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Tax matters explained by PwC Isle of Man

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International tax matters, private client issues, economic substance and indirect tax developments were among the topics explored at a tax update, hosted by PwC Isle of Man.

The Niarbyl Suite at the Comis Hotel welcomed more than 140 guests to the breakfast gathering as the PwC team and officials from the Isle of Man Government delivered presentations to update clients across a range of areas.

Kevin Cowley, a Tax Partner with PwC, opened proceedings with a presentation on international tax matters, highlighting the challenges arising from taxation of the digital economy and the ongoing work and aims of the OECD (Organisation for Economic Cooperation and Development).

Tax Director Andrew Cardwell then delivered an insightful private client update focusing on inheritance tax for both Manx residents and domiciled individuals, on UK residential property, UK real estate and share incentive schemes.

Paul Martin, Deputy Assessor of the Treasury’s Income Tax Division, then presented an overview of the Isle of Man economic substance regulations, a brief history and an assessment of the recently introduced legislation and what changes are to come.

He was followed by Sandra Skuska, Collector of Customs and Excise, who teamed up with PwC Tax Director Phil Morris to discuss indirect tax developments, exploring the recent review of the yacht and aircraft structures, Brexit and the current position of the Island’s revenue sharing arrangement.

Kevin explained: ‘It was an extremely broad agenda reflecting the significant rate of change to the tax landscape both in the IoM and further afield. It was very encouraging to see such a large attendance at the event. 

‘A number of important and complex tax developments were considered and dealing with the consequences of these changes can be involved. We continue to work with our clients to update them and help them to manage their tax affairs and obligations.’

 

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