Issuu on Google+

ISLE OF MAN

ISSUE 141

THE INTERNATIONAL BUSINESS MAGAZINE OF THE ISLE OF MAN


CONTENTS DEPARTMENTS

News

Government

Features

Motoring

The latest Initiatives, Expert market Reports on the developments proposals and commentaries latest cars, plus from some of the legislation from from leading surveys and Isle of Man’s the Isle of Man professionals findings in the leading Government’s key within the Island’s global car organisations Departments private sector industry

Appointments

Directory

A comprehensive Airline timetables, round-up of key a comprehensive specialist and Isle of Man professional Business appointments Directory plus Island-wide Island info & stats

Lifestyle Popular features including ‘A Week in the Life’; ‘Q&A’ plus local events and a UK  Gig Guide

SPOTLIGHT

New Corporate HQ for Strand Group

Page 12

Growth across BUDGET SPECIAL: Canaccord’ Head The impact on Stunning new all sectors Reaction from the of Wealth Emerging Markets Lexus to make anticipated after Private Sector to Management on of a financial debut at Geneva recent Budget Isle of Man Budget 2014 prospects recovery Motor Show Page 18

From Page 26

Page 32

Page 34

Page 43

A ‘selfie’ of Stan Keig to accompany his Q&A! Page 65

PRODUCTION, CONTACT ADVERTISING: Sarah Klaffenböck T: 01624 623527 M: 07624 481189 E: advertising@manx.net EDITORIAL: Keith Uren T: 01624 611100 M: 07624 498740 E: portfolio@manx.net

Isle of Man Portfolio magazine is published monthly and is delivered to every private and public sector business in the Isle of Man by the Isle of Man Post Office. The magazine is freely available from a dispenser situated in the Departure Lounge of Isle of Man Airport, and in the Rendezvous Executive Lounge. Financial institutions and Government Departments take copies for circulation among their clients. The magazine is also taken by several leading Isle of Man hotels for their guests. Isle of Man Portfolio is also individually mailed to senior professionals retained on the magazine’s database. Isle of Man Portfolio magazine is designed and published by Keith Uren Keith Uren Publishing | 12 Manor Lane | Douglas | Isle of Man | IM2 2NX T: 01624 611100 | M: 07624 498740 | E: portfolio@manx.net

© 2014 Keith Uren Publishing Ltd

ISLE OF MAN

ISSUE 141

PORTFOLIO


ISLE OF MAN

News New marketing company is Taylor Made A new way to book luxury travel Significant investment at Clucas PLC Tromode Estate: new Strand Group HQ Rendezvous Sky to base aircraft at Isle of Man Airport Isle of Man Maritime Group is formed WH Ireland launches Isle of Man office Prestigious UK design award for Manx Telecom


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

New marketing company is Taylor Made

T

Director and Chartered Marketer,

aylor Made Marketing Limited marketing

Helen Taylor, is keen to introduce her

consultancy that has been

wealth of skills and experience in

is

created

a

specialist

to

offer

cost

effective

customer focus and measurement for commercial results.

marketing solutions for SMEs.

“Customers

The new company, based in

are

the

most

near

important aspect of any business. We

Woodbourne Road in Douglas, aims to

offer a professional and friendly

offer the following key services:

approach to helping businesses make

Marketing audits to help identify

the most out of their customer base by

strengths, weaknesses and valuable

building

opportunities

relationships.

Berkeley

Street

to

Lane

create

growth;

long

term,

profitable

Marketing planning, implementation

“As we all know, word of mouth is

and measurement to help achieve

a huge part of island business, so all

objectives; Specialist marketing advice

the more reason to invest in customer

and training; Outsourcing to save time

focus.”

and money.

Link: www.taylormade.im

Helen Taylor

A new way to book luxury travel Luisa Crabtree

R 10 R

O

ne of the Island’s leading

agent’s shop is generally still a very

travel companies is offering

popular place to do business, we

a new facility to its clients –

know that some locals simply will not

aimed at increasing their privacy

visit us purely because they want to

when

booking

arrange their holidays in confidence

their

personal

and not have other people hearing or

holidays. Richmond Travel now has the use

talking about their travel plans. Some

of a private office facility at 14 Athol

of them won’t even set foot through

Street

the door to pick up a brochure. In

in

Douglas,

inside

the

addition, another factor preventing

corporate headquarters of its parent company, the Online Regional Travel

their arrangements online or instead

them from coming to see us is that

Group. Clients can, by appointment,

use a UK-based agent because they

they don’t want anyone else to

arrange to meet the company’s

felt uncomfortable discussing their

overhear how much their trips cost.

Branch Manager, Luisa Crabtree, to

plans or their level of intended spend

“Some people choose to invest a

discuss and book their travel plans in

sat inside a traditional travel agent’s

lot of money into their holidays and

confidence instead of at her Duke

shop. The new private office facility is

wish to deal with their purchase in

Street shop.

discreet and not accessible to the

the same way they would that of a

general public.

new car or house – in a private office

The service has been launched after staff at Richmond Travel became

It is already proving popular with

and away from public view. Our new

aware that a number of Island

Manx residents, as Luisa Crabtree

facility on Athol Street allows them to

residents have been choosing to book

explains: “Whilst the traditional travel

do just that.”

MEET THE TEAM . . . Lourdes Otxoa de Alda, Operations Director, Storall Lourdes has been responsible for managing Strand Group’s document storage, scanning and secure destruction operation, Storall, since the launch of the business in 2002. During that time Storall has become the Island’s leading secure document management business with clients ranging from small privately owned companies to international financial institutions. Lourdes ensured Storall attained ISO 9001 and ISO 27001 accreditations so customers are assured of quality management and comprehensive information security standards. She has also been instrumental in developing the recycling aspect of the business. Securely shredded documents are exported to mills in the UK where they are recycled to make toilet tissue and paper towels which parent company Strand Facilities Services purchase to supply to clients on the Island. Lourdes holds a degree in computer programming from her native Basque country and enjoys socialising with friends and taking care of her son, Unax, 7, who she adores.

Strand Group Ltd, 28-30 Spring Valley Industrial Estate, Braddan, Isle of Man, IM2 2QS

Telephone 663913 • www.strandgroup.im ISLE OF MAN

PORTFOLIO

ISSUE 141


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

Significant investment at Clucas PLC Tromode Estate: new Strand Group HQ Strand Group Chairman, John Hellowell

C

lucas Plc will invest in a

Business Solutions have moved into

significant development at its

Tromode Estate and began trading there

Tromode Estate, just outside of

in January.

Douglas. Currently called the Gateway

Founder and Chairman of Strand

Project and on the former site of the old

Group, John Hellowell said, “This is the

Clucas Laundry, the development will

biggest project we’ve undertaken in our

cover 1.87 acres and will be the new

25 year history and it will be a

corporate headquarters for the Strand

tremendous boost for our businesses,

Group.

and our people. It will be great to be able

Strand

Group

is

to have everyone under one roof.”

facilities

The

management company Strand Facilities

between

the

two

companies go back 26 years and in 2011

company Storall and contract cleaning

Strand Facilities Services took over

brand Krypton. They currently occupy

Krypton Contract Cleaning from Clucas. Some of the staff who worked at the

five different premises and the move to The new Strand Group premises will

original site will be returning to

consist of five units of 3,000 sq feet each

Tromode, meaning that around 20

This is a boost for the local

with mezzanine offices in the first unit

members of the Krypton team will have

construction industry as all aspects of the

and will occupy 1.25 acres of the new

something of a homecoming when they

build, from demolition to construction,

development. It will have a timber clad

move into the new building.

and professional services from architects

entrance feature and tinted glazing that

to quantity surveyors are Island based.

will wrap around the side of the entrance

discussions with Clucas as to how best to

Both Clucas Plc and Strand Group

area. There will be five loading areas,

tailor the building to our needs,” said Mr

operate a strong ‘stay local’ policy when

parking for 36 vehicles, secure cycle

Hellowell. “This close working relation-

it comes to sourcing suppliers.

parking as well as disabled spaces and

ship means we’ll be able to install a state

Mike Henthorn, Chairman of Clucas

there’ll be discreet parking at the rear for

of the art document storage system. It

Plc said, “We can’t think of anyone we’d

large goods vehicles. Strand Group is

will be fully automated giving us

rather develop the site with. Strand

investing an initial £250,000 in the run up

enhanced

Group’s thinking very much mirrors our

to the move, with further investment

greater capacity.”

own particularly when it comes to

planned for 2015 and beyond.

the new development will bring the businesses together on one site.

12

links

Services, secure document management

“There

have

been

efficiency,

extensive

security,

and

The whole building’s foundations

environmental issues. For instance,

The Gateway Project is a significant

will be raised by one metre, giving extra

keeping the green areas and adding

part of the ongoing development of

integrity, safety and security to the whole

trees to make an attractive, open and

Tromode Estate. Recent years have seen

premises. Rubble from the demolition of

pleasant area was one of the first things

the area transformed from a traditional

the original building will be reused as

we both agreed on.

industrial

part of this procedure.

estate with

new

a

modern buildings

Construction is scheduled to be

along with general environmental issues

meeting the requirements of service-led

completed in September of this year and

have been important considerations

businesses including units which can

its location at the entrance to the Estate

throughout the planning stages of the

meet the special needs of the IT industry.

means it is set to become the flagship

development,” he added.

Most recently Mannage.IT and Manx

development of Tromode Estate.

“Sustainability and energy efficiency

development

into

MEET THE TEAM . . . Ricardo Amaral, Operations Manager, Strand Facilities Services Ricardo is responsible for the day-to-day operations of the busy facilities management arm of the Strand Group. He organises the deployment of over 120 people, ensuring that they are where they need to be, either for regular contracts or for the unscheduled jobs that crop up most days. Ricardo is also responsible for training. The Company has just been accredited for the 18th successive year as a British Institute of Cleaning Sciences (BCISc) Training Centre. Originally from Portugal where he worked in the automotive textiles industry, Ricardo joined the Strand Group in 2002 as a cleaner and was quickly promoted to team leader. He became a supervisor, then senior supervisor and in 2011 Ricardo took over the role of Operations Manager. He is married with a four year old daughter. Outside of work he spends his time with friends and family and enjoys the natural beauty of the Island.

Strand Group Ltd, 28-30 Spring Valley Industrial Estate, Braddan, Isle of Man, IM2 2QS

Telephone 663913 • www.strandgroup.im ISLE OF MAN

PORTFOLIO

ISSUE 141


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

Rendezvous Sky to base aircraft at IOM Airport Corporate flights on the Island for 27 years and has over 40 years in the industry. Myself and my Business Partner, Sarah Turner, will oversee and continuously update our database and develop our new concept, IOM Charter

R

endezvous

Sky,

which

launched in November 2013 to

O

ganisations from the Isle of Man maritime sector have come together, ahead of the

International Festival of Business 2014 (‘IFB 2014’), to form the ‘Isle of Man

combine flights and reduce costs.

Maritime’ group. the

The aim of the group is to

opportunity to charter aircraft flying

consolidate efforts in promoting the Isle

from the Isle of Man to anywhere in the

of Man as a centre of excellence for the

world, but with the added benefit that

maritime sector on an international

they can choose to reduce the hire cost

level,

by using Rendezvous Sky’s live data

opportunities, with a focus around the

base to link up with other companies

upcoming high profile IFB 2014 event.

and individuals.

The group, which is managed by its

Sky

offers

and

to

explore

shared

Rendezvous Sky have teamed up

own steering committee is meeting

scheduled services here on the Island is

with a European corporate airline

regularly to discuss opportunities for

proving to be a huge success.

operating Executive Aircraft who will

market collaboration and resource co-

base aircraft at Ronaldsway from March

operation.

surrounding

17th. The airline’s Managing Director,

The Isle of Man Maritime group will

scheduled flight frequencies and route

Jonathan Gordon, (who is Manx and

shortly be announcing its first co-

viability, Rendezvous have stepped in,

whose daughter is an aviation lawyer

ordinated

working tirelessly with the business

practicing on the Island) says he has

Maritime, Logistics and Energy themed

community to try and find a solution. As

been looking for the right opportunity in

week, June 9th to 13th in Liverpool.

a result, they have introduced a new

the Island since 2008 and feels that

The Isle of Man Maritime group has

concept in air travel for the Isle of Man

teaming up with Rendezvous is a

chartered the prestigious schooner

which

perfect fit. “Rendezvous will book the

Kathleen and May in Liverpool docks

aircraft and escort the passengers

for 11th and 12th June to host a series of

With over 15 year experience in

through their lounges and we then take

presentations and informal events.

Aircraft Chartering, Brett Turner CEO is

over and deliver clients in style in their

Members of the Isle of Man

very excited at the positive response in

chosen executive aircraft. Being based

Maritime group include Baker Tilly,

the last few months: “We have a

on the Island will allow clients all the

Bernhard Schulte Shipmanagement,

dedicated team with 24/7 cover here on

advantages of corporate air travel but

Bibby Ship Management, Boston Ltd,

the Island and we have taken on a Sales

without the additional cost of the

Cayman National Bank and Trust Co.

Manager, David Williams, due to the

positioning aircraft at Ronaldsway first,”

Ltd., Döhle, ICM Group, i-Bos Ltd, Isle

volume of enquiries. He is working

says Gordon.

of Man Ship Registry, Isle of Man

along side Chris Byrne, General

Links:

Shipping Association, the Isle of Man

Manager (formally of Island Aviation),

www.rendezvoussky.com

Yacht Forum, KPMG, Maersk and

who has specialised in handling

Email: david@rendezvoussky.com

PDMS.

much

uncertainty

offers

great

benefits

and

flexibility.

The luxurious interior of a ‘King Air’ aircraft

Maritime group formed

offer a fresh alternative to

In the current climate and with so

R 14 R

Lifestyle

Club, bringing people together to Rendezvous

David Williams (left), Chris Byrne

|

IFB

event

during

the

Cleaning Services

Facilities Services

All aspects of commercial cleaning, from Office and retail cleaning to school and washroom. Carpets cleaned, windows cleaned (including high-level), IT and computer cleaning.

Caretaking, gutter cleaning, fire safety, high level access up to 83ft, key holding service, painting & decorating, pest control, joinery & handyman services, pressure washing, appliance testing. An ISO27001 accredited company.

Touching your everyday life 28-30 Spring Valley Industrial Estate, Braddan, Isle of Man, IM2 2QS

Telephone 663913 • www.strandgroup.im ISLE OF MAN

PORTFOLIO

ISSUE 141

PART OF THE STRAND GROUP OF COMPANIES


News

|

Government

|

Features

|

Cars

WH Ireland launches in Isle of Man

|

Directory

Appointments

establish our operation in one of the most developed and highly rated

who collectively have over 70 years’

international centres, the Isle of Man.

investment management experience.

We have put in place a highly

hey will report directly to Richard Killingbeck, Chief Executive of WH

lead our initial presence. “This new office reflects our

launching WH Ireland’s international

strategy to grow our discretionary

wealth management services and

wealth management business.

managing corporate and private client

evolution of new international pension

discretionary

structures

and

advisory

asset

such

as

The

QROPS1

and

management relationships on the Isle

onshore solutions such as QNUPS2

of Man and other jurisdictions, typically

combined

with portfolios in excess of £250,000.

captive, corporate and private client

Isle

of

to

Man

the

team

Group’s

with

traditional

trust,

will

business ensures there will be plenty of

asset

opportunities to grow our Isle of Man

allocation committee. With a wealth of

business.”

experience, jurisdictional presence and

The Isle of Man’s Minister for

H Ireland, the financial

knowledge, it is expected to add

Economic Development John Shimmin

services

significant value to WH Ireland’s

MHK said: “My Department has been

discretionary

working closely with the Directors of

group

provides and

that

corporate

private

wealth

management services, is pleased to

and

advisory

asset

WH Ireland over the preceding months

management proposition. In turn, it will benefit from the

and I am delighted to welcome a

Man

resources, ranging from research,

business such as theirs to the Isle of

subsidiary, WH Ireland (IOM) Limited

analysis and operational experience to

Man.

(the ‘Isle of Man office’) has gained

systems, of the well-established and

“The Isle of Man has a successful

regulatory approval from the Isle of

respected existing WH Ireland wealth

and well-regulated professional wealth

Man

management team.

management

announce

R 16 R

experienced and well regarded team to

The office is tasked with

The

broking

Lifestyle

Bushe, Gary Colley and Will Corrin

contribute

W

|

Athol Street, Douglas, led by David

Ireland.

Richard Killingbeck

|

that

its

Financial

Isle

of

Supervision

Commission (‘FSC’) enabling it to launch a new office on the island.

