Offshores digest autumn budget statement
Measures in the UK Chancellor's autumn statement present the Isle of Man's financial services industry with another headache.
Tax partner at PwC in Douglas Kevin Cowley has analysed today's min-budget, in which Philip Hammond outlined fresh proposals to clamp down on tax evasion and avoidance.
Mr Hammond has targeted 'enablers' of tax avoidance - a reference to offshore structures designed to help individuals shelter wealth from the UK taxman.
Measures include a requirement for intermediaries and service providers with UK clients to register with HMRC.
Penalties for those who encourage 'aggressive' tax avoidance are also in the pipeline, and there will be an injection of funding for the UK agency to pursue those involved.
Mr Cowley says the measures represent further pressure on offshore jurisdictions, and affirm the need for the sector to seek out new areas of business:
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