Isle of Man Gets Rid Of ARI
The Manx budget was this week and whilst most of it was regarded as quite middle of the road and a bit of a none event one point did stand out. In light of what was expected from the OECD the Isle of Man has taken pre-emptive steps and got rid of the ARI element of zero 10 that was causing all the problems.
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Zero 10 – Isle of Man & Jersey
The system of corporate tax known as Zero 10 (or 0/10) is currently in use in both the Isle of Man and Jersey. Essentially it means 2 corporate tax rates, what rate you pay depends on the nature of the business. For example in the Isle of Man unless you are a bank you pay zero percent! However the European Union appears to not like Zero/10 and its days may be numbered.
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The Concept Of Offshore Tax
The important concept to remember about about benefiting from offshore tax havens is that the control and management of the tax generating entity (be it a company, a Trust or a Foundation) must be in the low or zero-tax jurisdiction.
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