Richard

Killingbeck,

Chief

internationally

industry

which

recognised

is and

Executive of WH Ireland commented:

respected. The addition of WH Ireland

“We

the

reinforces this position and we thank

financial

importance of offering our clients an

them for selecting the Isle of Man and

community at Athol House, 21a-23

international solution and chose to

look forward to working with them

The new office is based in the centre

of

the

Douglas

have

long

recognised

Prestigious UK design award

M

Association (DBA) Design Effectiveness

prestigious

national

Awards which recognise the return on

Manx Telecom won the accolade in

honour for its new brand and

investment that a coherent, well thought

partnership with the Conran Design

out and professionally executed design

Group which worked on the brand and

strategy can achieve, and rewards both

identity refresh which was launched in

client

2011.

UK

identity refresh. The company was presented with a silver award in the Design Business

ISLE OF MAN

PORTFOLIO

ISSUE 141

collaboration on an effective project.

anx Telecom has won a

and

designer

for

their


ISLE OF MAN

Government Grow for it: Expansion across all Isle of Man sectors anticipated £30m construction boost from wealthy residents Isle of Man praised for action on tax transparency Unravelling the ball of confusion: Government opens up its books online President welcomes Swiss Ambassador Chief Minister encouraged by further reduction in staff sickness absence Minister welcomes Pinewood’s Welsh deal


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

Grow for it The Minister for Economic Development John Shimmin MHK is confident that his Department will help drive further economic growth and job creation following the Treasury Minister’s Budget speech

T

R 18 R Support for

High Net Worth Individuals

The Department recognises the significant economic contribution that High Net Worth Individuals make to the Isle of Man and acknowledges the Treasury’s figures of 360 new jobs being created by High Net Worth Individuals (HNWI) relocating to the Isle of Man. In support of that, the work done as part of the Vision 2020 research estimates that around 1000 jobs have been created both directly and indirectly due to these successful relocations, given that for every new job in a ‘wealth-creating sector’ there are at least 2 other jobs created in supporting sectors. A high level of new Planning application approvals relating to new housing for High Net Worth Individuals has provided the local Construction sector with £30M of new business. In recognition of the importance of HNWI to the economy the Department offers a highly tailored service for those HNWI considering relocation to the Isle of Man and it has a strong track record in this area. Qualifying clients are assigned a dedicated Business Development Manager who acts as a single point of contact for all personal and business relocation matters concerning the Isle of Man Government. ISLE OF MAN

PORTFOLIO

ISSUE 141

he Department’s budget has

have been increased due to their

been maintained, although at

continued growth.

“We now expect we will maintain this level of growth in 2014/15 which would

mean

that

the

Island’s

first glance it appears to have

The Minister commented: “The

been reduced when comparing with

Isle of Man continues to perform well

economy will have grown for 32 years

last year’s budget. This is because

in what remains a challenging global

in succession.

some activities have been transferred

economy. Last year the Government

“The economic growth we have

(notably

Systems

forecast that our economy would

experienced was stronger in some

Division transferred to the Cabinet

grow by 3 to 4% in 2013/14 and the

export-oriented sectors than in the

Office) and also income projections

evidence to date indicates that this

domestic economy where the Retail

for the Ship and Aircraft Registries

will be achieved.

and Construction sectors are still

Information

Financial and Professional Services

Overall, financial and professional services continued to grow in 2013 and further growth is predicted in 2014. The international life insurance and professional services sectors continue to perform well. At the same time, some areas have reduced in terms of employment over the last year, notably banking and fiduciary sectors. These changes are being driven principally by global economic forces, not factors unique to the Island. Indeed, the Island is fairing better than many of our competitors. The Department has also been working particularly hard with the banking sector, the Channel Islands and the UK Treasury in order to protect Isle of Man interests as the UK plans its new banking regime to split retail and investment banking in line with the Independent Commission on Banking. 2014 will also be an important year in terms of automatic exchange of information, with FATCA and related work being implemented in concert with the local industry. The DED is promoting the Isle of Man in key international markets as identified in partnership with the private sector as part of the Country Strategy, with China, the Middle East and India being key at present.

Registries

The aircraft and ship registers are forecast to continue to grow and so aid further economic growth. In 2013 the Ship Registry grew at twice the rate of the world’s fleet - a performance which has elevated the Isle of Man to 14th place (Jan 2014 figure) in the table of global shipping registers by tonnage with 40% of the fleet Asian-owned. Just three years ago, the Island did not even feature among the world’s top 20 registries. The Aircraft Registry is widely acknowledged across the business aviation industry as the best registry in the world to deal with. The number of high quality business jets on the register continues to grow rapidly and it is now firmly established in the top 10 registries in the world by numbers of business aircraft on its register, ahead of countries such as France. The Isle Of Man Companies Registry quality management system has been certified as complying with the requirements of ISO 9001:2008 following a review by Lloyd’s Register Quality Assurance. The Department is continuing to invest in its registries to maintain their high standards of customer service. For example it is supporting the development of new IT systems in the Aircraft and Companies Registry to enable more online services for clients.

eBusiness

E-Business, which incorporates e-Gaming, is the fastest growing part of economy. It continues to grow at over 10% a year and accounts for 14% of National Income and 1500 jobs. The recent ICE Totally Gaming event in London has attracted further interest from a wide range of companies looking to relocate to the Isle of Man. To achieve this potential, the Department is working closely with the private sector. Two key areas of focus will be skills development to provide the skilled workers required and international marketing to help local businesses win new revenues and to attract further new businesses to the Island. The Manx Educational Foundation’s intention to buy the Nunnery to establish a private ICT and business education and training centre offers great potential to aid e-Business growth. In addition, DED has launched a new initiative with the private sector to review the school curriculum so that our young people can gain the ICT skills they will need to flourish in future. In terms of marketing, Government has recently committed an additional £350,000 over the next 2 years via the Marketing Initiatives Fund to promote e-Business, both helping local businesses to grow as well as attracting new investors.


target country for the economy, a

experiencing difficulties. “Sectors such as e-Business, High-

rapidly

growing

proportion

tech Manufacturing and some parts of

business is coming from newer

financial

markets, particularly the Middle East

services,

such

as

the

international life insurance sector,

and Asia. “I am conscious that during 2013

performed particularly well. “I also support the Treasury

there were several announcements

Minister’s comments regarding the

about businesses closing or reducing

importance

Worth

staff numbers and these tend to

Individuals to the Isle of Man. He

attract more coverage than the

highlighted that at least 360 jobs have

creation of new businesses and jobs.

been created by High Net Worth

I am pleased to confirm that the total

Individuals relocating to the Isle of

number of people in employment rose

Man.

slightly in 2013.

of

High

Minister for Economic Development Hon John Shimmin MHK

of

Net

research

“This is evidence that the Island’s

undertaken as part of the Vision2020

economy is continuing to evolve.

work estimated that around 1000 jobs

Given this, it is vital that all in our

the Department of Education and

have been created both directly and

community understand how it is

Children, the Isle of Man Chamber of

indirectly due to attracting such

changing, which sectors and careers

Commerce and with manufacturing

individuals. This is consistent with the

offer the greatest potential for the

industry to enable this vital initiative

evidence that for every new job in a

future and how all in our community

to be developed.

wealth-creating sector there are at

can work together to fulfil this.

“My

least

2

Department’s

other

jobs

created

in

“Vision 2020 forecasts that our

“My Department is leading the

economy can grow by 3 to 4% every

promotion of ‘Vision2020’, the joint

year to 2020, with the e-Business

“Therefore it will be vital for

public/private sector strategy which

sector being a key source of growth.

Government to keep supporting the

maps out the potential from key

relocation of these individuals and to

sectors to create a clear economic

substantial additional Government

provide an environment that is

vision for the Isle of Man.

income, which will be instrumental in

supporting sectors.

supportive,

entrepreneurial

and

“An excellent example of this

will

generate

funding public services and helping to maintain our low levels of taxation for

collaborative

approach

that they in turn can generate the jobs

development

of

and taxes that will enable our

engineering

of

The Department issued updates

community to continue to prosper.

excellence at Hills Meadow. The

on the sectors it is involved with (see

Department has worked directly with

below) . . .

“While the UK remains the key

Energy

In May 2013 Tynwald agreed that the Isle of Man Government would explore opportunities to develop potential offshore energy production in Isle of Man territorial seas for export to neighbouring jurisdictions. This could both assist with the provision of renewable energy while also generate a substantial income for Government to help fund public services. There is a significant opportunity for the Isle of Man to lease parts of its seabed for the generation of renewable energy to assist the UK to meet its national and European renewable energy targets for 2020. The Department conservatively estimates that the installation of one typically sized wind farm alone in the Isle of Man’s territorial seas could bring in £5m per year. All the infrastructure costs involved in building and installing the wind farms would be borne by the developer, not the Isle of Man Government. A consultant with expertise in tendering for offshore renewable energy projects has recently been appointed to assist the Department and its partners across Government realise these opportunities. These offshore installations will require onshore facilities to meet the operation and maintenance of the turbines so the Department is estimating the creation of around 60 jobs if just one wind farm is progressed.

training

the

growth

which enables them to flourish such

the

is

“This

dedicated centre

Manufacturing

The Island’s manufacturing sector has continued to grow, driven by the high-tech manufacturing sub-sector which primarily serves the aerospace and oil and gas industries. The sector is projected to continue to generate over 80 additional jobs every year for the foreseeable future. This is helping create significant local demand for the skilled engineers needed. The Department of Economic Development has therefore welcomed the announcement that funding of nearly £1m for the Department of Education and Children has been approved to turn the Hills Meadow Training Centre into a dedicated engineering training centre of excellence. In 2013 Government and the private sector modernised the 2-year engineering apprenticeship programme and increased student numbers from 12 to 18. This will double to 36 from September 2014. Participants completing this programme will have excellent job opportunities.

While the UK remains the key target for the economy, a rapidly growing proportion of business is coming from newer markets, particularly the Middle East and Asia

all.

Visitor Economy and Motorsport

The Visitor Economy maintained a similar level of performance in 2013 compared with the previous year when the Island saw good growth in terms of both leisure visitor numbers and visitor spend. The inaugural Isle of Man Festival of Motorcycling, incorporating the new Classic TT. Comparative research performed in 2013 and 2009 revealed an overall increase in visitors to 13,407 for the new Festival, compared to 8915 for the same period in 2009. The study showed that these visitors spent a total of £8.4M compared with £4.9M in 2009 and that this contributed £1M to the Exchequer. The TT Races are now viewed by a global television audience of 25 million people. Research conducted in the UK shows that the TT remains the thing the Island is best known for, so it remains a vital part of the Island’s proposition for visitors and increasingly for the broader economy. The Department continues to successfully raise the profile of the Isle of Man especially in regard to the niche markets it is targeting such as outdoor pursuits, adventure sports and in new areas such as stargazing. A dedicated public relations campaign in these areas saw the Isle of Man featured in every major national newspaper during 2013 as well as by UK and international broadcasters.

Retail and Construction

R 19 R

Conditions in the domestic economy remained tough in 2013. That said, both Treasury data and industry leaders indicate the retail sector returned to growth in 2013 as consumer confidence has improved. Construction levels remained depressed in 2013 for the 5th year in a row, but there was a high level of new Planning application approvals (including for new housing for High Net Worth Individuals totalling around £30m) such that the construction sector is expected to grow in 2014.

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

£30m construction boost from wealthy residents The contribution made by wealthy residents to the local economy of the Island is highlighted in the latest quarterly economic report to the Council of Ministers published on 28 February

T

of wealthy entrepreneur that the Tax

introduced with the aim of attracting

three months of 2013, says the

Cap policy aims to attract.

wealthy entrepreneurs who will be actively involved in supporting the

construction sector is expected

Government estimates that such

to grow this year on the back of a high

individuals are responsible for the

level of new planning approvals

creation of at least 360 jobs, paying

including new housing for high net

wages of more than £27.5 million with

group

worth individuals.

ITIP

substantial

It

R 20 R

he report, covering the final

explains

that

six

recently

and

National

Insurance

local economy. “The statistics show that this small of

people and

is

making

a

disproportionate

contribution not only to the economy

contributions of £6.65 million.

of

the

Island

but

also

to

the

approved properties have a combined

The total revenue for Government

value of £30 million, which compares

generated by persons subject to the

Government revenue that funds public

with

Tax Cap, including the income tax they

services. There is stiff competition

pay directly, is estimated at £15.8

internationally to attract this type of

million a year.

resident and without the Tax Cap

a

public

sector

housing

programme in 2014 of £20 million. The boost for the local building industry is seen as one of a number of

Chief Minister Allan Bell MHK

economic benefits brought by the sort

commented: “The Tax Cap policy was

policy this contribution could easily have gone elsewhere.”

Isle of Man praised for action on tax transparency Chief Minister Allan Bell MHK has welcomed further recognition of the Isle of Man’s commitment to the evolving international tax agenda.

Some of the problems are not in the islands, but in the ‘big islands’, in the UK itself and in the US.

A

Secretary

from the Crown Dependencies. This

and ground-breaking year for the Isle

General of the Organisation

is a good development, although

of Man and we will continue to play

for Economic Co-operation

there is still more to do. Some of the

our part in future developments.”

ngel

Gurria,

has

problems are not in the islands, but in

The Chief Minister has also

praised the Island for its action to

the ‘big islands’, in the UK itself and

welcomed the introduction of a new

combat tax evasion.

in the US.”

single

and

Development

(OECD),

the

Competition Forum in Brussels, Mr

Man had emerged from a pivotal year

between tax authorities worldwide.

Gurria said he was ‘very happy’ about

in international tax matters with its

Developed

the progress being achieved by the

reputation

many

conjunction with G20 countries, the

Crown Dependencies.

highlights of 2013 included the Island

measures announced last week are

being awarded the top ‘compliant’

aimed at reinforcing action against

rating by the OECD Global Forum.

tax avoidance and evasion.

response to a question by Belgian

enhanced.

The

Mr Bell added: “This level of

by

the

OECD

in

Mr Bell said: “Tax evasion is a

the

global problem and the Isle of Man

highlighted the commitment on tax

comments made by Angel Gurria,

has demonstrated its willingness to be

reform made by the UK and Crown

reflects

positive

part of the global solution. We support

Dependencies at the G8 Summit in

leadership on tax transparency and

the creation of a single international

Loch Erne last year.

information

the

standard and the further promotion of

He said: “I have since received a

Treasury Minister said in his Budget

a level playing field in terms of tax

number of commitments directly

speech, 2013 was a truly monumental

information exchange.”

MEP

ISSUE 141

for

automatic exchange of information

of Man, Jersey and Guernsey in

ISLE OF MAN

standard

The Chief Minister said the Isle of

He spoke up on behalf of the Isle

PORTFOLIO

global

During a debate at the European

Phillipe

Lamberts,

and

recognition, the

together Island’s exchange.

with

As


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

Unravelling the ball of confusion: Government opens up its books online

Government is opening up its financial information to the public via a new website designed to increase the transparency of its accounts.

R 22 R

T

• Summary Budget Report -

Treasury Minister Eddie Teare

http://financereports.gov.im

providing financial results in the

MHK explained: “The new website

he Treasury online facility at provides information that is

same format as the Budget, enabling

has been developed in line with

more up to date and more detailed

simple comparison of performance to

Government’s

commitment

to

than has previously been available in

the estimates set out in the annual

openness

accountability.

It

traditional paper formats.

Budget.

provides the public with financial

Treasury publishes three main

• Detailed Revenue Report -

information that is timelier and more

financial reports each year, the Isle of

providing income and expenditure

detailed than has been previously

Man Budget, the unaudited Detailed

analysed both by department and by

available, and in an accessible format.

Government

income or expense category.

Accounts

and

the

audited, statutory Annual Accounts.

President of Tynwald, the Hon Clare Christian, with His Excellency Mr Dominik Furgler, his wife, Mrs Hayam Furgler and First Secretary for Financial and Fiscal Affairs Ms Rebekka Benesch.

and

Further analysis can be obtained

“This is a significant step forward in enhancing the transparency of

The new website is updated

by clicking on the chosen item and

Government’s

throughout the year and includes two

drilling down to the next level of

public’s understanding of how their

finances

and

the

reports:

detail.

money is being spent.”

President welcomes Swiss Ambassador

T

he President of Tynwald, the Hon Clare Christian, has welcomed His Excellency Mr Dominik Furgler, Ambassador of Switzerland to the United Kingdom, to Tynwald.

His Excellency was joined by his wife, Mrs Hayam Furgler and Ms Rebekka

Benesch, First Secretary for Financial and Fiscal Affairs on a two-day visit which built on the signing of a Tax Information Exchange Agreement (TIEA) between the Isle of Man and Switzerland in August 2013. The President said: “They were very interested in the parliamentary structure of Tynwald and the retention and development of its autonomy over the centuries, which has led to today where the Court can endorse international agreements such as the TIEA signed with Switzerland. Comparison with the Swiss parliamentary system, where consensus is also very important, made for interesting points of discussion.” ISLE OF MAN

PORTFOLIO

ISSUE 141


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

Chief Minister encouraged by further reduction in staff sickness Chief Minister Allan Bell MHK has welcomed a further significant reduction in the level of staff sickness absence across the Isle of Man Government.

