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IoM moves to automatic exchange of information

The Isle of Man is moving to automatic exchange of information to align itself with EU rules on bank account secrecy by 2011.

The new tax policy, which takes effect from July 1 2011 means the withholding tax option currently available to customers who have accounts with Isle of Man banks will be withdrawn.

Announcing the change yesterday Treasury minister Allan Bell MHK said: “Our decision today to move to automatic exchange of information under the EU Savings Directive is a clear sign that we intend to continue to lead the way in international tax co-operation and transparency.”


Vive la revolution

In his speech at the Association of British Insurers 2009 conference earlier this month, the FSA’s Lord Turner said he saw no need for the regulatory revolution in the banking industry to be extended across other sectors of the financial services. However, I believe we must embrace a revolutionary mindset if we are to tackle the long-standing structural issues he acknowledged as characterising our industry.

Nucleus to tackle debt

IFA-owned wrap Nucleus is launching a rights issue in a bid to repay more than £3m in debts owed to South African insurer and shareholder Sanlam.


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