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Grounds Keeper Willy

Public beneficial ownership register to be introduced

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1 hour ago, WTF said:

We cant have the island taking away money from the dodgy dealings in london can we......

Two wrongs don't make a right.

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2 hours ago, NoTail said:

I think we are stuffed 

I've read that comment regularly on here for over 10 years and elsewhere for much longer. Perhaps one day it will be true.

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59 minutes ago, Twitch said:

Not looking great sadly with this administration running things.

I don't think it's much to do with this administration. It's just another block out of the "Independent, self-governing nation" bollocks that is maintained to keep the local establishment in jobs and egos.

We do as we are told, simple as. And if that means making public who beneficiaries are, then we'll be told to do it. 

We don't even get a say in or know who uses our "independent" airspace either. It's all a very, very expensive sham.

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1 hour ago, Neil Down said:

We've been stuffed since this lot got voted in...

I've read that comment on here for over 10 years too!

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1 minute ago, Non-Believer said:

I don't think it's much to do with this administration. It's just another block out of the "Independent, self-governing nation" bollocks that is maintained to keep the local establishment in jobs and egos.

We do as we are told, simple as. And if that means making public who beneficiaries are, then we'll be told to do it. 

We don't even get a say in or know who uses our "independent" airspace either. It's all a very, very expensive sham.

Exactly. It's an illusion and always has been. It's effective though. Comments on the article speak of "rolling over". Were they expecting a refusal? Tell London to go to hell? Doesn't work like that.

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3 minutes ago, woolley said:

I've read that comment regularly on here for over 10 years and elsewhere for much longer. Perhaps one day it will be true.

You might not be personally stuffed but a lot of people see no future here anymore and haven’t for a while. 

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Just now, MrPB said:

You might not be personally stuffed but a lot of people see no future here anymore and haven’t for a while. 

Yes. Fair comment fully accepted.

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13 minutes ago, woolley said:

Exactly. It's an illusion and always has been. It's effective though. Comments on the article speak of "rolling over". Were they expecting a refusal? Tell London to go to hell? Doesn't work like that.

Precisely. Some people in the herd avidly continue to believe in the myth to the extent that we should tell our masters to do one. Time to wake up and smell the coffee.

And when they've done that, start asking some questions about how much it actually costs the local taxpayers to run our "independent" government with its dozens of politicians at all levels and their expensive entourage of thousands.

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No one said access to said public register had to be free.

£1,000 admin fee per access request should do it.

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Some interesting statistics on page 32 (of the PDF) of the IOMFSA’s annual report: 

https://www.iomfsa.im/media/2489/fsa-annual-report-2017-2018.pdf 

Whilst some CSPs focus only on class 4 corporate activities, most fiduciary firms also undertake class 5 trust and trustee activities, plus of course a few also do class 3 fund admin work.  But just focussing on the traditional trust and company work, and with the enormous caveat that the income derived from, and the employment/work associated with servicing, will differ from structure to structure, so looking at numbers of structures/entities alone may not in itself lead to meaningful conclusions.  That said, it seems that IOM companies represent around 27.5% of the total number of structures being served (28% if the F register companies are included).  

No doubt for many of these structures, the beneficial owners will not care about disclosure, but some certainly will, and this could result in one of two outcomes - the structure being redomiciled elsewhere but the admin remaining in the IOM (in which case, the only loser is the IOM Govt in terms of registry fees), or the client being lost to another territory, in which case both public and private sector lose out.

Incidentally, comparing these statistics with those from the companies registry, IOM CSPs are responsible for around 50% of all IOM 1931 Act companies and apparently 91% (***) of 2006 Act companies (*** Given that 2006 Act companies MUST engage a CSP as their registered agent, this figure should be 100% - there is clearly a 10% error between the figures generated by IOMFSA and the Registry).

 

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24 minutes ago, b4mbi said:

No one said access to said public register had to be free.

£1,000 admin fee per access request should do it.

Not only should it be free, it should be available in the public domain and updated on at least a monthly basis with previous versions also available free and on line.

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I don't see what all the fuss is about. It's not as if we ever really had a choice in the matter. What are we going to do, declare independence? Not going to happen as long as the UK has a navy, air force, and land army, and no wish to let us have our independence. The Isle of Man might sell kool aid to everyone else, pretending we're independent to justify a unique position as a tax jurisdiction, but we should never drink our own kool aid and believe such nonsense. We're the UK's little client state under colonial governance.

What they should do is make the beneficial ownership register so you have to physically walk in an office and pay for access and specify what you're asking for, not give any sort of index or search function. Keep it old school. That should slow down dick heads like Murphy.

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I largely agree with Woolley on this. The IOM will continue one way or another to find tax advantages over other countries.  I am fairly sure that this is the end of the CSP  a d TSP business though. Obviously a small residue will carry on just like tourism. But the large offices staffed by bookkeepers etc are at an end.

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38 minutes ago, Rushen Spy said:

I don't see what all the fuss is about. It's not as if we ever really had a choice in the matter. What are we going to do, declare independence? Not going to happen as long as the UK has a navy, air force, and land army, and no wish to let us have our independence. The Isle of Man might sell kool aid to everyone else, pretending we're independent to justify a unique position as a tax jurisdiction, but we should never drink our own kool aid and believe such nonsense. We're the UK's little client state under colonial governance.

What they should do is make the beneficial ownership register so you have to physically walk in an office and pay for access and specify what you're asking for, not give any sort of index or search function. Keep it old school. That should slow down dick heads like Murphy.

Dream on.  HMG would not permit that to happen. 

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