T

most

common

reasons

for

staff

he latest figures show a 12%

The statistics also reveal that 66% of

drop in the number of days lost

Government employees had no absence

absences, including ‘musculoskeletal

per employee – 4.43 for April to

during the nine-month period in

problems’, ‘operations, hospitalisation’

question.

and ‘stress, anxiety, depression’, which

December 2013, compared with 5.03

together account for 53.6% of days lost.

days for the corresponding period in

One of Mr Bell’s first actions

2012. That represents an overall cost

following his election as Chief Minister

Specialist training and rehabilitation

saving of almost £1 million.

in 2011 was to ask the Office of Human

guidance is being supplemented by a

Resources to produce a strategy to

self-care in the workplace course aimed

address staff sickness absence and

at helping staff with high levels of

provide regular updates for the Council

sickness absence to improve issues

of Ministers.

around health and behaviour.

He said: “As I witnessed during my

24

has

been

a

dramatic

reduction in absence levels in the group

Departments, the vast majority of our

of staff who have attended the course.

staff are extremely conscientious and

The total number of hours lost has

most cases of absence are genuine. The

fallen

latest figures are another step in the

estimated saving per person of £5,000.

visits

to

all

by

61%,

representing

an

right direction, but there is still room for

As part of the ongoing programme

improvement. At a time of intense

of staff engagement and support, a

financial pressure, it is essential that we

cross-Government survey is currently

get our own house in order and ensure

taking place to gather views, attitudes

that

and concerns among the workforce.

Government

is

running

as

efficiently as possible. This includes

The Chief Minister said: “The Isle of

further reducing the cost of working

Man Government is going through a

days

period of unprecedented change, so it is

lost

through

staff

sickness

important to listen to our employees.

absence.” The Office of Human Resources has

You may well have been midway through a Doctor’s examination Tomkins but, Dammit man, the Minister’s written answers won’t write themselves!

There

Government

recent

put

in

place

a

comprehensive

framework of support to address the

Minister welcomes Pinewood’s Welsh deal

Their responses will result in action that will shape our efforts to create a more sustainable future for the Isle of Man.”

Mr Teare commented: “This is good news for the Island’s investment in Pinewood, showing that the company is continuing to develop strongly. Its combined advisory funds now total £55 million, making Pinewood one of the largest regional investment portals for new British television and film content. “The

fact

that

the

Welsh

Government is now following the Isle of

T ISLE OF MAN

PORTFOLIO

ISSUE 141

reasury Minister Eddie Teare

Pinewood will advise on the new

Man’s example is an endorsement of

MHK has welcomed news that

£30

film

our strategy of investing in media to

the Welsh Government has

investment fund for Wales and operate

diversify the Island’s economy, and our

chosen Pinewood Shepperton plc to

a new facility ‘Pinewood Studio Wales’

choice of Pinewood as a partner in

manage its media investment fund.

to be developed at Cardiff Bay.

pursuing that strategy.”

million

television

and


ISLE OF MAN

Features BUDGET SPECIAL: • Special Budget Insight at Lloyds Working Breakfast • No drama, for now • Highly commendable... • “Steady Eddie” and the budget... • Life after ARI Prospects for 2014: Positivity & volatility Emerging Markets: Possible impact of ‘mature’ markets financial recovery MINTing it? Bank of England inflation Report: ‘Explicit’ forward guidance ditched PwC Survey Finds Economic Crime Rising Globally Is it real or is it just competition?


News

|

Government

IAL C E P ET S G D U B

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

Special Budget Insight at Lloyds Working Breakfast Over 100 representatives from the Island’s businesses joined Lloyds Bank for its annual Manx Budget special working breakfast on Friday, which this year featured a presentation from Treasury Minister, Hon. Eddie Teare ACIB MHK on the 2014/15 Isle of Man Budget.

The key is in how we rebuild Government reserves. That’s the next challenge.

R 26 R

Isle of Man Government Treasury Minister, Hon Eddie Teare MHK

ISLE OF MAN

PORTFOLIO

ISSUE 141

I

Reid

“We’ve had something like 27

back and look at what they can do to

opened the morning’s proceed-

NEETS come through the bank in the

make a contribution to our public. It

ings on behalf of Lloyds Bank

last year”, he continued, “and we’ve

is an immediate investment in the

and welcomed delegates to what he

also had fantastic support from the

individual, and will benefit us all in

described as one of the highlights of

DED in setting up an apprenticeship

the future.”

the Lloyds Bank seminar calendar.

scheme,

sland

Director,

Peter

banking

Mr Teare then took over from Mr

“We are all impacted to some

apprenticeship on the Island, for

Reid and introduced his presentation

extent by recession”, he explained,

which we’re now up to 22 subscribers

as providing an update on public

“and I do believe that it’s part of all of

and counting. At the end of their

finances,

our jobs to help the Isle of Man in its

apprenticeships, these colleagues will

rebalancing, and changes to tax and

prosperity. Certainly from a Lloyds

be awarded the equivalent of five

National

perspective we’ve had absolutely

GCSEs and will have the means and

concluding with a summary of major

brilliant support from Government

experience to build a stable future for

impacts on services. Starting with the

and I’d like to highlight that today,

themselves on the Island. It is in this

local economy, Mr Teare alerted the

and say a big thank you.

vein that I challenge everybody to go

audience to 3-4% rate of growth in

the

first

progress

on

Insurance,

budgetary before


29th

Department of Health and Social Care

pensioners.

continuous year of economic growth

will see a £3.9 million (2%) increase

explained, are in part set to help

for the Island, which is coupled with

in its budget from £190.8 million to

accommodate

a relatively low rate of unemployment

£194.7 million. The Department of

strategy

at 2.6% and a stable rate of inflation

Infrastructure will experience the

designed to meet its objectives of

at 3.1% on the Retail Price Index, and

greatest budget reduction from £108

achieving

real

terms

this

year,

the

These

moves,

Treasury’s

for

2015/20,

financial

he fiscal

which

is

sustainability,

2% on the Consumer Price

providing for major capital

Index. In comparing this

schemes,

with Jersey and Guernsey,

reliance on internal funds,

Mr Teare noted that this

a link with the Vision 2020

placed the Isle of Man’s as

economic strategy for the

probably

largest

future. “In short, Mr Teare

Crown

said in closing, “What we

the

economy

of

the

removing

its

want to do is ensure that

Dependencies. Low levels of interest

we’re planning not for the

rates are, however, effecting

next election, but for the

banking

deposits

as

next generation. We need

search

for

to remove our reliance on

to

internal reserve funds, so

generate income, and this

there’s lots more work to

customers alternative

means

do, but we are ahead of

has resulted in a drop of 9% overall. Similarly, Mr Teare noted that

million to £106.7 million (£5 miilion,

target. The best way I can put it is,

low investment returns are currently

or 10.9%). Overall, departmental

we’ve come to the end of the

having a negative impact upon

savings amount to £4.3 million for

beginning, but we’re not at the end

income tax receipts to government.

2014/15.

full stop.” Lloyds

Bank’s

Head

of

“We are, however, seeing green

Declining reserves represent an

shoots of activity”, he observed: “the

ongoing concern, however Mr Teare

Commercial, Trevor Kirk provided

Deeds Registry has seen a 15%

observed that this year’s estimate is

the closing words and offered his

increase in activity over the year,

£140million

thanks both to Mr Teare and the

which points to strong signs of growth

stronger than it has been since 2008.

audience

in the local housing market.”

The Capital Fund has increased by £5

questions. He added: “I do think that

above

2013,

and

is

for

their

insight

government’s

million to £52 million. The National

community confidence is a massive

Insurance Fund is up £49million to

factor in the local economy, and we

began by reminding the audience that

£734 million, and the operating

are detecting some of that, certainly

the Island has lost around £200million

balance is up £5 million to £35

due to the good news that’s coming

per-year of VAT revenue since the

million. Overall, this represents a

out of the UK. There are of course,

change in arrangements with UK

£6million reduction to £1,676 million.

going to be challenges, and our

Treasury. He noted that the Island is,

Mr Teare then furnished the audience

ministers are fully aware of that, but

however, on course to rebalance the

with an insight into the government’s

to maintain confidence and to do

budget by 2015-16 and that the total

internal reserves and day to day

things methodically is important both

use of reserves to achieve this

internal living expenses. “At the end

to our residents and to inwards

remains at £89 million. The Minister

of this month”, Mr Teare noted, “we

investors.”

explained that the budgeted deficit for

will be operating to around £150

He continued: “Facilitating events

2013-14 of £31 million had reduced to

million for the year, which is again

such as this is something that we

£26 million due to higher levels of

expected to half to around £70 million

hope adds some value to your

income and lower spending. “Key to

by next year. The key is in how we

relationships as members of the

that saving has been holding our

rebuild these reserves. That’s the next

business

employee costs down,” Mr Teare

challenge.”

appreciate the opportunity to engage

to

the

community.

We

all

the

To conclude his presentation, Mr

with our customers, to listen to their

headcount by over 550 posts and 600

Teare touched briefly upon the topic

concerns and to provide an open line

actual jobs since 2010, so we are

of taxation before moving onto fiscal

to our public representatives. This is

certainly well ahead of target.”

strategy for 2015-20. The 10% and

a sentiment that travels through the

20% income tax rates will remain

bank. We are very much open and we

this money?” Mr Teare continued. He

unchanged,

Personal

are very much open for business.

explained that the Department of

Allowance Credit, which will stay at

We’ve just been setting our own

Economic Development is this year

£500 per person. Personal income tax

budgets and I’m pleased to tell you

expected to generate more internal

allowance thresholds, however, will

that we have been quite optimistic

revenue than previously, particularly

increase by 2% to £9,500 per person

and aggressive with our spending

through the Aircraft Registry, which is

and the Additional Age Allowance will

projections. As such, you are all very

expected to see a £200,000 increase in

reduce by £1,050 per person; a move

welcome to talk to us about your

income in real terms this year. The

likely

ambitions for the future.”

added.

“We

have

reduced

“So how do we intend to spend

to

as

affect

will

more

wealthy

R 27 R

and

medium term strategy, Mr Teare

Turning

Trevor Kirk Hon. Eddie Teare MHK Peter Reid

The best way I can put it is, we’ve come to the end of the beginning, but we’re not at the end full stop.

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

IAL C E P ET S G D U B

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

No drama, for now By Pauline Smith, ACA Director, Greenwave Accountants

R 28 R

It seems that whilst universal benefits are under threat, the Government is making use of more universal taxes

F

ISSUE 141

but genuine companies will not be

substantially decreased by £1,020.

affected. For

personal allowance increase, is that

Insurance

£820 of income will now be taxable

continue until April 2015, so if you are

rom a tax perspective this

which previously would not have

considering taking on extra staff it

year's budget has no dramatic

been. Mr Teare states this is due to the

would be worth doing this before the

changes, with no change in tax

inequitable increase in pensions over

April 2015 deadline as it can create a

salaries in the last few years.

significant tax saving.

rates for individuals or companies,

employers holiday

the

National

scheme

will

but the Treasury Minister’s speech

However, this may not be a

Mr Teare also suggested in his

definitely hints of big changes to

popular move with the Island's retired

speech that the filing of company tax

come in the future.

population who may be struggling

returns

The Government continues to be

with the higher costs of living as a

compulsory from April 2015 – the

on track to rebalance the books by

result of the high inflation on the

obvious

2015/16 following the loss of VAT

Island.

Government makes it keen to do this,

common purse agreement.

ISLE OF MAN

to avoid being treated as employed,

age related allowance has been The net effect, after allowing for the

income from the change to the

PORTFOLIO

personal allowance increase, but the

It also seems that whilst universal

online cost

is

likely

saving

to to

be the

and there are great advantages to

the

online filing for the user. However,

As with every budget there are

Government is making use of more

this does assume all companies will

some winners and some losers; this

universal taxes and charges for

have the ability and technical know-

year the winners (which Mr Teare

individuals such as the "toilet tax"

how to enable them to do this, which

states are his target) are the workers

and, for companies, the increase in

may not always be the case.

with an increase in the personal tax

the annual return fee which applies to

allowance by £200, to £9,500 for an

all, regardless of income.

benefits

are

under

threat,

Mr Teare's budget explains that the review of National Insurance

individual and by £400, to £19,000 for

Legislation to prevent the use of

contributions continues and that the

a jointly assessed couple. This means

personal service companies will be

current benefits and NHS systems are

you can have slightly more income

effective for the 2014/15 tax year,

not sustainable. This could lead to a

before paying any tax.

bringing the Isle of Man into line with

dramatic

However the losers will be the

the UK. This legislation will restrict

Insurance contributions and personal

over 65s who benefit from the

people from using companies simply

taxation in the future.

shake

up

of

National


NEWS

News | Government | Features | Cars | Property | Directory | Appointments | Lifestyle

BUD GET SP

Highly commendable...

ECIA L

By Paul Davis, LL.D, Barrister & Solicitor: CEO, Counting House (IOM) Ltd

T

o be invited to comment on a

Personal Taxation

rock who seek to impose taxation on einteresting

Gaming or e-Commerce companies,

in

proposal in the personal taxation

largely on the grounds that “they can

opposition in Parliament; there is an

category is the five-year commitment to

afford it.” Such suggestions ignore a

enormous tendency to find the bits you

the tax cap. There is really insufficient

basic

don’t like and carp on about them as if

detail in the speech or the associated

between traditional business and that

they

budget

has

common

something

with

being

in

Perhaps

the

most

and

fundamental

difference

important

Practice Note to address the case of

carried on via the internet; an internet

consideration. That would be difficult

someone who signs up but then moves

business can be run from anywhere and

here, however as, frankly, this is a great

away from the Island lock, stock and

e-Commerce enterprises are highly

budget

were

the

only

be

barrel during the period. It is also

mobile. Yes, we on the Isle of Man have

commended on grappling without

unclear what evidence there is that this

a

drama an enormous range of present

change

an

Commerce and it’s an attractive place to

and incipient problems.

and

Mr

Teare

is

to

will

not

precipitate

fabulous

infrastructure

for

e-

immediate, sooner moving away by

do e-Business - but largely because of the

The following are the areas within

some capped earners who might have

tax regime. And those who have become

my professional sphere which bear

had plans to emigrate at some point in

millionaires or billionaires on the Rock

specific comment.

the next five years; and there is no

pay, as Minister Teare points out,

Tax Evasion and Avoidance

evidence that the five year commitment

massive amounts of tax and other

Mr Teare is absolutely, one thousand

will not be a disincentive to wealthy

contributions via their workforces. Not

percent right to congratulate himself and

entrepreneurs who might be attracted by

biting the hands that feed us must be

his

the

and

central to our e-Commerce policy and

outcomes from our early moves in the

prepared to give it a go, but don’t want to

there is no way sufficiently to credit the

FATCA and transparency realms. There

commit to that length of stay. Perhaps

Minister for recognising this reality.

can be little complaint about the removal

these are all illusory problems, but the

In Summary

of tax rules which are susceptible to

detail and research is not apparent so the

abuse at the expense of the Treasury.

questions need to be asked.

running through the Budget that the

There is however one quite remarkable

Corporate Taxation

government

colleagues

on

the

successful

Island’s

taxation

regime

A last cause for applause is the theme must

make

strategic

sentence which I feel is misplaced – “I

This topic allows me to end on a

investments to help the economy keep

will continue to clamp down wherever I

highly positive note. Full plaudits to

growing. At the same time, there is a

see avoidance taking place.” I feel it is

Minister Teare for his bold, and very

recognition that, today, it doesn’t earn as

appropriate to remind our government

correct, statement that the 0/10 tax

much as it spends and there are many

that while evasion is a crime, avoidance

regime is a significant brick in the

who feel that the cuts to government

is the legitimate application of the rules

structure of the Island’s economy.

expenditures are not sufficient. The

laid down by legislators to minimise tax,

Beyond that, it is absolutely essential that

worry is that the economic growth and

and is entirely legal. Where avoidance is

it be maintained, and there is no doubt

performance necessary to make real the

made possible by poorly conceived laws

that any suggestion that the government

assumptions underlying this budget may

or regulations, it is government that is at

was considering even a tiny rate of

not materialise; only time will tell.

fault, not the citizen or tax advisor that

corporate tax would create a mass

However, I believe they have a very good

benefits from the poor legislation. It

exodus of companies seeing it as the

chance of becoming reality thanks to the

might be more appropriate to refer to

“thin end of the wedge.” I will go yet one

government’s realistic and sensitive

fixing poor regulation where it is found,

step further; the Minister deserves

handling of the fiscal environment. We

rather than “clamping down” on citizens

further

are very lucky indeed to have planning

who follow the rules.

ignoring the uninformed people on our

sincere

congratulation

for

There can be little complaint about the removal of tax rules which are susceptible to abuse at the expense of the Treasury.

of this quality by our economic leaders. ISLE OF MAN

ISSUE 141

PORTFOLIO

29


News

|

Government

IAL C E P ET S G D U B

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

“Steady Eddie” and the budget... By Paul Swindale, Director, Dohle

S R 30 R

ISLE OF MAN

PORTFOLIO

ISSUE 141

Moving on to the budget, whilst the

away individuals looking to use the

content is wholly appropriate for the

Cap as a one-off piece of tax planning?

financial position we find ourselves in,

Whilst I certainly do not disagree with

and is linked to another year of

the overarching decision, we may not

positive economic growth, there is an

have

area of the budget which risks butting

ramifications and potential negative

o the 2014 budget has been

against its aim; that being the now

effects?

described as the “Steady Eddie”

infamous tax cap.

budget we were all expecting.

thought

through

the

full

My final area of interest linked to

In terms of the Cap and the

the budget actually relates to the

A little googling of the term “Steady

continued desire to attract such

Department of Economic Develop-

Eddie” has led me to believe it is a

individuals, Minister Shimmin MHK

ment’s response to the Budget, and the

sports sobriquet in the USA. Eddie

comments in his statement that this is

positive comment in relation to the

Murray of the Baltimore Orioles and

of vital importance, however, in the

Island’s niche role as a location for

Eddie Lopat of the New York Yankees

detail of the budget there is the

“stargazing”. My only plea is that this

(baseball players) were both referred to

requirement for a five year tax cap

does not get misconstrued in time as a

as "Steady Eddie". Maybe we could get

which may not fit all individuals

reference to “navel gazing”, as this is

them to go “into bat” for us on the US

aiming to use the facility. The question

not a time for such behaviour!

