry is a conscientious “juicer”. Despite
both our figures, we do enjoy a healthy
eating lifestyle, albeit it a bit excessive.
Each morning Jerry produces a juice
and his boiled eggs are hard to beat!
We chat over breakfast, working out
what time suits best to meet for our
walk.
Today I have a conference call from
a referral relocating later in the year as
well as a meeting with another
introducer. Linda is doing the
fundamentals of relocation with our
family this week. Ann is in India, Yvonne
is helping a family Friday in their move
to their permanent rental and I know
Michele is on-Island available for
research and backup if needed.
The conference call has resulted in
arranging a research visit to the Island.
We call this a “look and see”, so
temporary accommodation needs to be
booked, and a schedule designed to
meet their requirements.
Another phone call from one of the
companies we are linked into has a
definite date of arrival for one of their
senior staff relocating. We need to
secure a month’s accommodation for
their arrival. I ring Michele to let her
know dates etc. and she will focus on
finding this so we can have it in place for
the following month.
The family Yvonne is dealing with
needs interim furniture for their
permanent rental. They are moving in
at the weekend, so I call up the Hospice
to ensure we have secured what they
need. I established an arrangement with
My name is Mary Linehan. I was born in Birmingham, pursued a careerin nursing and held a variety of posts in the London area. I relocated tothe Island in 1993 because of my husband’s job in the Finance Sector.He headed up Barclays Bank and Royal Bank of Scotland as well as
the Island’s oldest independent bank, beforeretiring to be a Business consultant. Our
family moved, with our three daughters. Onmoving to the Island, I joined the Nursing teamat Hospice Isle of Man and also “fronted” theFundraising and PR Department. My decision
to set upB-localiom.com was born out of a desire to
ensure people who have made the decision tomove to the Island have a positive experience
and are able to integrate rapidly into thebusiness and social aspects of Island life. I
now live in Douglas with my husband.B-localiom.com celebrates 10 years this year!
A Week in the Life
ISLE OF MAN
PORTFOLIO ISSUE 154
Lifestyle
62
Above:The B-localiom.com Team:
Yvonne Hall,Linda Donald,Mary Linehan,
Michele Bowen,Ann Faragher
ISLE OF MAN
PORTFOLIOISSUE 154
Share the Care Hospice Isle of Man,
putting in temporary furniture for those
arriving before their furniture. It is a
hugely successful project, benefiting
both charity and individuals.
I also have an arrangement with
Shoprite whereby we put in homeware
packs and a food welcome pack, so I
check all of this is in place for Yvonne to
pick up on Friday. It is.
I pop over and meet some good
friends for a catch up before I meet Jerry
for a brisk walk. On my way back home
I call into a relatively new relocatee to
see how all is , and pick up a few
questions they need advice on - where
to take visitors to impress when they
visit later in week, explanation on our
recycling, where to find a handyman
and joiner… and babysitter!
I squeeze in one more visit to a
relatively new relocatee who is very
disheartened concerning the job
scenario. She is trying so hard to get a
job, having always worked. She has 3a
Status but just keeps receiving standard
rejection letters. I arrange to meet her
next week to make appointment for her
to meet with another recruitment
agency.
I need to rush now as Jerry and I are
meeting friends for a quick supper and
trip to the cinema - something we both
love to do.
Tuesday
“My name is Jerry and I will be your
breakfast server this morning”… yep it’s
Tuesday!
My phone rings… it’s 8am: “Hi Mary,
sorry to bother you“…”it’s no worry at
all…is there a problem?“. “Mary I have
a snake in my bathroom!”. I check
Jerry’s juice is in my hand! “Snake? Are
you sure?” This was a young, seemingly
balanced professional girl I had
supported the previous week. Her
boyfriend and she had moved from
South Africa. She told me she knew the
colour of venomous snakes in SA and
wanted to know if this yellow and
orange snake was poisonous in the IOM.
After telling her to close door and not to
worry, I set to. With the help of the
property management company, her
boyfriend and several friends, the “non
dangerous, escaped pet corn snake “
was captured and returned to its owner!
Interesting start to my day!
The rest of the morning is spent
reading the Board Pack for the Patient
Care Committee meeting tonight. I am
on the Board of Hospice Isle of Man, and
sit on the Patient Care Committee and
Nominations Committee. I nursed at
Hospice for 12 years running the Day
Unit and am hugely committed to the
charity. I also spend some time updating
information for our B-localiom.com
arrival packs.
