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1 hour ago, wrighty said:

Isn't there some sort of tax scam where a big shop can set up a branch here and either offset losses against UK tax bills, or claim Manx status and pay much reduced corporation tax?  I cant see why else anyone would think of paying out £190k yearly rental.

Thirty-odd years ago I used to work for the local face of a multi-national. The amount of goods and very, very expensive machinery that was put through the local books for tax purposes but which never saw the light of day on the Isle of Man was quite remarkable.

I don't know if such loopholes and dodges exist any more under modern tighter regulations but I'm sure that there are clever people in the accountancy and legal world that are more than prepared to find new ones if they don't. 

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8 minutes ago, Non-Believer said:

Thirty-odd years ago I used to work for the local face of a multi-national. The amount of goods and very, very expensive machinery that was put through the local books for tax purposes but which never saw the light of day on the Isle of Man was quite remarkable.

I don't know if such loopholes and dodges exist any more under modern tighter regulations but I'm sure that there are clever people in the accountancy and legal world that are more than prepared to find new ones if they don't. 

I think the Strand centre  is a fairly obvious tax dodge, there is no way it is a financial viable retail operation, the thing is, is it costing the IOM money?.

 

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4 minutes ago, benl said:

It'll make a great Coffee shop, it's an under served market in Strand Street. 

I'd like to see a ladies fashion outlet combined with a bar.  I suspect it'd be a hit with couples - position the bar by the changing room.  "Of course love, you try on as many outfits as you like.  I'm quite happy sitting here with my pint"

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16 minutes ago, wrighty said:

I'd like to see a ladies fashion outlet combined with a bar.  I suspect it'd be a hit with couples - position the bar by the changing room.  "Of course love, you try on as many outfits as you like.  I'm quite happy sitting here with my pint"

, the snag is i'd be pissed by the time she'd made her mind up as to what she was going to bring back next week.

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1 hour ago, Non-Believer said:

Thirty-odd years ago I used to work for the local face of a multi-national. The amount of goods and very, very expensive machinery that was put through the local books for tax purposes but which never saw the light of day on the Isle of Man was quite remarkable.

I don't know if such loopholes and dodges exist any more under modern tighter regulations but I'm sure that there are clever people in the accountancy and legal world that are more than prepared to find new ones if they don't. 

That would effectively have reduced Manx profits and increased profits somewhere else. Transferring profts from a low tax jurisdiction to a (presumed) higher one doesn't sound like particularly clever tax planning to me.

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16 minutes ago, Yibble said:

That would effectively have reduced Manx profits and increased profits somewhere else. Transferring profts from a low tax jurisdiction to a (presumed) higher one doesn't sound like particularly clever tax planning to me.

I don't know what the ins and out of it were, nor do I pretend to, but it was certainly going on. Machinery that was purchased was booked to the IoM entity but never actually came here. Then again it was 30+ yrs ago, things may have changed since then?

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2 minutes ago, Non-Believer said:

I don't know what the ins and out of it were, nor do I pretend to, but it was certainly going on. Machinery that was purchased was booked to the IoM entity but never actually came here. Then again it was 30+ yrs ago, things may have changed since then?

Yes, but the point is that it makes no sense as far as a tax play is concerned.

Part of the problem here is, by your own admission, you have no idea what you are talking about.

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3 minutes ago, TerryFuchwit said:

Yes, but the point is that it makes no sense as far as a tax play is concerned.

Part of the problem here is, by your own admission, you have no idea what you are talking about.

I'm sure you'll show me round the club then :thumbsup:

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50 minutes ago, Yibble said:

That would effectively have reduced Manx profits and increased profits somewhere else. Transferring profts from a low tax jurisdiction to a (presumed) higher one doesn't sound like particularly clever tax planning to me.

What about the rental income from inter-company hire charges?

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