IGA/FATCA agreements?

has to be raised as to whether it drives


NEWS

News | Government | Features | Cars | Property | Directory | Appointments | Lifestyle

BUD GET SP

Life after ARI In his Budget speech on 18 February Minister Teare announced that he would bring a greater level of ‘certainty’ to the Tax Cap. This he certainly did but not, as some might suggest, in the same way as Dr Joseph Ignace Guillotin brought a greater level of certainty to France’s criminal justice system.

ECIA L

By George Sharpe Tax Director PwC Isle of Man

A

s many readers will know, the

undermine the whole idea of the tax

bumper dividend of many millions of

tax cap puts an upper limit on

cap.

It is simply an inevitable

pounds once every five, seven, ten or

the amount of income tax that

consequence of a seemingly unrelated

more years. The net result was that in

event two years ago.

the long run, someone with an average

a Manx resident has to pay each year.

self-

annual income of millions of pounds

individuals or £240,000 for married

acclaimed non-tax-havens in the

or more might be paying little more

couples or civil partners who elect for

European Union (I’d get into trouble if

income tax than me or you. That was

joint assessment. Until now, the tax

I named them but you know who I

never what the Assessor intended

cap has simply been applied year by

mean) getting uppity about our

when the tax cap was introduced back

year: Calculate your income tax; if it is

success in developing our economy

in 2006 and something needed to be

less than the cap, pay the tax; if it is

and maintaining something close to

done.

more than the cap, pay the cap.

full employment and so deciding to

The cap is currently set at £120,000 for

It

all

started

with

the

This change to the tax cap needs to

In

target the Isle of Man. Their weapon

be seen in context.

2014/15 and subsequent years, an

of choice on this occasion was the EU’s

unprovoked assault on the Island’s

individual who wants to pay the cap for

Code of Conduct on Business Taxation

wealth

a particular year will need to elect to

which, they alleged, our corporate tax

civilisation as we know it. It is simply

do so before the start of the tax year (or

system violated. After being kicked

a measure to protect public finances

before 1 July 2014 for the tax year

around for about a year we finally got

following the scrapping of ARI. There

2014/15) and agree to continue paying

a clean bill of health - something our

are alternative measures that could

the cap for the next four tax years.

accusers struggle to achieve - but in

have been used of course, but this was

Once the election has been made,

order to do so we had to scrap ARI, the

simply Treasury’s preferred option.

the individual will have to pay the cap

Attribution Regime for Individuals,

for the full five years regardless of

with effect from 6 April 2012.

That’s all about to change.

creators

or

It is not an the

end

of

It didn’t feel like it at the time but ARI’s demise was an earthquake for

owned

the Island’s tax system and the tremors

Individuals who do not elect to pay

companies were required to pay a

and aftershocks haven’t finished yet.

the cap will have to pay their Manx

certain level of dividends each year or

There was shock and outrage last year

income tax liability in full.

there

tax

when Treasury introduced PN174 and

local

there is shock and outrage this year

more income tax being paid by the

shareholders. This ensured a steady

with the changes to the tax cap. We

Island’s high-net-worth community

stream of dividend income for certain

can be reasonably confident that

and equally importantly, will require

Manx

and

further changes will be coming

them to foresee and plan their

therefore, a steady stream of income

through in future years and just as

financial affairs much further in

tax for the Isle of Man government.

much shock and outrage will ensue

what their actual income is.

This change will result in a lot

Under

ARI,

locally

would

be

consequences

for

resident

This change to the tax cap needs to be seen in context. It is not an unprovoked assault on the Island’s wealth creators or the end of civilisation as we know it

adverse their

individuals

when they are announced.

advance than had previously been

Following the abolition of ARI,

necessary. They might however want

there was a growing trend for local

Sooner or later however we will

to temper their anger a little. This

business owners to pay themselves no

have to accept that if we want to live in

change does not, as many will tell you,

income at all most years and then a

a civilised society, it has to be paid for. ISLE OF MAN

ISSUE 141

PORTFOLIO

31


News

|

Government

|

Features

|

Cars

|

Directory

NEWS |

|

Appointments

Lifestyle

Prospects for 2014: Positivity and volatility By Dermot Hamill, Head of Wealth Management, Isle of Man, Canaccord Genuity Wealth Management

L R 32 R

ast year was an excellent year

no longer be described as cheap.

about emerging markets to forget that

for investors, albeit an uneven

Other key factors to consider are

they are a collection of individual and

one in terms of asset class

whether

quite disparate countries.

ISSUE 141

worrying

in

many

It is

the

necessary to differentiate between

the way with Japanese equities rising

emerging markets have the capacity

those that are mismanaged such as

nearly 50% in local currency terms as

to derail the progress that is being

Argentina and Venezuela, those that

investors responded positively to the

made in the developed markets and

are

massive Quantitative and Qualitative

the likelihood of a bond market sell as

running current account deficits

easing package which the Bank of

policy normalises over the course of

which leaves them vulnerable to

Japan has committed in a bid to bring

the year.

foreign outflows such as South Africa,

of

Dealing with the outlook for UK

living

beyond

their

means

Turkey, Thailand and Indonesia and

no

those more stable countries that are

posted strong returns but it was a

compelling reason for yields to

enjoying a period of exported growth

different story in Asia and Emerging

increase substantially further this

such as South Korea.

Markets with the latter being sharply

year.

Inflation, for the time being

Whilst there are specific country

lower over the course of the year as

anyway, is under control, there is

opportunities at present it is likely

concerns

bonds

first,

there

seems

the

clearly slack in the UK economy but

that in general terms, emerging

implications of the Federal Reserve

most importantly it is very unlikely

markets will struggle in the short

Board’s tapering of its bond purchases

that interest rates will rise this year at

term with a worrying combination of

and also the prospects for the Chinese

all. We might see a rise in 2015 but

weak currencies, rising interest rates,

economy and its rumbling on-going

any increases will be gradual and it is

rising inflation and in many instances

shadow banking crisis.

distinctly possible that interest rates

a growth rate that is now lower than

might still be as low as 2% by the end

many of the developed economies.

with the UK 10 year government bond

of

the

However a crash should be averted as

yield rising some 125 basis points to

Governor of the Bank of England,

many of these countries have large

finish the year at 3%, approximately

stressed in February, there is no

reserves and low levels of non-local

double the 2011 low. Commodities

realistic prospect of interest rates

currency debt. Additionally their

were also weak, reflecting both the

getting back to their pre-crisis levels

currencies are flexible and their

overcapacity that has arisen over the

for a very considerable period of time.

banking systems generally sound.

last few years and fears that Chinese

Therefore whilst there will be a

demand will not be as high as

tendency for bond yields to rise in

intact

previously going forward.

2014 it will not be anything as large as

industrialisation leading to wealth

grew

about

both

Bonds also had a difficult year

2016.

As

Mark

Carney,

As the long term story remains (urbanisation

and

So what are the prospects for the

the rise seen in 2013. Most of the

creation and increased consumer

rest of 2014? This year investors will

yield adjustment has taken place and

demand) it is distinctly possible that

have to balance the fact that the

longer

remain

there will be an excellent buying

global economic recovery is clearly

underpinned by huge institutional

opportunity at some stage this year,

gathering momentum with the reality

demand from pension funds.

but for the time being, emerging

that the equity market that we have

ISLE OF MAN

the

developments

Elsewhere the UK and the US also

PORTFOLIO

not

returns. The developed markets led

the lost decades of deflation to an end.

Whilst there are specific country opportunities at present it is likely that in general terms, emerging markets will struggle in the short term

or

dates

Turning

bonds

towards

emerging

markets

can

be

expected

to

enjoyed since the March 2008 low,

markets, how much scope is there for

underperform the developed markets.

has gone a long way to discount this

the present volatility to demonstrate

Short

already.

rose

into a more serious contagion? In my

justified towards Japan as well. After

considerably more than company

view, the chances are quite slim.

the strong gains of 2013, it was no

earnings last year and therefore can

There is a tendency when talking

surprise to see foreign profit taking in

Equity

markets

term

caution

is

probably


Dermot Hamill

January leading to double digit falls. The market has come a long way and will be dependent on further yen weakness to make further progress. Additionally it is probably prudent to wait and see how the economy copes with the increase in consumption tax in April which, without offsetting measures,

will

cause

a

fiscal

tightening of 2% of G.D.P. So what is the most likely scenario for 2014? The stage does seem set for the developed world equity markets of the US, UK and Europe to make further progress over the year as a whole but most of the anticipated gains are likely to be made in the second half of the year. Whilst growth forecasts for the US and UK have recently been revised up to at least 3% for the US and 3.4% for the UK for 2014, the markets may not get confirmation of this improvement reflected in the economic data until

R 33 R

Q2 2014 as Q1 data is going to be seriously disrupted by the effects of the unusual weather that both the UK and the US have suffered from during January and February. Whilst company earnings are expected to show an improvement in the second half of the year, reflecting higher growth rates and hopefully in the case of the UK much needed productivity

gains,

market

participants may wait until these figures are released before increasing equity exposure. It is therefore possible that equities may struggle to make much progress in the first half of the year. Risk assets have rallied a long way over the last five years due largely to the

enormous

amounts

of

Quantitative Easing that has been made available.

The stage does seem set for the developed world equity markets of the US, UK and Europe to make further progress over the year as a whole

With economic

growth improving, the amount of this support will be reduced but this should not cause too many problems. Interest rate rises are still a long way off, inflation remains low and the level of austerity, which has been a significant

headwind

for

equity

markets over the last three years, will be much less going forward. There is therefore every prospect that 2014 will be another positive year for investors, albeit a volatile one.

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

NEWS |

|

Appointments

Lifestyle

Emerging Markets: Possible impact of ‘mature’ markets financial recovery One may care to ask: Why worry about a recovery? That would be very good news. We would just like some stability and an element of certainty in the first instance! Well, be that as it may, what you get may not necessarily be what you wish for but what is served up!

By Alan Molloy, Managing Director, A 2 B Consulting Limited

R 34 R

A

fter the roller-coaster ride for

near future, as the actions required to

purchaser of the asset) who gains. The

financial markets from 2007 –

save the world’s financial system are

reverse is also true i.e. if you own /

2013, many people would just

slowly unwound / reversed. This

hold an asset when the price of that

like there to be a period or calm and

unwinding of the actions taken i.e.

asset/ market falls, you will lose value.

reasoned

essentially

(reasonable)

market

movements.

ISLE OF MAN

PORTFOLIO

ISSUE 141

‘Quantitative

Emerging

markets

suffered

Easing’ (QE) is a necessary step in the

declines across the board, in reaction

‘normalisation’

process.

whilst

were

However,

to the financial market meltdown in

unforeseen

‘mature’ markets in 2007-08. Such

unprecedented situation in which we

consequences of the concerted action

economies have historically tended to

found ourselves, the authorities i.e. the

by the central banks and other

take their lead from the more robust,

central banks, undertook a series of

authorities in the aftermath of the

mature economies and markets of

steps that were untested and uncertain,

financial market crisis of 2007-2008, so

North America & Europe which is not

in an attempt to ensure that we avoided

there will be consequences of the

really surprising given the relative size

a total meltdown of financial markets

unwinding but, hopefully, these can be

of the markets in question, their

and, as a consequence, the global

better foreseen and action taken to

diversity,

economy. They provided an element of

limit any consequential damage.

‘depth’. Emerging and developing

However, we have to remember that,

At the present time QE is merely on a gentle reversal but when it is more fully unwound, emerging markets are likely to suffer a significant liquidity impact.

reversing

in

order

to

manage

the

there

liquidity,

research

and

economies do not usually have the

composure in what was a very

One might be forgiven for thinking

unpleasant situation. In effect, when

that, if we survived the calamitous

same

the world looked over the precipice

period on the way into the ‘vortex’ of

robustness as the more developed

and wobbled at the edge, finding that it

2007-08, then the recovery ought not to

markets.

didn’t like the view, the central bankers

be too unpleasant. That is true – if one

helped the world step back from what

takes steps to avoid the areas of highest

Currency, yield

would have otherwise been a very a

risk. It is a truism in financial markets

and economic Impact

nasty fall! Then they breathed a huge

that, for every buyer there must be a

QE (Quantitative Easing) may have

sigh of relief – as what they had done

seller (and vice versa) and for every

saved the USA & Europe in their time

was unprecedented and its impact

winner

loser.

of crisis but it was not a popular

unknown.

Therefore, just as someone loses out /

decision in emerging economies as the

This brief note is not about placing

misses a gain when stock markets tick

decline in interest rates in North

blame on people, institutions or

up (the person who has sold the asset

America and Europe weakened those

governments. It is a brief comment on

or doesn’t own such an asset), there

currencies

what we may need to consider in the

will be someone (the owner or

economies’ currencies, making exports

there

must

be

a

attributes,

relative

systems

to

and

emerging


from countries in Asia, Africa and

causing some further deflationary

economies are not ‘open’ i.e. exchange

South America into the USA & Europe

pressure on prices in America &

controls and monetary restrictions

more expensive. It had one benefit for

Europe but also putting pressure on

have a significant impact upon them.

the emerging economies though - it

their balance of trade and GNP.

Legal systems, private property rights,

provided much liquidity. However, that

Additionally, as interest rates in the

working environment and logistics

was of the ‘hot’ variety i.e. in the form

US & Europe increase, their bonds will

play an enormous part in what

of cash placed by investors chasing

look more attractive to domestic

differentiates emerging markets, just

‘yield’ i.e. higher interest rates than

investors, reducing demand for and

as it does in mature economies, though

they could get in their own local

investment in emerging market debt

even more so where the rule of law (or

market (e.g. USA, UK & Euroland). The

i.e. foreign, previously higher-yielding

lack of it) or civil strife / tensions may

liquidity

emerging

bond investments. Such a reduction in

impact.

economies while it was there but

local currency bond markets will likely

Each emerging market requires

therein lies the problem of the double-

cause emerging markets to have to

individual consideration, just as each

edged sword i.e. when QE reverses, the

issue US Dollar or Euro denominated

investment requires analysis and

‘hot’ money (which is short-term in

debt at higher cost or, alternatively, to

decision-taking before acquisition.

nature) may exit in just as much of a

increase the interest rates they apply to

The economies of, say, Turkey, Brazil,

hurry as it arrived, following the

their own local debt issuance, in order

Indonesia or South Africa have

increase in US (and European) interest

to attract overseas investors, thus

individual and specific attributes,

rates. At the present time QE is merely

adding to their cost of capital and/or

natural resources, economic and

on a gentle reversal but when it is

reducing their growth potential.

climatic conditions, social norms etc.

helped

the

emerging

As with so much in life (or

etc., just as in each and every other

markets are likely to suffer a significant

investment), there is really no ‘one size

country and economy. Finding the

liquidity impact. The corollary of an

fits all’ solution or outcome. After all,

markets and sectors that will weather

exit of ‘hot money’ i.e. liquidity will

there are over 50 emerging and

the QE reversal is one critical issue

however likely be weaker currencies,

developing markets in the world.

for investment managers. Finding the

making emerging economies’ exports

Different emerging market economies

stocks within those markets that will

once more cheaper to American and

face

not only survive but prosper is

European shoppers / consumers,

structural and social aspects. Some

more

fully

unwound,

differing

issues,

including

another.