I am meeting girlfriends for lunch at
Eden Park, and swing over to the
Welcome Centre to pick up current info
for a couple arriving next week.
My evening is spent at Hospice and
then Sarah & Chris’s for supper.
Wednesday
Usual breakfast routine with
Jeremiah! I meet Michele and a friend
for a walk along the prom.
The rest of morning is spent visiting
prospective short-term properties,
having phone calls related to interim
furniture, homeware packs etc., ringing
property agents, and trawling the net in
relation to rental property required for a
family arriving in 10 days’ time.
I pop over to see Ciara and Alfie and
another very good friend! I skid back
home, picking up food on the way, as I
am hosting dinner for a good friend’s
significant birthday… a good night was
had by all!
Thursday
It’s an early start with Jerry up and
off Island today, so I drop him to the
airport for the redeye. On the way home
I drop off a birthday gift for a child I’ve
relocated ready to open when they
wake… all is quiet! This morning the B-
Localiom.com coffee is at NOA Bake
House. Sometimes I host this at home,
sometimes one of the team or one of the
relocatees host. It’s great as “new and
old” arrive, bringing other friends when
it suits. Plans are made and info
exchanged. Linda joins us and she has
completed all the fundamentals of
relocation with our family… and found
a rental they are delighted with!
I am meeting two friends for a catch
up after sorting broadband for some
temporary accommodation. I get to my
hairdressers just on time for my regular
blow-dry… without which I couldn’t
function! Tonight I am going to a friend’s
farewell dinner. She and her hubby
leave the Island after 19 years. A fun
night as we girls reminisce!
Friday
I pop over to Ciara’s before 9am to
have Alfie, while she goes into work for
a meeting. Alfie is a great distraction as
I have dental appointment later and am
phobic! I enjoy some playtime with him,
take him for a walk and, when he is
sleeping, catch up on some phone calls
to friends and new relocates. I also make
a NI appointment for our relocatee next
week. A group of us are keen to see 50
Shades of Grey the next week so I book
a table for 16, and cinema tickets. I
survive the dentist and meet my friend
before collecting Jerry from the airport.
We are at a friend’s for dinner tonight.
Saturday
Jerry is later with the breakfast routine
as his golf slot is also later. We enjoy a
catch up and walk Marine Drive. I have
an MNDA Meeting at Hospice. My
nursing interest was MND (Motor
Neurone Disease) and I have been
involved since my early days at the
Hospice. There’s a surprise when I get
home; Felicity the youngest has arrived!
And I am told we girls are off to the spa
at Lonan! Special time had with my
daughters, after another interesting
week!
Above:Mary Linehanwith her husband, Jerry
63
Bigger smilesfor the South
The Tracey Bell Clinic’s award-winning team are excited to bebringing friendly local dentistry back to Castletown from April.
he new Castletown Practice will
be managed by three southern
belles who are well known to
local residents and who have been
spending the last three months getting
to know the local market.
Karen Corkish, from Port St Mary,
will head up the team as Practice
Manager. Karen is originally from the
Steam Packet and says, “I look forward
to the challenge of opening a new
practice in Castletown. Over the last six
months, I have spent my time gaining
valuable knowledge through my role at
the Tracey Bell Clinic in Douglas, whilst
listening to what patients in Castletown
want from a dental practice, such as,
affordability, good dentistry, accessibility
and, of course, a friendly dentist is top
of the list.”
Wendy Mahon, from Castletown,
will operationally co-ordinate all dental
treatment and dental staff. Wendy is a
well-recognised and experienced
registered dental nurse. Wendy states:
“Castletown has not had a dental
practise since Julian Sutton closed his
doors! I’m excited to be able to come to
Castletown and work in my home
environment.”
Kelly Kearsley, another Castletown
resident, joins the team as Receptionist
and Clinic coordinator. Kelly is excited
about the prospect of opening a new
clinic in the town and is looking forward
to meeting and greeting new and
existing patients from all over the
island.
The dentist in residence will be Dr
James Garritt, partner of Tracey Bell,
who is originally from Yorkshire but
settled on the island six years ago.
James looks forward to bringing his
style of dentistry, which features straight
talking, forward thinking and above all
listening and putting the patients’ needs
first, to Castletown.
