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E-gaming is a sector we can be proud of, says Quayle


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45 minutes ago, Andy Onchan said:

The E-gaming sector that HRH CM says we should be proud of, is leaving: https://egr.global/intel/news/gvc-eyes-tax-residence-relocation-from-gibraltar-to-uk/

(although the URL link says Gibraltar the article says IOM)

A lot of this sort of redomiciliation is starting to happen now Brexit is pretty much sorted. Corporate rates of tax will be coming down in the UK soon and the city of London will be one big offshore centre. This expensive to operate from Island won’t really be needed then. 

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56 minutes ago, Andy Onchan said:

The E-gaming sector that HRH CM says we should be proud of, is leaving: https://egr.global/intel/news/gvc-eyes-tax-residence-relocation-from-gibraltar-to-uk/

(although the URL link says Gibraltar the article says IOM)

https://www.igamingbusiness.com/news/gvc-looks-move-tax-residence-uk

Same but no need to register to read.

I know people leaving the Island 'cos they are sick of the travelling.

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1 minute ago, GD4ELI said:

https://www.igamingbusiness.com/news/gvc-looks-move-tax-residence-uk

Same but no need to register to read.

I know people leaving the Island 'cos they are sick of the travelling.

There are a lot of CSPs quietly re domiciling structures to the UK now there is a clear trajectory on Brexit.   

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59 minutes ago, Bobbie Bobster said:

Tell us more of this clear trajectory.

There is a clear ability now for the UK to deliver on its promises as the Brexit Bill has passed and they have a clear majority in Parliament to deliver what need to be done. This is already causing companies to reconsider whether they need to be operating offshore when its now becoming highly likely that UK corporate taxes will be coming down over time and the future of the dependencies is perhaps now more unclear. Especially it’s highly unlikely that the EU or anyone else will allow the CDs to piggy back on any trade deals the UK might secure so perhaps there’s now more clarity to be operating from the UK which is reasonably low regulation already unlike us. It’s not going to be long before the UK tells us that we’re on our own in terms of negotiating access to markets as they won’t want us making their life difficult with the agreements they need to close out. 

Edited by thesultanofsheight
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1 hour ago, thesultanofsheight said:

There is a clear ability now for the UK to deliver on its promises as the Brexit Bill has passed and they have a clear majority in Parliament to deliver what need to be done. This is already causing companies to reconsider whether they need to be operating offshore when its now becoming highly likely that UK corporate taxes will be coming down over time and the future of the dependencies is perhaps now more unclear. Especially it’s highly unlikely that the EU or anyone else will allow the CDs to piggy back on any trade deals the UK might secure so perhaps there’s now more clarity to be operating from the UK which is reasonably low regulation already unlike us. It’s not going to be long before the UK tells us that we’re on our own in terms of negotiating access to markets as they won’t want us making their life difficult with the agreements they need to close out. 

I think there's a couple of issues with that analysis.  Lots of it is predicated on clarity about the nature and timing of trade agreements where little clarity exists currently.  There's also an assumption of significant movement around the constitutional relationship of the Crown Dependencies with the UK.

My view, to paraphrase some guy, is that we are now at the end of the beginning of Brexit.

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1 hour ago, thesultanofsheight said:

There is a clear ability now for the UK to deliver on its promises as the Brexit Bill has passed and they have a clear majority in Parliament to deliver what need to be done. This is already causing companies to reconsider whether they need to be operating offshore when its now becoming highly likely that UK corporate taxes will be coming down over time and the future of the dependencies is perhaps now more unclear. Especially it’s highly unlikely that the EU or anyone else will allow the CDs to piggy back on any trade deals the UK might secure so perhaps there’s now more clarity to be operating from the UK which is reasonably low regulation already unlike us. It’s not going to be long before the UK tells us that we’re on our own in terms of negotiating access to markets as they won’t want us making their life difficult with the agreements they need to close out. 

I would agree with this assessment. That said, even without Brexit, the writing was already on the wall (an obituary) for the Isle of Man as an offshore base for CSPs. The main power players in the EU had the British offshore tax jurisdictions in their cross-hairs, not because they're opposed to tax avoidance but because the British jurisdictions are direct competitors to their very own tax avoidance centres like Luxembourg, Malta, and the rest. I think Brexit, rather than being the cause of our decline, will delay it and give us a bit more time to plan ahead. Unfortunately, I can't see any evidence of any planning ahead, or even a grasp of the long-term trends by the Government. And the main private sector powers on the island have no interest in bringing it up: most of them are from the UK and are only here to exploit the island while they still can, and will jump ship as soon as the sh-t hits the fan and there's nothing left to take from us. So what we're getting is one lot too thick to realise what's going on, and another lot who know what's going on but don't give a toss.

Edited by Rushen Spy
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1 hour ago, Bobbie Bobster said:

I think there's a couple of issues with that analysis.  Lots of it is predicated on clarity about the nature and timing of trade agreements where little clarity exists currently.  There's also an assumption of significant movement around the constitutional relationship of the Crown Dependencies with the UK.

My view, to paraphrase some guy, is that we are now at the end of the beginning of Brexit.

More clarity exists though than at any time in the whole Brexit farce to date. The bill has been passed and there is now no effective opposition to the formal leave process. Yes there is an assumption above about the future relationship of the CDs with the UK which is logical. Very few countries are going to offer trade agreements to the UK if those trade agreements also automatically extend to a handful of grubby low tax centers piggy backing on the UKs coat tails. Therefore many companies are already looking to redomicile back to the UK where there may be more certainty also with the upside that the UK seems almost certain to follow the Irish model of corporate taxation to kick start jobs growth. As for the CDs there’s a reasonable possibility that we might be encouraged to go out and negotiate our own agreements. It will be sold to us as ‘empowerment’ and steps toward being more independent as really the CDs are hanging round like a stale fart in the negotiation rooms Boris Johnson’s teams will be heading for. 

Edited by thesultanofsheight
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If any of the last few posts are even 50% correct in their predictions, one of two things must happen; 

a) something completely new, unique, innovative, groundbreaking and lucrative needs to power the economy

or, 

b) negotiations need to start for the possible integration of the Isle of Man into the United Kingdom.

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4 minutes ago, Non-Believer said:

I think that IoMG currently have all their eggs in the (a) above option.

The snag is, they don't have a clue what it is or where it's coming from.

We are spending it faster than we can earn it, the climate emergency will probably clean us out finally but hey ho!

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Beginning to think that the plan is to run down both the Govt finances and infrastructure (eg Prom) and then go cap in hand, bended knee pauper-like to UK Gov and say, "Look what a state we're in, how can you allow this in the British Islands?".

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