Tuesday, December 12, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
UK Assurances Welcomed 8 November 2003

Chief Minister Richard Corkill MHK has welcomed assurances that the United Kingdom Government recognises the Isle of Man’s high standards of financial regulation and its co-operation with international tax initiatives.

Mr Corkill’s comments follow the first visit to the Island by David Lammy MP, appointed in June this year as the Minister at the Department of Constitutional Affairs responsible for the UK’s relations with the Crown Dependencies.

Mr Lammy’s visit included a meeting on Wednesday November 5 with the Chief Minister and the Council of Ministers, covering a range of continuing issues on which the Manx Government is keen to make progress.

Said Mr Corkill:

'Mr Lammy received a warm welcome to the Isle of Man and he delivered some positive messages during the meeting with the Council of Ministers. I particularly noted his reassurance that the UK Government does appreciate the constructive approach taken by the Island to the OECD and EU taxation initiatives. He clearly recognised too that successive external reviews had given our regulatory regime a clean bill of health.

‘The Isle of Man has led the way in combining international responsibility with economic competitiveness, and our position needs to be properly understood around the world. That requires good communication with the UK as our ultimate representative.’

The Chief Minister concluded:

‘In the age of globalisation, the Island has become increasingly aware of the international influences that can affect our community. An effective relationship between the Isle of Man and the UK – one that protects the interests of both countries – is therefore more important now than ever before.’

More stories >>>  

Related News Articles
Isle of Man signs Double Taxation Agreement with Luxembourg 18 April 2013
As part of the Isle of Man Government’s ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), the Isle of Man has signed a comprehensive DTA with Luxembourg. [More]
Chief Minister welcomes Guernsey announcement on UK FATCA 15 March 2013
CHIEF Minister Allan Bell MHK has welcomed today’s announcement by the government of Guernsey that it intends to follow the Isle of Man in agreeing FATCA-style automatic exchange of tax information with the United Kingdom. [More]
Nicola Guffogg appointed as Assessor of Income Tax 8 March 2013
Nicola Guffogg will become the Isle of Man Government’s next Assessor of Income Tax when Malcolm Couch takes up his new role as Chief Financial Officer at the end of April. [More]
Nicola Guffogg appointed as Assessor of Income Tax 8 March 2013
Nicola Guffogg will become the Isle of Man Government’s next Assessor of Income Tax when Malcolm Couch takes up his new role as Chief Financial Officer at the end of April. [More]
Treasury Budget statement 19 February 2013
Summary44 (14%) of staff lost in four years Reduced the cost of Finance processing by 20% to date (£524,000) by the introduction of Finance Shared ServicesThrough improved use of office space vacated Heywood House and saved £80,000 a year rentThrough centralised procurement saved just under £900,000 across Government since April 2011Reduced the cost of the 2011 Census by £20,000 by compiling it over a longer period of time, and relying on less bought in resourceGave away the Customs Boat, Panther, realising operating savings of £10,000 per annumCentralisation and renegotiation of Insurance Premiums across Government (saving circa £100,000)Renegotiation of Professional Fees within Construction Schemes via Capital Projects Unit (saving circa £500,000)Improved Value for Money from Investment Management Fees (around £100,000 per annum)Planned further staff losses over three years, targeting 20 to achieve 20% of staff lost overallRelocation of staff within Income Tax from assessment to collection of TaxReduction of the Water and Sewerage Authority Grant of £1m per year over three years commencing 2013-14 [More]

Other Guides by Maxima Systems Ltd: Disney World