The practice will also have a fully
trained hygienist. In addition to having
a world-class team, the Castletown
practice will also offer affordable
prices. Karen stated: “Affordability is
key, so therefore we decided to keep
our quality high but with multiple
practices now on the Island, keeping
our prices affordable was very
important to us.”
She added: “Our Southern belles
will ensure we bring big smiles to
Castletown with the usual energy,
enthusiasm and passion of the Tracey
Bell team. This is the start of a very
exciting era of dentistry for Castletown.”
Tracey Bell first opened as Craigend
in 1995. With 22 years’ experience in
dentistry, Tracey has continued to roll
out her well-loved Tracey Bell brand in
the Isle of Man and within the UK.
The Tracey Bell Dental Clinics
provide routine, cosmetic and
orthodontic dentistry as well as
implants. They also offer an extensive
list of aesthetic medical treatments.
As a private Dental & Aesthetic
medical practice, Tracey Bell has based
the Castletown prices around those
offered by the NHS to keep treatments
affordable to all. An initial dental check
up and x-rays costs just £19.00 with
fillings starting from £51.00, whitening
from £199.00 and dentures from
£300.00. The practise will also be
offering special days such as
pensioners’ afternoons (on a
Wednesday) and student Saturdays,
when discounts will be offered.
The Tracey Bell team are proud to
have based their prices around those
offered by the NHS to keep treatments
affordable for all. She’ll also be offering
free check-ups with all treatments and
expects the special days such as
Pensioners’ Days (on Wednesdays) and
Student Saturdays to be particularly
popular.
Tracey Bell said: “It’s a real shame
that Castletown hasn’t had its own
dental practice for several years now.
We’re proud to be putting this right by
offering affordable treatments provided
by a friendly dental team.”
She added: “As Karen, Kelly and
Wendy are local residents themselves,
they know exactly what our patients
want and are really excited to be serving
the local community. I thank them for
their input in building this practice.”
Tracey Bell’s move into Castletown
comes at an exciting time for the
leading dentist, who has recently
acquired a Dental Clinic in Southport
and is a finalist in the Aesthetic
Dentistry Awards 2005.
Since launching her first dentistry
practice in 1995, Tracey Bell has seen
her business flourish and now has a
formidable reputation within both
dentistry and aesthetics. She has won
countless professional awards in the UK
and the Isle of Man and with awards
nominations and new business
opportunities, 2015 is shaping up to be
a particularly exciting year for Tracey.
TRight:
Karen Corkish,Kelly Kearsley,Wendy Mahon
It’s a real shame thatCastletown hasn’t hadits own dental practicefor several years now.We’re proud to beputting this right byoffering affordabletreatments provided bya friendly dental team.
“ “
For opening offers and discounts, to
book a free consultation or to make an
appointment for treatment, telephone
613323. www.traceybell.co.uk
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YOUWhat is your business background?
Prior to working at Chrystals, I
predominantly worked with people,
whether it be teaching soccer in the
USA, or providing a stable
environment and support for young
people and their families here on the
Island at a local childrens’ charity. I
started at Chrystals in August
following the completion of various
industry based qualifications,
working part time at first.
What was your very first job?
I qualified as a lifeguard and began
working at the NSC during the
summer holidays. Great atmosphere
and fond memories.
If you hadn’t chosen your current
career, is there another career path
you would have liked to pursue?
I would have loved to work in the
film industry – not in front of the
camera but behind it! The
continuing development of
technology and special effects means
anything is possible.
Who is your business role model?
Fredrik Eklund from ‘Million Dollar
Listing’. He has built a real estate
empire and his success owes both to
his dedication and work ethic as well
as his high kicking, energetic
character.
What’s the best business lesson
you’ve ever learned, and how did
that come about?
Be prepared to adapt to a changing
environment whilst being that one
step ahead of the rest. Be proactive!
What’s the best thing about your job?
Meeting lots of people and visiting
our Island’s beautiful spots and
hidden gems. Every day is different.
What is the best business advice you
could offer to anyone?
Commitment is that turning point in
your life when you seize the moment
and convert it into an opportunity to
succeed.
DIGITAL AGEDo you own an iPad?
Yes. A great device for both business
and personal use; it allows me to
maintain contact with clients.
What are your favourite gadgets?
My iPhone, Bang & Olufsen A8
airplay system and the Strava app-
perfect for tracking my parish walk
training.
Which websites do you visit most?