Alan Molloy looks at the MINT economies (Mexico, Indonesia, Nigeria & Turkey). Jim O’Neill’s acronym for the next exciting, developing group of markets, follows on from his previous ‘BRIC’ countries (Brazil, Russia, India & China) and may indeed offer an insight into a long-term expectation with near-term excitement but do they realistically form the basis of mainstream investor 2014 decision-making?

D

MINTing it?

R 35 R

on’t get me wrong, Mr O’Neill (pictured), as the former group economist at Goldman Sachs has a formidable reputation and sits at the top table of his profession and, to be fair, the terms BRIC or MINT have

a certain cachet, don’t they? Indeed, individually, each country and its emergence as an economic powerhouse or, at the very least, a strongly developing economy has a really interesting story to tell. Mr O’Neill has captured a demand by the public (or at least the press) for a flavoursome trend and story. Can it though be more than an interesting acronym or is it an opportunity to look ‘outside the box’ of familiar markets and mainstream focus? There are compelling reasons to consider the BRIC economies i.e. you just cannot ignore the rise and development of an economy the size of China, nor that of India or Brazil – you do so at your peril. However, even in these economies, there are hazards common to many emerging or developing economies (including lack of transparency, accounting standards, immature or

It is easy to drift along with the prevailing mind-set - didn’t that happen in the recent financial crisis?

restricted financial market access, exchange controls etc.) To give Jim O’Neill credit, he has focussed many people’s eyes on the theme of developing economies, the demographics involved and the structural issues that will almost certainly impact the world economy over the long term. It is good that we are challenged in such a way. It is easy to drift along with the prevailing mind-set – didn’t that happen in the recent financial crisis? Nonetheless, one needs to put the long-term possibilities associated with the MINT economies (or any other such emerging economy) alongside the nearer-term probabilities or reality of the world economy as it stands now and what may be the near-term impact of factors more likely to shape our world at this time. I am not suggesting that short-termism is right - I actually have an aversion to it. However, I do believe that more fundamental or nearer to home realities will impact our (UK/European/US) world in 2014/2015, including the management of the financial crisis in the ‘PIGIS’ economies (I have added an ‘I’ to the PIGS acronym) of Portugal, Ireland, Greece, Italy & Spain. Even that ‘core’ EU state France might need to be added somewhere to the title – it is not in the rudest of health. Similarly, Greece is looking to go back into the Capital Markets with a bond issue! I would opine that we have many more fundamental and domestic factors that will play an important influence upon our markets in the coming months and possibly years that will outweigh most investors’ appetite for going too far ‘off piste’. Nevertheless, let us keep a watchful eye on all such eventualities. ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

Bank of England inflation Report: ‘Explicit’ forward guidance ditched The Bank of England (BoE) appears to have abandoned ‘explicit’ forward guidance in its February Inflation Report, prompting a re-pricing of market policy rate expectations. We have not changed our forecast for Bank Rate (first hike in Q3 2015) but acknowledge that the risks have shifted towards an earlier move (Q2, or even Q1, 2015). We maintain our forecast because the Consumer Price Index (CPI) inflation projection was lowered (a larger undershoot of the target at the 2-3 year point) and because we believe the risks to the BoE’s Gross Domestic Product (GDP) forecasts (3.4% in 2014) are to the downside.

By Conor Grant, Director, Corporate Treasury Solutions, RBS International

R 36 R

T

he new ‘phase’ of BoE forward

to a more flexible, broad-based form

policy before spare capacity in the

guidance policy signalling is

of guidance, while simultaneously

economy was fully eliminated. The

distinctly hazier than the first

retaining much the same view of the

Report itself provided an explicit

phase (the 7% unemployment rate

prospects for the economy and (most

estimate of the MPC's view of the size

threshold).

importantly)

The

of the output gap: -1% to -1.5% of

principal conclusion we draw from

GDP, adding that the MPC's current

(the

this combination is that the BoE’s

judgement on spare capacity 'pointed

unemployment rate) is replaced by

central scenario is little altered versus

to less slack' than at the time of the

numerous indicators of labour market

the November Inflation Report but

November 2013 Report.

slack, more detailed conditioning

that they are less confident about that

assumptions, and quantified GDP

medium-term

are

forecast has been lowered sharply in

forecast

By definition, if a single-variable intermediate

There is certainly a reduced sense of cohesion within the MPC following the Report . . .

ISLE OF MAN

PORTFOLIO

ISSUE 141

threshold

CPI

inflation.

scenario

and

The MPC’s unemployment rate

the

certainly not prepared to give a more

the February Inflation Report, with

monetary policy signal inevitably

explicit ‘pre-commitment’ on policy

the 7.0% threshold being reached in

becomes much less explicit. We were

(even one couched heavily in data-

Q1 2014 (vs Q3 2015 in the November

never wholly persuaded by the ‘first

contingent terms). Our key inference

Report) and the rate falling to 6.3% at

phase’ of BoE guidance, so it won’t be

is that Governor Carney has failed to

the three-year forecast horizon (vs

missed. Nevertheless, it should also

secure sufficient agreement among

6.9% in the November Report). The

be

the

other Monetary Policy Committee

MPC also nudged lower its view of the

revised/diluted guidance framework

(MPC) members to provide a more

medium-term equilibrium rate of

inevitably means that the policy

explicit policy signal – though we do

unemployment to a range of 6%-6.5%

outlook is less certain than it was at

not expect any dissenting votes for

vs 6.5% in the previous Inflation

the time of the August or November

Bank Rate rises during the first half of

Report. This is a relatively modest

Inflation Reports.

this year.

adjustment

components,

acknowledged

then

that

and

significance

is

conference, Deputy Governor Charles

changes

the

more like a reversion (a welcome

Bean stated that the MPC would want

framework.

one). In essence, the BoE has reverted

to begin monetary policy tightening

While the BoE presents its revised

During the Inflation Report press

guidance as an evolution, it feels

to

one

lessened BoE’s

whose by

the

guidance

With so much focus on the BoE’s


policy guidance framework, it is

to signal a more explicit course for

2015, or even as soon as Q1 2015), but

worth highlighting the further modest

future policy.

at this stage we express this as a risk

lowering of the MPC’s CPI forecasts –

The Inflation Report concluded

around our central case – firstly,

after all, the BoE has only one target:

that ‘Bank Rate may need to remain at

because the MPC lowered its CPI

a 2% CPI forecast. The February

low levels for some time to come’ (our

projection in the February Inflation

Inflation Report lowered the CPI

emphasis). This appears to be subtly

Report (for us, CPI inflation remains

inflation central projection to 1.87%

less dovish than comments made by

the most important medium-term

at the two-year horizon (vs 1.93% in

Governor Carney in a recent speech

economic

the November Report) and to 1.91% at

where he concluded that various

policy) and, secondly, because the

three years (vs 1.95% in November).

labour market trends: ‘suggest. . . that

MPC's

This is by no means a huge revision,

the recovery has some way to run

optimistic than our own (for 2014

but it does leave the MPC's central

before it would be appropriate to

3.4% vs 2.9%, and for 2015 2.7% vs

projection for inflation further below

consider moving away from the

2.3%). The financial markets are now

target.

emergency

pricing in a more hawkish trajectory

Such

a

revision

would

settings

of

monetary

variable

GDP

for

forecasts

monetary are

more

normally be interpreted as a mildly

policy.’

our

for BoE Bank Rate than we expect,

dovish policy signal, especially as it

emphasis). Of course, this might

with the first 25bp hike almost fully

has occurred in the light of the

simply tell us that the balance of

priced-in by the end of 2014, with

upward revisions to the MPC’s GDP

opinion within the Committee has

rates reaching 1.0% by mid-2015 and

projections. As the February Inflation

edged away from Governor Carney’s

2.0% by Q3 2016.

Report

apparent

(24

January

2014,

is

To conclude, whatever the revised

inflation meant that the near-term

certainly a reduced sense of cohesion

BoE policy guidance framework has

trade-off between keeping inflation

within the MPC following the Report.

brought, it is not greater clarity

close to the target and supporting

MPC

in

(either in terms of policy rates or even

output and employment was more

subsequent months, as well as the

the MPC’s reaction function). Many of

favourable than in recent years.’

data flow, will become increasing

the arguments deployed in August

important (an inevitable consequence

2013 to justify the adoption of

of diluted policy guidance).

‘explicit’ forward guidance appear to

noted:

‘The

outlook

for

For us, the key point vis-à-vis the inflation forecasts is that it suggests

dovish

Minutes

bias.

and

There

speeches

little by way of fundamental change in

The RBS forecasts for BoE Bank

have been unceremoniously ditched

the MPC's current assessment of the

Rate are unaltered: we continue to

in February 2013. Although we did not

underlying economy and the inflation

look for the first hike in Q3 2015, with

expect this outcome (our expectation

outlook. How do we square this with

a 25bp per-quarter pace of tightening

had been for the BoE to adopt an even

the (less dovish) change in guidance?

through to end-2016 (i.e., Bank Rate

more explicit form of guidance), we

It

BoE

at 1.0% at end-2015 and 2.0% at end-

welcome the latest development. The

policymakers are less confident about

2016). The risks of an earlier Bank

explicit forward guidance framework

the medium-term outlook for the

Rate hike have increased following

was never wholly compelling and we

economy and therefore less prepared

the February Inflation Report (i.e., Q2

are better off without it.

is

perhaps

simply

that

The Rate Setters: The present Monetary Policy Committee:

R 37 R

Standing, l-r: Martin Weale - External member; David Miles - External member; Ian McCafferty - External member; Ben Broadbent - External member; Paul Fisher Executive Director, Markets; Spencer Dale Executive Director & Chief Economist. Seated, l-r: Charles Bean Deputy Governor, Monetary Policy; Mark Carney - Governor; Sir Jon Cunliffe Deputy Governor, Financial Stability.

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

NEWS |

|

Appointments

Lifestyle

PwC Survey Finds Economic Crime Rising Globally All Business Sectors, Regions Suffer from Impact . Nearly 40% of respondents say they are victims of fraud, 25% report cybercrimes

R 38 R

E No organisation of any size anywhere in the world is immune to the impact of fraud and other crimes

conomic

crime

businesses

against

and

other

PwC’s global survey, the most

areas as employee morale, cited by

extensive on the subject, found that

31%, and in corporate reputation and

respondents, a 3% rise since 2011,

theft remains the most common form

business relationships, both reported

say they have been victims of

of economic crime, reported by 69%

by 17%. Despite the financial and

economic crime, according to PwC's

of respondents. It is followed by

collateral effects of crime, just 3% of

2014 Global Economic Crime Survey.

procurement fraud, 29%, bribery and

respondents said incidents of fraud

And, about 25% say they have been

corruption, 27%, cybercrime, 24%,

have impacted their company’s share

victims of cybercrime, as fraudsters

and accounting fraud, 22%. Other

price.

increasingly turn to technology as

reported

human

“Like a stubborn virus, economic

their main crime tool.

resources fraud, money laundering,

crime persists despite ongoing efforts

intellectual property or data theft,

to combat it. No organisation of any

mortgage fraud and tax fraud.

size anywhere in the world is immune

Steve

Billinghurst,

advisory

director, PwC Isle of Man said:

crimes

include

“Economic crime remains a big

The exact direct loss associated

to the impact of fraud and other

challenge for organisations on the

with economic crime is difficult to

crimes,” said Steven Skalak, PwC

island. With changing economic

assess. Among crime victims, a total

Forensic Services partner and lead

dynamics

sophisticated

of 20% place the financial impact of

editor

technology,

economic crime on their organisation

committing economic crime succeed

organisations will have to pay special

at more than US$1 million; and 2% of

by

heed

victims

30

conditions like reliance on technology

put the impact at

and the expansion of emerging

to

and in

anti-fraud

and

anti-

-

representing

corruption programmes as well as

organisations -

robust cyber security programmes.

more than US$100 million each.

of

the

adapting

to

survey. shifting

“Those global

economies.

For the first time this year, the

“Even worse than the direct

survey measures procurement fraud,

financial impact of economic crime is

laundering, procurement fraud and

reported

of

its threat to a wide range of business

HR fraud in the top 10 economic

respondents. Procurement fraud is

systems that are the lifeblood of

crimes suffered by organisations.

seen as a double threat, victimising

corporate

“Economic crime is now steadily

businesses both in their acquisition of

crime damages internal processes,

impacting key business processes

goods and services and in their efforts

erodes the integrity of employees and

and

to compete for new opportunities.

tarnishes reputation,” he added.

economic

ISSUE 141

report

organisations continues to

Notably our survey has also seen

ISLE OF MAN

also

significant collateral damage in such

added.

rise around the world. Some 37% of

advancements

PORTFOLIO

Respondents

themselves against the challenge,” he

crimes

organisations

like

must

money

brace

by

nearly

30%

operations.

Economic


Where Does Economic Crime Occur? Economic crime is a pervasive, global threat. Regionally, economic

organisations are victims of high

crime is most prevalent in Africa,

levels of cybercrime and money

more

where 50% of respondents say they

laundering,

organisations

have been victims, though down from

consumer

communications

prevention and detection strategies

59% in 2011. It is followed by North

companies have suffered from most

on only a few types of fraud, a certain

America, 41%, Eastern Europe, 39%,

from theft. Hospitality and leisure,

profile

Latin America and Western Europe,

and government, both 41%, also

perceived threats. They must be

each 35%, Asia Pacific, 32%, and the

report high crime levels.

prepared to cast a wider net, for the

while and

retail

and

Middle East, 21%.

“With more opportunities come risks;

of

no

longer

focus

their

fraudster,

or

can

certain

threats associated with fraud are

Respondents from 65 countries and territories reported that they have

Who commits fraud? Typically

economic

growing” crime

is

concluded

Steve

Billinghurst.

experienced economic crime. South

committed when three conditions are

African

the

present: life pressure, opportunity and

highest level, 69%, up from 60% in

personal rationalisation for the crime.

2011. Crime is also growing rapidly in

According to the survey, 56% of

economic

the Ukraine, 63% up from 36% three

economic crime is committed by

through corporate controls such as

years ago, Russia, 60% vs. 37% in

someone inside the company, while

reporting of suspicious transactions,

2011, and Australia, 57% vs. 47% in

40% is external. There are wide

internal

2011.

respondents

report

How is Fraud Found? The survey found that 55% of crime

audit,

is

or

discovered

fraud

risk

variances by industry, however. In

management.

eight

financial services, for example, nearly

systems or tips offs uncover about a

emerging economies – Brazil, Russia,

60% of crime comes from outside the

quarter of reported crimes, and about

India, China, South Africa, Turkey,

company, while 36% is internal.

one-fifth is uncovered by other means

The

survey

identified

Mexico and Indonesia – where 40% of

Globally, a fifth of economic crime

total respondents said they have

is committed by those in senior

experienced

management,

economic

crime,

reflecting in part a shift in wealth to those countries.

42%

by

middle

managers and 34% by junior staff.

Whistle-blowing

or by accident. The survey finds that respondents expect economic crime will continue

The profile of the typical fraudster

to increase in the future among nearly all categories. This result was

degree or higher level of education

also found in PwC’s 17th Annual CEO

who

their

Survey. CEOs globally also recognise

organization for a substantial period.

the impact of economic crime; 50%

financial

Globally, almost half of all frauds are

said ‘lack of trust’ was a key issue in

services, retail and consumer and

committed by employees with six or

the marketplace, a sharp increase

communications sectors. Nearly 50%

more years of experience and almost

from 37% a year ago. Bribery and

of respondents in each said they have

a third are committed by employees

corruption also are ranked among

been crime victims. Financial services

with three to five years of experience.

CEOs’ top concerns.

Which Industries are Most Affected? By industry, economic crime is common

in

the

have

been

with

Organisations must be prepared to cast a wider net, for the threats associated with fraud are growing

such as law enforcement, the media,

is middle-aged males with a college

most

R 39 R

fraud

Link to survey: www.pwc.com/crimesurvey ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

Is it real or is it just competition? Manx Radio is 50 this year and that makes us the oldest commercial radio station in the British Isles. This is all rather special when one looks at how the broadcast landscape has changed in the last 50 years and the myriad of stations available via an ever increasing number of channels.

