Former Tax Director says not every case has a clear beneficial owner
An Island-based tax expert insists there are legitimate reasons for keeping beneficial ownership details private.
The Isle of Man, along with Jersey and Guernsey, has announced plans to open up beneficial ownership registers to comply with EU transparency laws.
Phillip Dearden has worked in the industry for over 25 years, and was previously Equiom's tax director.
He explains not every company or trust has a clear beneficial owner: