More than 200 financial services professionals filled the Sanderson Suite of the Claremont Hotel (17 Dec) to hear of substantial changes in the local and international tax environment.
A seminar hosted by Island tax and advisory firm KPMG, covered a series of changes in property tax and VAT as well as UK and international developments.
The sessions were introduced by tax director Greg Jones, who went on to cover the key points of the UK Autumn Statement. This included changes to Remittance Basis Charges and the introduction of capital gains tax for non-resident sales of UK residential property.
He also expanded on the ongoing efforts by HMRC to tackle alleged offshore tax evasion.
Mr Jones told the audience many of the changes discussed would be considered as onerous or even counter productive by many.
Regardless however, Manx businesses will need to keep up, particularly those which rely on the management of wealthy individuals’ assets, which are coming under increasing scrutiny.