By John Marsom, Business Director, Manx Radio

R 40 R

A

t the end of last year I went to

fellow called Ashley Tabor who, in 2007,

doesn’t just compete with itself for

Manchester

Radio

founded Global Radio. At the time I

listeners, but it also competes with

Academy conference. This is

remember a lot of doubters saying the

other activities that young people want

an annual event about all things radio

he could never pull it off as he was too

to do as well.

and hosts some excellent sessions by

young and “what did he know about the

His solution? Make your radio

well regarded people in the industry.

radio industry”. Well, 7 years on, Ashley

output appealing to the younger

the

exception,

is the president of Global Radio, the

audience and they will be attracted and

although there was a general feeling in

largest commercial radio group in

listen. Simple. Well, it seems to have

some of the seminars that young people

Europe, so he must have known

worked for Capital, Heart and a lot of

are turning their backs on radio in

something. All this and he isn’t even 40

the other Global brands in the group.

pursuit of other ‘hobbies’, such as XBox,

years old yet!

This

There is no decline in the young radio audience, just more competition for it. It’s as simple as that.

to

year

was

no

“People don’t come into the shop

radio stations and their owners were

opened up with the hot topic of the

anymore they buy everything on line

expounding the fact that their listening

conference: ‘What’s your view on the

now.” OK, so what are you going to do

figures for young adults between the

decline of younger listeners in the radio

- pack up and go home blaming the

ages of 17-25 are dropping alarmingly

audience, Mr Tabor?’ He answered,

internet for your failure? Or possibly

and there was much nodding of heads

“There is no decline in the young radio

take a leaf out of Mr Tabor’s book and

within the audience.

audience, just more competition for it.

recognise it is just competition of a

The issue was taken to the lunch

It’s as simple as that.” This was manna

different form, then decide how you are

breaks, the bars, the Indian restaurants

from heaven to me. All those doom and

going to tackle it.

et al and, by the end of the second day,

gloom merchants who had been

I was in a shop on the Island at

it had reached a sort of fever pitch.

slapping eachother on the back saying,

Christmas that was doing a roaring

Radio had come to the Radio Academy

“XBox, XBox, that’s the reason” had

trade, they had decided that they were

to find the answer to the supposed drop

their eyes opened by a leading light in

only going to offer things for sale that

in younger age audiences and had

commercial radio sayingthat it is just

you couldn’t get on the internet. Not a

convinced itself that the XBox was the

competition.

bad strategy (and a simple one if you

that

think about it), also they smiled when they took my money, gift wrapped the

type of car we choose to drive, to the

items, offered me a glass of mulled wine

The opening seminar of the third

radio stations we tune into. What

and wished me a Merry Christmas. Not

day was an interview with a young

Ashley Tabor was saying was that Radio

sure if Amazon does that.

a

very

strange

thing

happened.

ISSUE 141

interviewer

attention in every walk of life, from the

Then

ISLE OF MAN

The

There is competition for our

culprit - job done!

PORTFOLIO

So, to me, it’s the same when I hear: morning

social media and so on. Heads of large


ISLE OF MAN

Motoring The ‘shockingly affordable’ Dacia Duster New Lexus makes Geneva debut Toyota to increase Yaris production Good start to year for VW Commercial Survey: 6 out of 10 eat at the wheel Behaviour-modelled insurance Mourinho grabs first F-Type Coupe New S-Class Coupe an aesthetic treat Learn ISPGA - drive safer


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

“Shockingly affordable”

R 42 R We’ve been asking customers to ‘Do The Maths’, but even I’m struggling to get my head around this latest price

D

Dacia UK Brand Manager, Andy

overall Scottish Car of the Year trophy, a

its

Heiron, said: “After a record-breaking

hat-trick from Carbuyer.co.uk, including

affordable”

year, it seemed only right to show our

Car of the Year, for its ‘sensational value’,

more

appreciation to the public. Dacia came

while its 4x4 and towing abilities saw it

enticing, with a range of hot monthly

to the UK with one mission: to shake up

register at the Caravan Club and Towcar

repayment offers.

the long stagnant new and used markets

ceremonies.

acia is celebrating its first birthday

by

“shockingly

market-leading

model

making even

Brits took the smart-buy range to its

by offering ‘shockingly affordable’

The model has clearly struck a chord

heart last year, making it the fastest-

vehicles with high levels of quality and

with budget-conscious new and used car

growing car brand in the country. Now

unrivalled space and equipment for the

buyers up and down the country,

they are being rewarded with an

money. We’ve been asking customers to

although its success undoubtedly comes

unbeatable offer, available on new

‘Do The Maths’, but even I’m struggling

down to more than mere affordability.

Duster models ordered until 31st March

to get my head around this latest price -

The stylish SUV scores high on

2014, which start from £9,495.

what you are getting for your money is

practicality and reliability, together with

scary!”

low-running costs and fuel-efficient

Selected Duster Ambiance models are available from just £199 deposit and

Having sold more than 17,000 cars in

engines. It has a roomy cabin and huge

£199 per month. For just £10 per month

2013 across its four-strong line-up,

boot to round off its tempting package

extra, customers can upgrade to enjoy

Duster led the way with 7,830 orders. In

plus the bonus of rugged off-road

the benefits of Laureate.

its first year, Duster picked up the

capability in its 4x4 guises.

Toyota to increase Yaris production

T

oyota announced this week that

ISLE OF MAN

ISSUE 141

three-shift

operation

will

require an increase in manpower by

production shift at its European

500 production employees, which will

Yaris factory from June in order to meet

bring total employment at Toyota Motor

high demand for its two products, the

Manufacturing France (TMMF) in

Toyota Yaris and the Toyota Yaris

Valenciennes to more than 4,000.

Hybrid.

PORTFOLIO

The

it will start operating a third

“Sales forecasts have led us to

The Yaris is unique among small

increase production plans by around 15

cars in having the option of proven

per cent for 2014, for a total annual

Toyota hybrid technology, bringing the

production volume of around 220,000

easy driving, fuel efficient hybrid drive

units,”

to a wider audience than ever before.

President of TMMF.

confirmed

Koreatsu

Aoki,


New Lexus to make European debuts at Geneva T

he Lexus RC F will be seen for the first time in Europe at the Geneva Motor Show (from 4

March), ahead of going on sale this autumn. It's powered by a new 5.0-litre engine that's expected to deliver well in excess of 450bhp and more than 520Nm of torque, making this the most powerful V8 performance car Lexus has yet developed. To harness this power efficiently, the RC F combines a newly calibrated eightspeed transmission with a world-first installation of a Torque Vectoring Differential in a front engine/rear-wheel drive sports coupe. This enhancees traction

and

control

to

secure

exceptional handling and performance. The F Sport version of the Lexus RC coupe displays even stronger, more sporting exterior and interior design features and benefits from revised driving dynamics.

Positive 6 in 10 eat at the wheel start to the year for VW

D

rivers are being urged to take a

43

break and enjoy their food away from their vehicles, as road

safety charity Brake and Direct Line reveal more than six in ten (62%) have eaten at the wheel in the past year. Three in ten (29%) unwrapped food themselves at the wheel - a telling symptom of busy lifestyles putting lives at risk. Studies have

V

Commercial

suggested eating a meal at the wheel

Vehicles has started 2014 with

increases your risk of a devastating

growth in deliveries across its

crash as much as talking on a phone

olkswagen

Brake and Direct Line’s survey of

core European markets. Throughout Europe, the brand delivered

21,600

light

commercial

vehicles to customers (January 2013: 20,300). Globally, the brand delivered 37,520 vehicles, in line with last year (January 2013: 37,480). In Western Europe, sales of the

1,000 drivers reveals that in the past year:

Brake and Direct Line’s survey

• Three in ten (29%) have opened and eaten food at the wheel.

shows it’s not just meal times being squeezed by our busy lifestyles, as one

• A third (33%) have eaten food

in five drivers (20%) admit to doing

that was unwrapped and passed to

their hair, applying make-up or

them by a passenger.

otherwise tidying up their appearance

brand rose by 5.7 per cent in January

• One in 50 (2%) has narrowly

while at the wheel. One in 20 (5%)

2014, to 18,900 vehicles (prior year:

avoided a crash in the past year,

admit doing so in free-flowing traffic,

17,900). The European market with the

having had to brake or swerve to

risking appalling crashes.

greatest

avoid a hazard because they were

volume

for

Volkswagen

Commercial Vehicles was Germany in

distracted by food or drink.

Eating at the wheel is part of the wider problem of distracted drivers,

January 2014. The deliveries of Caddy,

The numbers of UK drivers eating

believed to contribute to around one

T5, Crafter and Amarok increased

at the wheel reflects a wider trend

in five crashes (22%). Drivers who

substantially by 15.3 per cent, to 7,200

towards eating on the move, as

attempt to multi-task at the wheel are

vehicles (previous year: 6,250). In the

lifestyles become ever more fast-

two to three times more likely to

United

Volkswagen

paced. Britons have been found to

crash [4], and complex tasks like

Commercial Vehicles was able to boost

spend more on food eaten on the

unwrapping and eating a burger

deliveries by 10.9 per cent to 2,450 units

move than any other country in

increase the risk even more [5]. The

(previous year: 2,200). In Eastern

Europe,

continental

consequences can be deadly, as in

Europe, sales increased by 13.9 per cent

neighbours more likely to take time

May 2012 when a cyclist was killed by

to 2,700 vehicles (previous year: 2,350).

out to enjoy meals.

a driver who was eating a sandwich.

Kingdom,

with

our

Eating at the wheel is part of the wider problem of distracted drivers, believed to contribute to around one in five crashes

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

Look who’s got the first one!

R 44 R

N

ew Jaguar UK ambassador

new products. We are developing a new

The F-Type Coupé UK debut will

José Mourinho will be the first

advanced aluminum architecture that

open with an exclusive screening of the

customer to take delivery of

will be the basis of a range of highly

dramatic new Jaguar ‘Rendezvous'

efficient, yet high performance sports

advert, directed by Oscar-winner Tom

Mourinho joined Jaguar Land Rover

and luxury Jaguar cars in future. We

Hooper and starring Sir Ben Kingsley,

UK Managing Director, Jeremy Hicks,

now employ more than 26,000 people in

Tom Hiddleston and Mark Strong. The

and Jaguar Design Director, Ian

the UK across Jaguar Land Rover.

advert is the latest offering in Jaguar's

Callum, at the official UK launch event

These are all positive signs for our

‘British Villains’ campaign which began

for new F-Type Coupé in London on 13

business,

with the introduction of the F-TYPE

February.

customers.

the new F-Type Coupé in March.

our

people

and

our

Coupé in November 2013, and made its

Jeremy Hicks said: “I am really

“With the F-Type Coupé, our

world premiere during the coveted

excited to be officially presenting the

designers and engineers have created

advertising slot in the Super Bowl

new F-Type Coupé in the UK for the first

the ultimate expression of Jaguar DNA;

XLVIII

time. This sports car is as important to

beautiful

interval.

the Jaguar brand as it is spectacular to

immense dynamic performance. I am

Having now received more than 11

drive.

sure all our customers will be as excited

million views online, the advertisement

as our new ambassador José Mourinho

will hit television screens in the UK for

at the prospect of driving it.”

the first time in April.

“Jaguar is a brand with great momentum, launching many exciting

design

combined

with

North

America

broadcast

Explained: advanced driving technique, IPSGA

B

ritain’s top advanced driver, Peter

early so that you have time to separate

Rodger, explains an advanced

changing speed from changing gear. • Accelerate. Once you can see

driving technique, IPSGA, to help

through the road ahead, if it is safe,

you to drive as smoothly as possible: • Information. What’s going on all

accelerate smoothly - bearing in mind

around you? Check your mirrors to work

the road conditions (especially the road

out the movements of other road users as

surface). Peter Rodger is the Institute of

well as keep an eye on the road ahead. • Position. After confirming it's safe,

• Speed. Adjust your speed to prepare

Advanced Motoring’s chief examiner. He

take the best position for dealing with

for what you're going to do, before you

said, “Preparation is key. You’ll make

your manoeuvre. Usually that means

get to the hazard.

better progress through if you use this

position your vehicle to make sure that you have the best view possible. ISLE OF MAN

PORTFOLIO

ISSUE 141

• Gears. Once you’re at the right speed, select the right gear. Adjust speed

sequence, and can enjoy the feeling of driving smoothly away afterwards.”


An aesthetic, exclusive high-end coupé

S

tylistically self-assured presence,

lateral acceleration acting on the

Class Coupé is an expression of the

exclusive appoint-ments and

vehicle’s occupants. On country roads in

Mercedes-Benz design idiom - sensual

refined sportiness - the new S-

particular, this means greater driving

purity. An enthralling combination of

Coupé

Mercedes-Benz

pleasure and ride comfort for our

sculptural sensuous volume elements

combines the classic proportions of a

customers.” The new S-Class Coupé will

and components, and the clear geometry

large, sporty coupé with modern luxury

have its world première at the Geneva

of its basic architecture create an avant-

and state-of-the art technology.

International Motor Show (6 - 16 March

garde design idiom. A high-class appeal,

Class

from

the

2014). The two-door car is available with

quality workmanship and exceptional

breathtaking two-door coupé can be

a 4663 cc V8 biturbo engine. The S 500

touch and feel are a treat for the

optionally equipped with the MAGIC

Coupé has a nominal output of 455 hp,

passengers' senses, so that the car's

BODY CONTROL suspension system

its torque level peaks at 700 Nm. The

interior represents the highest level of

with curve tilting function. Additional

sporty

‘modern luxury’.

technical highlights are the head-up

significantly enhanced by the emotional

display and touch pad feature. Optionally

sound produced by the exhaust system.

available expressive headlamps, each

Like the S-Class Saloon, the new

architecture, giving rise to a vehicle of

featuring 47 Swarovski crystals, produce

Coupé is available with numerous new

unique character in the upper coupé

a uniquely striking appearance.

assistance systems that make driving

segment. The dashboard is divided into

“As exclusive as it gets - the ultimate

even more comfortable and safer. The

a very clear top-layer section with an

in aesthetic sportiness”, stresses Ola

‘Intelligent Drive’ systems include,

expansive

Källenius, Member of the Board of

among other things, Pre-Safe® brake

extending to the doors, and an extremely

Management, Sales and Marketing

with pedestrian detection, Distronic Plus

low, sculptural ‘floating’ lower section.

Mercedes-Benz Cars. “The breathtaking

with Steer Assist and Stop&Go Pilot, BAS

This striking architecture was made

design of the Concept S-Class Coupé

Plus with junction assist, Active Lane

possible by repositioning the airbag to a

marked by sporty-classic proportions

Keeping Assist, Adaptive High-beam

completely new low location. This

and sensual purity is transferred to the

Assist Plus and Night View Assist Plus.

concept enables the large, two-part

series-production

Coupé

‘Collision Prevention Assist Plus’ features

wide-screen format TFT display to be

virtually unaltered. The large coupé has

an additional function apart from the

placed in a prominent "hovering"

always been the supreme pinnacle of our

adaptive brake assistant, which provides

position in front of this trim surface. In

model range and that’s why it’s now

collision protection from a speed of 5

addition, it is stylishly highlighted with

called the ‘S-Class’ again.”

mph: if there remains a danger of

an ambience lighting corona. Under the

“The world premiere of the active

collision and the driver fails to respond,

display, the sporty elevated centre

curve tilting function demonstrates the

the system can carry out an autonomous

console extends to the vehicle rear. All

possibilities offered by Mercedes-Benz

braking manoeuvre at speeds of up to 65

lids and armrests are lavishly covered in

Intelligent Drive,” notes Prof Dr Thomas

mph, thereby reducing the severity of

leather.

Weber, member of the board of

collisions with slower or stopping

In cooperation with high-end audio

management of Daimler AG with

vehicles. The system also brakes in

specialists Burmester, two especially

responsibility for corporate research and

response to stationary vehicles at a speed

high-value audio systems have been

Mercedes-Benz Cars development. “The

of up to 31 mph, and is able to prevent

developed: the Burmester® surround

vehicle leans into bends much like a

rear-end collisions at up to 25 mph.

sound system and the Burmester® High-

As

a

world

première,

S-Class

motorcyclist, thereby reducing the

motoring

experience

is

The interior design of the new S-

R 45 R

The S-Class Coupé’s dashboard fascinates

with

its

spectacular

‘wrap-around’

effect

The vehicle leans into bends much like a motorcyclist, thereby reducing the lateral acceleration acting on the vehicle’s occupants

End 3D surround sound system. ISLE OF MAN

ISSUE 141

PORTFOLIO


John Ingham L U X U R Y

A N D

P E R F O R M A N C E

C A R S

We want to buy your Classic Car At John Ingham we are constantly looking to aquire classic vehicles vehicles of the highest standard to add to our collection. Our ideal vehicles are low mileage original un-modified models, specifically Aston Martin, Alfa Romeo, Audi, Bentley, BMW, Ferrari, Ford, Lancia, Mercedes-Benz, Porsche, Rolls-Royce and many more.

