John Posted August 27, 2009 Share Posted August 27, 2009 Just had this link emailed to my Council email. Link to comment Share on other sites More sharing options...
bellyup Posted August 27, 2009 Share Posted August 27, 2009 No doubt for you it will be just another train coming in the opposite direction!! We wish! Just because Everton is at the bottom of the league tables .................. Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted August 27, 2009 Share Posted August 27, 2009 Just because Everton is at the bottom of the league tables .................. Ah but all my money is stashed under my bed Link to comment Share on other sites More sharing options...
bluemonday Posted August 27, 2009 Share Posted August 27, 2009 Just had this link emailed to my Council email. How exciting. Will you be doing a remix? Link to comment Share on other sites More sharing options...
bellyup Posted August 27, 2009 Share Posted August 27, 2009 Light at the end of a very very LONG tunnel! No doubt for you it will be just another train coming in the opposite direction!! It is an absolute disgrace and IMO reflects badly on the Isle of Man that this debacle has taken so long. This whole thing has been exactly like being hit by a train metaphorically speaking. You cant imagine and I would not wish it on anyone that you wake up one morning and you are hit with this devastating blow . Everything you have worked and striven for in your life is gone. You are back at the beginning but you are in many cases much much older and no longer able to make thinks right. You have dreams that will never be realised You had made provision for you old age so that you will not be a burden to anyone your family your country and its gone. You have seen the assets from a house sale - most peoples biggest asset and moreover the money needed to buy a future home for their family - gone. Those who say that money isnt everything are right it isnt. Health and family are more important. But lack of money is detrimental to your health as anyone in a country where you have to PAY for health care will tell you. No money no health care. Families have to live and believe it or not they dont live on fresh air as some here would have us believe. They also need a house to live in - most people only every buy one house in their lifetimes - they may change it but it is however their place of abode. How can people even start to start again. Psychologically it is a terrible blow you go things over and over again ( yes you might have noticed) wondering how this came to pass when you have done no crime or bad thing. And what have you done wrong ? Nothing you saved your money in a reputable institution such as the Derbyshire Building Society. Yes I do see this as an endless tunnel with further trains coming out of the dark to hit me and through me my family. Link to comment Share on other sites More sharing options...
bellyup Posted August 27, 2009 Share Posted August 27, 2009 I hope the treasury deduct tax out of any payment made to depositors as it must be clased as unearned income So you think that people getting their own money back should be taxed? How about next time you go to the cash machine, would it be OK for Treasury to keep 18% of it? A better idea however is for Treasury to impose Isle of Man tax on all foreigners living abroad. Think of the money that would bring in! How are they getting their own money back, any money paid out under the DCS is our money, the taxpayers money, its not be earned by the depositors and the Government did not save it for them, so it should be classed as unearned income. There has as yet been no money paid out under the DSC and this ( as yet )is not the taxpayers money. The DSC is primarily supposed to be funded by the banks. On the 4th September the Liquidators will pay out 22.1% and this will go in the case of the those who have applied for the DSC directly to the IOMG Its not a compensation scheme really its just an advance payment of the depositors own money. You may be interested to hear a depositor speaking on Manx radio yesterday. http://www.manxradio.com/newsread.aspx?id=38289 I cant believe that you would have the temerity to even suggest that that the innocent depositors who have paid tax on their savings earned in most cases over a lifetime of toil should now pay tax to get a fraction of their own money back. What are you thinking of - these are INNOCENT PEOPLE deprived for nearly a year of their own savings and you want to tax them. What not hang draw and quarter them at the same time for the unspeakable CRIME of DEPOSITING their money in a bank on the IOM Do try and remember that the IOM SOLICITED depositors to put money into banks on the IOM. and is still promoting the island as a safe and secure financial centre. Link to comment Share on other sites More sharing options...
Gladys Posted August 27, 2009 Share Posted August 27, 2009 Its compensation. True.but if your awarded compensation in the Manx Courts, your taxed Are you sure about that? They have a thing called taxing costs which is actually the court applying a scale to legal costs in a case so the costs awarded for payment by the losing party are fair. Link to comment Share on other sites More sharing options...
Lee54 Posted August 27, 2009 Share Posted August 27, 2009 Its compensation. True.but if your awarded compensation in the Manx Courts, your taxed Are you sure about that? They have a thing called taxing costs which is actually the court applying a scale to legal costs in a case so the costs awarded for payment by the losing party are fair. Correct again Gladys, cost are taxed by the courts, but that has nothing to do with treasury. If you receive compensation through the courts the treasury will tax you, just the same as if your boss give you a cash bonus, its unearned income. Treasury have a system called Parrs, it gives a person a chance to come clean and declare any payments they have received without any further penalties being imposed Link to comment Share on other sites More sharing options...