Sky Sports, Daily Mail, ASOS (got to
stay with the trends) and work
related websites such as Zoopla.
Do you shop online and if so what
for?
Yes; clothes and more recently city
breaks.
PERSONALWhere in the world would you most
like to visit and why?
China and Japan due to their
historical value and intriguing
cultures.
What is your favourite TV series?
Band of Brothers, Pacific, anything
on Discovery Channel and timeless
British classics like Only Fools and
Horses.
What is your favourite film?
Recent film is The Imitation Game.
Quite an incredible true story.
What is the most memorable event
you have attended?
The Christening of my Goddaughter
last year. An unforgettable
experience was afternoon tea at the
Burj Al Arab in Dubai.
Name 3 things you would like to do
before you die?
Fly a plane, have an Aston Martin in
the garage for Sundays and then,
contrary to the first, skydive.
What is the best piece of personal
advice you could offer?
In life you will regret the things you
don’t do - know what you want and
go for it!
CURRENTProperty industry, the marketing
future?
Times are changing. The
integration of traditional methods
with modern digital marketing
elements is vital to maintaining a
market leading presence on the
Island. The sharing capability of
social media means it is now
possible to reach a much larger
audience more easily than ever, and
individuals have an extensive and
developed platform to meet all of
their property needs, whether they
be buying or selling. To enhance our
knowledge in this field and improve
our ability to assist with customers’
NAMENick Hardacre
TITLE AND COMPANYEstate Agent, Chrystals
WHERE DO YOU LIVEON THE ISLAND?
Ballasalla
HOW LONG HAVE YOU LIVED ON THE ISLAND?14 years. I’m originally from Buckinghamshire.
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needs, I am currently studying for a
Digital Marketing Diploma through
the Oxford College of Marketing.
There is nothing like popping
along Strand Street to discuss a
property face to face and building a
friendly rapport, and digital
marketing tools will only enhance the
service. I feel very fortunate to call
the Isle of Man home and I hope I can
play a small part in contributing to its
overall growth and development.
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Take That04-05 May
5 Seconds/Summer30 May
Mamma Mia!16-20 Jun
The Who21 Jun
Neil Diamond30 Jun
Kevin Bridges28-29 Sep, 20-21 Nov
One Direction20-22 Oct
Michael McIntyre13-14 Nov
Imagine Dragons17 Nov
Simply Red02 Dec
Andre Rieu03 Dec
Def Leppard07 Dec
Mrs Brown08-12 Dec
Dynamo09-10 Mar
BELFASTOdyssey Arena
www.odysseyarena.com
LIVERPOOLEcho Arena
www.echoarena.com
MANCHESTERMEN Arena
www.manchester-arena.com
LONDONO2 Arena
www.theO2.co.ukOlly Murs09 May
S Club 713 May
Paul McCartney28 May
Maroon 529 May
5 Seconds/Summer10 June
Brian Wilson18 Sep
Joe Bonamassa23 Oct
Jimmy Carr24-25 Oct
Reeves & Mortimer14-15 Nov
Nickelback19 Nov
Michael McIntyre04-05 Dec
Simply Red11 Dec
Andre Rieu19 Dec
Dynamo12 Mar
J Cole14 May
Mark Knopfler16 May
Take That21-30 May; 18 Jun
Maroon 501 Jun
Ariana Grande04 Jun
5 Seconds/Summer09 June
Taylor Swift24 Jun
Frankie Valli26 Jun
John Legend27 Jun
Fleetwood Mac12 Jun and 01 Jul
Neil Diamond09 Jul
Brian Wilson26 Sep
One Direction03-04 Oct
Madonna14 Dec
Olly Murs03-07 May
C4 Comedy Gala15 May
Mark Knopfler22 May
Paul McCartney23-24 May
Fleetwood Mac27-28 May, 27 Jun
Ariana Grande01 Jun
Take That04-19 Jun
John Legend25 Jun
Roxette13 Jul
Bette Midler 18-19 Jul
Santana25 Jul
Brian Wilson20 Sep
One Direction24-30 Sep
U225 Oct - 03 Nov
GIGGUIDE
The iNNOCENCE + eXPERIENCE Tourwill see U2 play indoor arenas forthe first time in a decade includingThe O2 on Sunday 25, Monday 26,
Thursday 29, Friday 30 October andMonday 2 and Tuesday 3 November.
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