There are two options that are available when it comes to selling your car A) We are competitive buyers and may offer you a cash sale to buy your car outright.. B) You may wish to part-exchange your car to cover the cost of the one you are buying.

If your vehicle meets these criteria, please contact us on 01624 815055 or pop in and see us at our showrooms for an instant cash decision.

John Ingham - Luxury & Performance Cars The Car Showroom Derby Road

Classic Cars of all marques considered

Ramsey Isle of Man IM8 1DA

01624 815055 www.johningham.co.uk Open 6 Days (Closed Sundays)


ISLE OF MAN

Appointments In association with

www.hamblin.co.im T 01624 640420

SMP Partners Simcocks Skanco PwC Manx Telecom IOM Captive Association Argon Technologies ICM Group


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

In association with

www.hamblin.co.im T 01624 640420

SMP Partners Right: Lorna Coniglio-Burrows

S

MP Partners, a dominant name

change and uncertainty as regulation

in the Isle of Man’s e-gaming

and legislation are scrutinised and

sector, has promoted Lorna

developed.

experience

and

expertise of the e-gaming team at SMP

and Head of Gaming Development.

Partners

will

be

crucial

to

Lorna has been with the firm since

understanding and responding to these

2004, playing an instrumental role in

testing times and to deliver the best

developing the company’s gaming

outcomes for our clients.”

proposition. She is part of a 23-strong

Actively managing half of the Isle of

gaming team at SMP Partners, which

Man’s licensed gaming operators, SMP

now looks after 50% of the Island's

has successfully guided many of the

licensed gaming companies.

Island’s licence applications through the licensing process. In addition to a

Business Development Director

R 48 R

The

Coniglio-Burrows to Senior Manager

David Hudson said: “Over the last five

Commission.

developed

dedicated gaming team, a number of

years, Lorna has been instrumental in

expertise across a broad range of

technical experts are called upon from

the developing the company’s gaming

gambling and gaming models and as

other parts of the Group, including VAT

proposition and she will be absolutely

Head of Gaming Development, Lorna

and

central to continuing that development

will play a pivotal role as we push

corporate management specialists and

in the future, as we help attract more

forward into new service offerings and

in-house lawyers. SMP Partners offers

business to the Isle of Man and deliver

markets.”

clients a wide range of services,

She

has

tax

consultants,

accountants,

Lorna is approved as ‘Key Staff’ with

including consultancy and support in

the Financial Supervision Commission

securing the Isle of Man Gambling

detailed

and as a Director and Operations

Licence, tax and corporate structuring,

understanding of the regulations and

Manager with the Isle of Man Gambling

VAT consultancy, company formation

requirements surrounding e-gaming

Supervision Commission. She also sits

and on-going corporate services, and

licences and over the last 4 years Lorna

on the board of a number of Isle of Man-

utilises an extensive network of contacts

and her team have provided the project

licensed gaming companies and has

within the gaming industry to facilitate

management for 60% of the gaming

significant experience in this area.

introduction

the very highest standards of service for all our clients. “Lorna

has

built

a

licence applications approved by the Island’s

Gambling

Supervision

She added: “The e-gaming industry

to

banking,

payment

service and hosting providers, software

worldwide is going through a period of

development and testing companies.

department and has worked with a wide

than £100 million worth of domestic

range of clients from individuals, first-

conveyancing.

Simcocks time

buyers,

property

developers,

investors, tenants and estate owners.

Above: Taryn Pyle

ISLE OF MAN

PORTFOLIO

ISSUE 141

“The property team work calmly under pressure and is accustomed to

Taryn, who recently passed the

handling multiple transactions. A recent

Manx Bar exams, will be advising on all

client feedback survey showed that our

aspects of the sale and purchase of land

clients

and property as well as land registration

attentive and speedy response times.

issues and the preparation of leases.

Taryn has all of these attributes, we

appreciated

our

accurate,

Chief Executive, Phil Games, said:

know she will fit in exceptionally well

imcocks, one of the leading law

“Simcocks has been involved in the

and be an important asset to the

practices on the Isle of Man, has

conveyancing of property on the Island

department.”

appointed Taryn Pyle as a

for decades and we have investigated

Taryn said: “I am delighted to be part

conveyancing manager in its property

the details of thousands of properties.

of such a strong and experience team. I

department.

S

This gives us the unique position of

know buying and selling property can be

Taryn, who joined the company in

having a huge database of information

a stressful experience but we aim to

2008 as a Paralegal, has gained

allowing us to work quickly and

make the process as smooth and straight

considerable

efficiently – in 2013 we handled more

forward as possible.”

experience

in

the


Announce yo new appointm ur ent!

Email text an d pic to portfolio@man x.net Deadlin e for next issu

e, 04 April!

Skanco

P

services

Room in February. The event will see

company Skanco Business

many UK specialists from respected IT

Systems Ltd is seeking to

vendors

rofessional

IT

such

as

Microsoft,

HP,

expand its business in the Isle of Man

Symantec, Veeam, VMware and Citrix

with

Dee

on hand for appointments and drop-

McLoughlin as business development

ins, offering first-hand advice to

manager.

attendees.

the

appointment

of

Over the last five years as a sales

Dee said “This showcase is an

account manager at Skanco, Dee has

opportunity for our customers and the

managed and developed some of its top

Island’s IT professionals to connect

accounts, focusing on driving new

with market leading vendors either on

projects through and introducing new

a one-to-one basis or simply to find out

products to the Island’s businesses.

about new products or solutions

David

arriving on the market this year. The

Butterworth said “With the Island’s

event shows once again that although

economy continuing to grow, we’re

we are a local company, Skanco can

looking to increase business and we

offer globally recognised specialist

see Dee as a crucial part of this. During

solutions to Island-based companies.”

Managing

director

her time at Skanco, Dee has proven to

Dee moved back to the Island in

be a key asset to the company and

2008 and started working at Skanco as

we’re delighted that she has taken on

an account manager. Dee added “From day one, Skanco

the challenge of this new role.” The position will see Dee build on

has given me the tools to succeed in my

her experience, proactively focusing

role, from providing access to the

on new business development within

continuous technical training required

both Skanco’s existing customer base

to support our clients, to funding

since its inception in 1985, in particular

and new businesses on the Island.

professional courses such as marketing

over the past five years, as a result of

at the International Business School.”

growing the expertise and skills within

For the second year running, Dee will be responsible for co-ordinating

Skanco’s core business is providing

the technical team and the training and

Skanco’s IT Showcase, which takes

complete IT solutions to businesses on

development of a successful and

place at the British Hotel’s Embassy

the island. It has continued to develop

confident sales team.

49 R

Above: Dee McLoughlin

PwC

F

ormer Deloitte partner Steve

which will be to help develop the

Billinghurst has joined PwC’s

advisory practice with a particular

advisory team.

focus on data and systems assurance

Steve has worked in the offshore

environment for 13 years in Jersey

for ‘data rich’ business, internal audit and transaction services. Commenting

and more recently since 2009 here in

on

appointment,

Steve’s audit and business advisory

Clague said, “I see Steve as a fantastic

experience covered many industries,

addition to our team. His broad range

such as financial services - banking,

of experience complements Mike and

fiduciary, funds (private equity and

Gordon's

vanilla),

restructuring background and means

egaming, property and

have

senior

Steve's

the Isle of Man. During that time,

partner

insolvency a

combined

Ian

and

commercial - retail, manufacture and

we

distribution. Steve has also provided

proposition that is second to none.”

service

to his clients corporate finance

Mike Simpson, PwC's senior advisory

team that can also be supplemented

transaction services including the

partner added "Steve's appointment

by staff from PwC's 70 strong audit

preparation

information

really allows us to align our efforts

department. Steve is delighted with

memoranda, working capital reports,

and resources against the specialist

his new position and commented, “It

financial assistance reports and pre

skills of our senior team. No other

is great to be back in the profession

acquisition due diligence reports.

firm has the breadth and depth of

and I am looking forward in this new

insolvency and advisory experience

role to helping clients create added

that we have.”

value through the provision of PwC’s

of

Steve's broad range of industry knowledge acquired offshore and onshore will frame his role at PwC

Steve joins a 15 strong advisory

Above: Ian Clague, Partner Steve Billinghurst, Director Mike Simpson, Partner Gordon Wilson, Director.

advisory services.” ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

In association with

www.hamblin.co.im T 01624 640420

Manx Telecom Right: Anne Lemonofides

M

anx Telecom has appointed

and telecoms industries. This includes

Anne Lemonofides as a

several

Sales

management, business development

Manager

for

its

roles

in

account

and sales, and she has worked for

Chameleon product portfolio.

Vodafone,

Chameleon is the brand name for

Orange,

Mitel,

and

the company’s suite of UK focussed

Dimension Data. Commenting on her

smart SIM solutions aimed at M2M

appointment, Anne said: “I am very

(Machine To Machine) and SSM

excited to be joining Manx Telecom at

(Strongest Signal Mobile) partners.

this very interesting time in its history

Chameleon is already the mobile

and to be part of the dynamic team

product of choice for a wide range of

taking Chameleon to market. Until a

connection critical markets including

need is recognised, it doesn’t matter

providing

protection

remote

how great a product is. Manx Telecom

workers,

remotely

monitoring

has identified a need, and what

systems,

R 50 R

senior

or

for

improving

Chameleon can offer the market.”

business

efficiency. It offers the flexibility to

Anne will be based in the UK and

Tom Meageen, Head of Business

roam on any network, but provides a

work alongside Paul Craig who is also

Development at Manx Telecom, said:

more

when

a Chameleon Sales Manager. The

“We are delighted to welcome Anne to

compared to traditional roaming

Chameleon team is completed by Isle

our Chameleon team. Her experience

solutions. Choosing Chameleon also

of Man-based Product Manager Sarah

and expertise will further strengthen

gives Manx Telecom’s partners access

Creighton and Account Manager

our efforts to expand our off-Island

to an innovative management portal

Suzanne Mealin. Prior to joining Manx

business by continuing to explore new

which allows greater control of their

Telecom Anne Lemonofides worked

markets for innovative products such

service than a traditional UK network

for Vodafone and she has more than

as

operator would provide.

20 years’ experience working in the IT

solutions.”

cost-effective

option

Chameleon

and

Smart

SIM

Isle of Man Captive Association Right: Simon Nicholas

T

he representative body for the

“As such, it is a very exciting time to

Isle of Man’s captive insurance

be part of IOMCA and I look forward to

industry, the Isle of Man Captive

working with the committee, and

Association (IOMCA), has announced

industry as a whole, to build on our

the appointment of a new Deputy

strategy for growth and diversification.” The Isle of Man is recognised as

Chairman, Simon Nicholas of KPMG Isle

being one of the leading centres for

of Man. Gaynor Brough, Chair of the Isle of

captive insurance and has attracted high

Man Captive Association commented:

quality captive business from all over the

“I’m delighted to formally welcome

world. IOMCA members offer a broad

Simon Nicholas to the role of Deputy

range of captive management services

Chairman of IOMCA. Simon has played

ranging from small local operations to

a key role in shaping the Island’s

representatives of the world’s leading captive management groups.

insurance value proposition and I look forward to working with him to take

that. He has significant experience

The Isle of Man’s legislation offers a

advantage

auditing and advising insurance entities,

wide range of captive structures,

in particular captives.

including

of

the

many

exciting

opportunities which we have created.”

ISLE OF MAN

PORTFOLIO

ISSUE 141

single-parent

captives,

Simon Nicholas joined KPMG Isle of

Simon Nicholas commented: “The

association captives, rent-a-captives,

Man in 2010. Prior to moving to the Isle

insurance industry in the Isle of Man has

Incorporated Cell Companies, Special

of Man Simon worked with the

weathered the financial storm of the

Purpose

Bermuda reinsurance and captive

past few years exceptionally well and

Company

markets for KPMG in Bermuda for

continues to grow from strength to

liability

nearly 7 years, and with the London and

strength repeatedly attracting new high

captives writing third party business

Lloyd’s markets for many years prior to

quality companies to the Island.

under limited third party authorisation.

Vehicles, (PCC)

Protected captives,

partnership

Cell

limited

captives

and


Announce yo new appointm ur ent!

Email text an d pic to portfolio@man x.net Deadlin e for next issu

e, 04 April!

Simcocks

S

imcocks has announced the

Chief executive of Simcocks, Phil

admission of Victoria Kiver to

Games said: “On behalf of everyone at

the Isle of Man Bar.

Simcocks I would like to congratulate

Victoria joined Simcocks as an

Victoria on her admission to the Isle of

after

Man Bar. Simcocks’ dispute resolution

successfully completing her studies at

team has a great deal of experience

Lancaster University and The College

and expertise and we are all confident

of Law in Bloomsbury. The former

Victoria will be a valuable asset to the

head girl of Queen Elizabeth High

department.”

articled

clerk

in

2010

School in Peel is part of Simcocks’

Victoria said: “Simcocks has been

Dispute Resolution team where she

tremendously supportive throughout

has experience across a broad range

my studies and I am delighted to being

of

including

part of this innovative and pro-active

separation and divorce. She also

team. I am looking forward to building

advises on parental rights which often

on my knowledge and expertise, the

relate to child contact, residence and

department deals with a wide range of

maintenance issues. Victoria was

disputes including corporate and

formally admitted as an Advocate at a

commercial litigation, trust-related

ceremony

and shareholder disputes so I know it

family

law

issues

before

His

Honour

will be varied and challenging.”

Deemster Doyle.

Above: Victoria Kiver

Argon Technologies

A

has

whilst working to continually develop

announced the strengthening

Argon’s strategy for growth over

of its all-Island Board with two

coming

rgon

Technologies

years. focus

Matt on

brings the

his

additional appointments from within

consistent

the local ICT services provider.

daily

operations of Argon Technologies to

Matt Singleton, who is responsible

the Board, and will combine extensive

for Service Delivery and who has been

experience in the industry to help

with the company for 14 years is

deliver future strategies.

stepping up to join the Board this

Iain Fairbairn, Managing Director

month and will be joined by Ian

at Argon Technologies, commented on

Quayle, Head of Technical Services.

the appointments: “I am really pleased

A highly proficient technician and

R 51

that Matt and Ian have agreed to join the Board, both to assist in overseeing

complimentary

year’s

the smooth day to day operations and

promoting from internal is the right

experience with Argon, Ian will

using their extensive experience and

thing for the business at this time.

continue

future

knowledge to help us determine the

These changes create an all-Island

technologies and their potential role

future strategies for the business.

Board, which reflects the business’s

within the business customer market,

Their skill sets and experience are

return to local ownership and control.”

with

an

MBA

Management to

in

and focus

Executive ten on

and

I

believe

Above: Ian Quayle Iain Fairbairn Matt Singleton

MannVend

M

annVend has announced

“MannVend have an excellent

that Dan Carpenter has

reputation on the Island and I have

joined the company as Sales

enjoyed joining this very customer-

Executive.

focused team.”

Dan joins MannVend after seven

“Dan brings a tremendous amount

years of diverse sales experience at

of enthusiasm, experience and fresh

RBSI where he fine-tuned his sales

ideas to the company,” Managing

skills in the area of offshore mortgages.

Director Tracey Leahy said. “Our

Dan said, “I was ready for a change

people are our best asset and I am very

in direction, and the role at MannVend

confident that our clients will find Dan

enables me to look after a diverse range

extremely personable.”

of clients in many different industries whilst also developing new business.

Left: Dan Carpenter

MannVend is one of the Islands long established family-owned businesses.

They supply refreshment machines to offices,

factories,

schools

and

workplaces across the Island. ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

Appointments

|

Lifestyle

ICM Group

T

of

encountered since 2008 we have

fifth book, The keys to the boardroom:

directors has announced the

enjoyed continuous growth and, with

How to get there and how to stay

appointment of a high profile

confidence returning, we believe that

there. With five best-selling books to

our expansion will continue. Although

her name, 300 companies bought and

growth

sold and over 40 non-executive roles,

he

ICM

Group

board

non-executive chair, Jo Haigh. Winner of the 2013 Sunday Times

always

complexity and new challenges. We

Jo said: “Over the years I have

Jo Haigh is a highly experienced

feel that we have reached the next

been very fortunate to hold a number

businesswoman

regular

stage of the company’s development

of prestigious roles as non-executive

presenter for the Institute of Directors.

and recognise that we need to

director. This is my second chair

enhance

think

position and I was flattered to be

remaining

asked to join ICM for whom I have

a

our

associated offices in London, Jersey,

strategically

Antibes and Monaco, the ICM Group

focussed.

with

it

award, in association with Peel Hunt, and

comes

welcome,

inevitably

Based on the Isle of Man, with

Above: Jo Haigh

is

Non-Executive Director of the Year

ability

increased

to

whilst

Jo Haigh knows her subject.

massive respect. I most enjoy working

is a successful, privately owned

“Jo’s background and experience,

corporate service provider, which

together with her independence as a

businesses and ICM is no exception. I

specialises in wealth management

non-executive, will ensure that our

have

solutions,

aviation.

assumptions are tested and our

productive days with the board and

Founded in 1984, the Group has

actions are timely and appropriate. We

the senior management team and I

grown steadily over the years and now

were overjoyed when Jo accepted our

am hugely impressed by their skills

has 70 employees.

invitation and we look forward to

and enthusiasm to continue to build

Mark Byrne, ICM Group director

working with her. We have found a

an even better business.”

specialising in aviation and wealth

world-class entrepreneur who will

This new appointment comes as

management, told us why the time

make a huge difference to how we run

the ICM Group celebrates its 30th

was right to make the appointment:

and expand our business.”

anniversary and prepares for a big

yachting

and

Jo Haigh recently launched her

“Even with the economic turbulence

with

growing already

and spent

ambitious three

very

move to new headquarters in Douglas.