piebaps Posted August 27, 2009 Share Posted August 27, 2009 You're quite right about Court taxation Gladys. The answer to most income tax questions however is "it depends". Compensation may or may not be subject to income tax depending on what exactly it's for. If for example you were involved in a car crash and were injured, you may make a personal injury claim against the other driver and you could be awarded compensation. This is unlikely to be subject to income tax. If however you lost £5000 in earnings because of the accident and this was paid to you as part of your claim, then the lost earnings element alone would be liable to income tax. The key to the income tax positionis whether or not the payment can be considered as income. Interestingly (yawn) the term income isn't defined in Manx tax law and we have to look to tax case law to get a flavour of its meaning. As a general rule of thumb if the payments are regular, frequent and provide some kind of reward for goods services or investment, then they are probably income. This would include any kind of payment made in lieu of income. The payments from DCS are unlikely to be income. If however any of the payments include an element for accrued interest up to the date the bank went pop, then the interest is taxable, but only for Isle of Man residents or those people who are subject to the EU Savings Directive. Link to comment Share on other sites More sharing options...
piebaps Posted August 27, 2009 Share Posted August 27, 2009 Its compensation. True.but if your awarded compensation in the Manx Courts, your taxed Are you sure about that? They have a thing called taxing costs which is actually the court applying a scale to legal costs in a case so the costs awarded for payment by the losing party are fair. Correct again Gladys, cost are taxed by the courts, but that has nothing to do with treasury. If you receive compensation through the courts the treasury will tax you, just the same as if your boss give you a cash bonus, its unearned income. Treasury have a system called Parrs, it gives a person a chance to come clean and declare any payments they have received without any further penalties being imposed Lee. See my other post about taxing compo. BTW Treasury don't have a system called Parrs (a parr is actually a baby salmon). There was a system called PAIRS (Penalty and Interest Remission Scheme) but that ended on 31/10/03. See here http://www.gov.im/treasury/incometax/secti...ers/PN97-03.xml Link to comment Share on other sites More sharing options...
Lee54 Posted August 27, 2009 Share Posted August 27, 2009 I have just checked up on what you posted PieBaps, Income tax have just told me that all payments received have to be declared, and if a person is found to have received a payment but not declared it during the tax return then that person could be liable to a penalty as well as being taxed. As to compensation this will be looked upon in the same way as having been gifted a sum of money. Sorry it was as you said PAIRS, that was how I was found to have received compo, which was taxed. Just found the document from my case. and it states Please examine it to satisfy yourself that all of yours sources of income or payments received have been correctly declared and that where a tick appears in the box in any of the incomes sections stating that no payments were received under that heading, this was indeed the case. The Assessor may penalise any omitted income or payments and may be more likely to do so in an instance where income or payment was actually received under a heading under which it had been declared that there was none. If you have any queries in respect of your return form or schedule please contact this office, otherwise please sign and return to this office as soon as possible. Link to comment Share on other sites More sharing options...
piebaps Posted August 27, 2009 Share Posted August 27, 2009 I agree apart from the bit about compensation being treated as a gift. It is as long as the compensation is not for loss of income. Where a payment covers loss of income or profits could be liable to income tax in the same way in which the income itself was. Each case would be treated on it's own merits by the Assessor and it would be unusual for him to apply a general principal without a statement of practice. Link to comment Share on other sites More sharing options...
Gladys Posted August 27, 2009 Share Posted August 27, 2009 You're quite right about Court taxation Gladys. The answer to most income tax questions however is "it depends". Compensation may or may not be subject to income tax depending on what exactly it's for. If for example you were involved in a car crash and were injured, you may make a personal injury claim against the other driver and you could be awarded compensation. This is unlikely to be subject to income tax. If however you lost £5000 in earnings because of the accident and this was paid to you as part of your claim, then the lost earnings element alone would be liable to income tax. The key to the income tax positionis whether or not the payment can be considered as income. Interestingly (yawn) the term income isn't defined in Manx tax law and we have to look to tax case law to get a flavour of its meaning. As a general rule of thumb if the payments are regular, frequent and provide some kind of reward for goods services or investment, then they are probably income. This would include any kind of payment made in lieu of income. The payments from DCS are unlikely to be income. If however any of the payments include an element for accrued interest up to the date the bank went pop, then the interest is taxable, but only for Isle of Man residents or those people who are subject to the EU Savings Directive. Thanks Piebaps, that stacks up. So KSF depositors won't be subject to tax on the compensation they receive as it is not income merely replacing lost capital? Link to comment Share on other sites More sharing options...
piebaps Posted August 28, 2009 Share Posted August 28, 2009 That's my reading of it. The Isle of Man Assessor may make some kind of statement about taxation of KSF deposit interest. The CI authorities have see Guernsey's here http://www.gov.gg/ccm/treasury-and-resourc...ministration.en As soon as interest is credited to an account, it is normally taxable. This holds true even if the bank subsequently goes into liquidation before the depositor can withdraw the funds. This could result in someone being taxed on income they never actually received, which is a little unfair even in the world of tax!! Guernsey have made their position clear but the IOM Assessor has yet to make a statement on this. Link to comment Share on other sites More sharing options...
bellyup Posted August 28, 2009 Share Posted August 28, 2009 http://www.irishtimes.com/newspaper/breaki.../breaking43.htm It seems that HMG has negotiated a return of the money it paid out to Iceland depositors from the Icelandic government. Seeing as HMG acts for the IOMG in these matters can anyone cast any light on why they have done nothing for the KSFIOM depositors? Link to comment Share on other sites More sharing options...
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