R 52 R

Your future is our business and no-one else’s!

Building on our success, we would like to capitalise on our position as a market leader and are seeking a Senior Recruitment Consultant. As Senior Recruitment Consultant you will work as part of the dynamic recruitment team, and ultimately build a business unit within the Recruitment Division. The successful candidate will have the responsibility for prospecting and account-managing a select number of new and existing key clients with a focus on permanent/interim/contract recruitment. What you possess: Strong commercial awareness • Account management skills • Excellent communication skills - oral and written • Creative thinking • Aptitude to be a strong team player • An HR related degree or professional qualification which is considered beneficial although not essential • A minimum of 4-5 years’ experience in Recruitment • Extensive recruitment/account management experience, preferably with international exposure This is an exciting opportunity for a bright, ambitious and experienced Recruiter looking for a new challenge. If you want to be part of a growing and successful company that encourages independent working from motivated staff, please submit your CV with a covering letter stating why you think you are suitable for the role to Emma Allard at the address below.

Hamblin House, 5 Upper Church Street, Douglas, IM1 1EA T +44 1624 640420 www.hamblin.co.im • www.facebook.com/hambliniom Te m p o r a r y

|

Permanent

ISLE OF MAN

PORTFOLIO

ISSUE 141

|

Executive

|

Payroll

|

Learning & Development


ISLE OF MAN

Directory Isle of Man Airport Flight Schedules Isle of Man Airport Contact Information Isle of Man Business Directory: Accountants Advocates Banks - Licenceholders Investment Companies Life Assurance Companies Information - The Isle of Man Key locations, statistics Its Constitution Tax Allowances, Financial Incentives


News

|

Government

|

Features

|

Cars

|

Directory

|

REFERENCE NEWS | L i f e s t y l e

Appointments

ISLE OF MAN AIRPORT FLIGHT SCHEDULES BELFAST

ISLE OF MAN - BELFAST

BELFAST - ISLE OF MAN

DEP

DEP

ARR

MTWTFSS

Tel. 0871 200 0440 www.citywing.com

0910 0945 • 1010

1050

1110

1150

• • •

1400 1440

1800 1840

BIRMINGHAM

• • • • • ••

BLACKPOOL

R 54 R

1050

1100

1150

1210

1250

• • • •

1700

• ••

1740

1900 1940

• • • • • ••

BIRMINGHAM - ISLE OF MAN

DEP

DEP

ARR

MTWTFSS

0935 1030 1920 2015

• • • ••

ARR

1800 1855

•• • •• • • • • ••

DEP

ARR

0910 0950 • • • • •

0910 0950

1600 1640

1010

• • • ••

1800 1840

1050

• •• • ••

1500 1540

• •

MTWTFSS

0820 0855 •

1700

1740

• • • • ••

1900 1940

DUBLIN Tel. 0871 718 5000 www.aerlingus.com

GLASGOW Tel. 0871 200 0440 www.citywing.com

GLOUCESTER

DUBLIN - ISLE OF MAN

MTWTFSS

DEP

1005 1045

• • • •••

0855 0940 • • • • • •

1755

ARR 1835

••

••

DEP

MTWTFSS

ARR

0750 0850 • • • •

0915 1015

1620 1720

1745

1700

• • ••

1800

•• • •

1845

• • ••

1830 1930

GLOUCESTER - ISLE OF MAN

DEP

DEP

ARR

MTWTFSS

1000 1110

MTWTFSS •• • •

1030 1140 1130

1330 1440 1820

ARR

0910 1020 •

1240

1840 1945

• •• • •

•• • •

ISLE OF MAN - LIVERPOOL

LIVERPOOL - ISLE OF MAN

DEP

DEP

ARR

1050 1130 1130

MTWTFSS •

• • • ••

1155

1235

1235 1315

1725

MTWTFSS

1805

••• •

• • • ••

1950 2030

• • • • ••

ARR

0815 0855 • • • • • •

•••

1210

1620 1700

MTWTFSS

ISLE OF MAN - GLOUCESTER

1850 1930

ISSUE 141

GLASGOW - ISLE OF MAN

ARR

1845 1925

ISLE OF MAN

1645 1730

MTWTFSS

DEP

0700 0740 • • • • • •

PORTFOLIO

ARR

ISLE OF MAN - GLASGOW

1710

Tel. 0871 700 2000 www.flybe.com

DEP

0900 1010

LIVERPOOL

ISLE OF MAN - DUBLIN

0740 0850 • • • •

Tel. 0871 200 0440 www.citywing.com

BLACKPOOL - ISLE OF MAN

MTWTFSS

1900 1940

MTWTFSS

1055 1150

ISLE OF MAN - BLACKPOOL DEP

ARR

0715 0810 •

0725 0800

Tel. 0871 200 0440 www.citywing.com

1010

ISLE OF MAN - BIRMINGHAM 0835 0930 • • • • •

Tel. 0871 700 2000 www.flybe.com

MTWTFSS

1500 1540

••

1600 1640

ARR

0815 0850 • • • • •

0725 0800 • • • • •

1955 2035 • • • • •

• •


In association with

Book online: citywing.com

ISLE OF MAN - LIVERPOOL

LIVERPOOL - ISLE OF MAN

DEP

DEP

ARR

MTWTFSS

ARR

MTWTFSS

0850 1925

0745 0825

1220 1640

• •

1115

1155

• •

1615

1655

1720

1835

••

1805 1800

••

ISLE OF MAN - LONDON CITY

LONDON CITY - ISLE OF MAN

DEP

ARR

DEP

1110

1215

1300 1415

MTWTFSS

MTWTFSS

0930 1035

1120

•• • ••

1430 1535

ARR

1225

1250 1355

LONDON GATWICK - ISLE OF MAN

DEP

DEP

MTWTFSS

0855 1025

0645 0820 • • • • • • 0800 0925

0950 1115

• • • •••

1350 1515

• • • ••

1715

1840

1735

1900

1315

1545 1710 1910

MTWTFSS

• • • ••

• • • ••

LONDON GATWICK - ISLE OF MAN DEP

ARR

1120

1235

1305 1420 1630 1745

• •

••

1800 1920

1445 1600

1610

MTWTFSS ••

MANCHESTER - ISLE OF MAN DEP

1010 1515

1035 1120

•• • ••

1100

1335 1425 1605

1125

•• • ••

1210

1655 1740

•• • •• • • • ••

2010 2100

MTWTFSS

1450 1535

1605 1655 1850 1940

ARR

1720

1900 1945

Tel. 0905 821 0905 www.easyjet.com

MANCHESTER

• • • • • ••

ISLE OF MAN - NEWCASTLE

NEWCASTLE - ISLE OF MAN

DEP

ARR

MTWTFSS

DEP

1100

1200

1230 1330

1415

1515

ARR

Tel. 0871 700 2000 www.flybe.com

•• • ••

1805

2020 2105

••

R 55 R

0840 0925 • • • • • •

0705 0755 • • • • • • 0920 1010

1735

DEP

MTWTFSS

LONDON GATWICK

• •

ISLE OF MAN - MANCHESTER ARR

Tel. 0871 700 2000 www.flybe.com

DEP

MTWTFSS

LONDON GATWICK

ISLE OF MAN - LONDON GATWICK ARR

Tel. 0844 493 0787 www.ba.com

• • • • •••

2035

1930 2100

LONDON CITY

• • • •••

0955 1125 1145

• • • • ••

ARR

Tel. 0905 821 0905 www.easyjet.com

• •• • ••

ISLE OF MAN - LONDON GATWICK ARR

LIVERPOOL

NEWCASTLE

MTWTFSS •

1545 1645

••

Tel. 0871 200 0440 www.citywing.com

Some of the destinations listed in these schedules are seasonal and apply only to certain times of the year. If in any doubt, please check with the individual airline for confirmation.

ISLE OF MAN AIRPORT CONTACT INFORMATION Information Desk

01624 821600

Administration

01624 821601 (9-5 Mon-Fri)

Facsimile

01624 821611

Email

admin@iom-airport.com

Website

www.iom-airport.com

IOM Customs & Excise

01624 648110

Airport Security

01624 821612 (24 Hours)

Restaurant and Bar

01624 823538 (Caterleisure Ltd)

Airport Advertising

01624 620440 (IOM Advertising)

Car Hire

Athol Car Hire 01624 820092 www.athol.co.im Mylchreests 01624 823533 www.mylchreests.com IOM Rent-a-Car 01624 825855 www.iomrac.com

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

REFERENCE NEWS | L i f e s t y l e

Appointments

ISLE OF MAN BUSINESS DIRECTORY ACCOUNTANTS Alder Dodsworth & Co., 22 Athol Street, Douglas. Tel. +44 1624 622865

Ambitions Ltd, 26 Finch Road, Douglas. Tel. +44 1624 614841

Baker Tilly Isle of Man, P.O. Box 95 2a Lord Street Douglas Tel. +44 1624 693900 info@bakertillyiom.com

BDO (Isle of Man) LLC, Analyst House, 20-26 Peel Rd., Douglas. Tel. +44 1624 652000 mail@pkfiom.com

Boothmans, Millennium House, Victoria Road, Douglas. Tel. +44 1624 611926 bca@boothmans.com

Nicola Bowker & Co., Commissioners Offices, New Road, Laxey. Tel. +44 1624 861271

Browne Craine & Co, Burleigh Manor, Peel Road, Douglas. Tel. +44 1624 629369 burleigh_manor@mcb.net

Callin & Co, 6-7 Fort William, Head Road, Douglas. Tel. +44 1624 675528 callin@manx.net

Callow Matthewman & Co, Atholl House, 29/31, Hope Street, Douglas. Tel. +44 1624 622752 Ramsey Office Tel 814494

Celtic Associates Ltd, Chartered Accountants, One, The Parade, Castletown. Tel: +44 1624 822022 Email: email@celt.im

John Clarke & Co, Ragnall House, Peel Road, Douglas. Tel. +44 1624 661821 gentrex@mcb.net

R H Corkill & Co. Ltd, 10 Auckland Terrace, Ramsey. Tel. +44 1624 816921

Corlett & Co, Ellan Vannin Cottage, Baldrine. Tel. +44 1624 861060

Crossleys, P. O. Box 1, Portland House, Station Road, Ballasalla. Tel. +44 1624 822816

Crowe Clark Whitehill, 6th Floor, Victory House, Prospect Hill, Douglas. Tel. +44 1624 627335 mail@crowecw.im

David Gelling & Associates, 44 Main Road, Onchan. Tel. +44 1624 615500

Deloitte LLP, The Old Courthouse, Athol Street, Douglas. Tel. +44 1624 672332

Edwards & Hartley, Peregrine House, Peel Road, Douglas. Tel. +44 1624 622302 edwardsandhartley@manx.net

Evolution Accounting Ltd., West Suite, Ragnall House, 18 Peel Road, Douglas. Tel: +44 1624 611160 accounting@evolution.co.im

J. C. Fargher, Ballafreer House, Union Mills. Tel. +44 1624 851190

Finnie & Co, 6, Goldie Terrace, Douglas. Tel. +44 1624 621523 finnies@altavista.com

Ernst & Young, Rose House, 51-59 Circular Road, Douglas. Tel. +44 1624 691800 www.ey.com/im

Douglas & Co, Suite 2, Broadway House, 8-10 Broadway, Douglas. Tel. +44 1624 628571

R 56 R

Crowe Morgan, 8, St George’s Street, Douglas. Tel. +44 1624 665100 admin@crowemorgan.co.im

Fowler & Co., First Floor, Norton House, 41 Arbory Street, Castletown. Tel. +44 1624 827848

Fryers Bell & Co, 27, Athol Street, Douglas. Tel. +44 1624 639850 fryers_bell@manx.net

Galloway Smith & Co, 9, Hope Street, Douglas. Tel. +44 1624 661800 ocs@advsys.co.uk

Grant Thornton, 3rd Floor, Exchange House 54/58 Athol Street Douglas Tel: 44+ 1624 639494 gtiom@grantthornton.co.im

A. M Gerrard, 34 Athol Street, Douglas. Tel +44 7624 490720

Greystone LLC, 18 Athol Street, Douglas. Tel +44 1624 620711 mail@greystone.im

Harding Lewis Ltd, 34 Athol Street, Douglas. Tel +44 1624 679524

R. P. Harker, Maskani Yetu, Garey Close, Foxdale Tel. +44 1624 675450

Haven Administration Ltd, 28 Victoria Street, Douglas. Tel. +44 1624 625793

K G Hegarty & Co., Peregrine House, Peel Road, Douglas. Tel. +44 1624 622118

HF Accounts, Fairview, Cronk Road, Port St Mary. Tel. +44 1624 835735

David J. Hill & Co, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 833776

Chris Hollingworth, 20 Finch Road, Douglas. Tel +44 7624 433346

ICM Accounting, Prospect Chambers, Prospect Hill, Douglas. Tel +44 1624 682400

In Safe Hands Business Services 75 Bucks Road Douglas, IM1 3EF Tel. +44 1624616133 contact@insafehands.im

J B Quirk BSc FCCA, Milbourn House 13 St. George's Street Douglas. Tel. +44 1624 616660

Jessup & Co, 44 Athol Street, Douglas. Tel. +44 1624 625666

Jones & Co, Penthouse Suite, Analyst House, Peel Road, Douglas. Tel. +44 1624 617344

L. G. Kelly, Parkfield, Glencrutchery Road, Douglas. Tel. +44 1624 611019

Peter D. Lace, 18 Hope Street, Douglas. Tel. +44 1624 661640

M. G. Accountancy & Taxation, PO Box 372, Douglas. Tel. +44 1624 619022 mgcomp@manx.net

J. H. Maddrell ACA, 1, Meadowfield, Port Erin. Tel. +44 1624 833535 jhj@mcb.net

Martin Associates Ltd, Meadowcroft, Ballabrooie Road, Peel. Tel. +44 1624 845343

PO Box 25, 26-28 Athol St, Douglas, Isle of Man IM99 1BD +44 (0) 1624 662020 mail@msiom.com www.msiom.com

Noble & Co, Abacus House, Mona Street, Douglas. Tel. +44 1624 624633 abacus@manx.net

Julie Oates, 2 Camlork Place, Union Mills. Tel. +44 1624 852552

Paul & Co, 5 Market Place, Peel. Tel. +44 1624 844188

KPMG, Heritage Court, 41, Athol Street, Douglas. Tel. +44 1624 681000 mfayle@kpmg.com Matthew Edwards & Co, Clinch’s House, Lord Street, Douglas Tel. +44 1624 663166 audit@matthew-edwards.com PricewaterhouseCoopers LLC, Sixty Circular Road, Douglas. Tel. +44 1624 689689

PurpleAccounts, Salisbury House, Victoria Street, Douglas. Tel: +44 1624 618002 enquiries@purpleaccounts.com

Sabre Management Services Ltd, 2nd Floor Anglo International House Lord Street Douglas. Tel. +44 1624 629409

Shannon Callister & Co, Shannon Court, Bowring Road, Ramsey. Tel. +44 1624 812343

Shimmin Wilson & Co, 13-15 Hope Street, Douglas. Tel. +44 1624 627744

SMP Accounting & Tax Limited Clinch’s House Lord Street Douglas Tel: +44 (0) 1624 683229 info@smppartners.com

T Leach & Co, Bradda House, Bradda Road, Port Erin. Tel. +44 1624 832891

TABS, Rechabite Hall, Allan Street, Douglas. Tel. +44 1624 674913

Thomas & Company, 36, Finch Road, Douglas Tel. +44 1624 670577

Thompsons, 1st Floor, Royal Trust House, 60-62 Athol Street, Douglas. Tel. +44 1624 611108

E Thom, 47 Buttermere Drive, Onchan. Tel. +44 1624 613782

W T Tickle & Co., 24 Finch Road, Douglas. Tel. +44 1624 627772

Michael Turner & Co, 17 Hope Street, Douglas. Tel. +44 1624 629619 mbturner@manx.net

WFZ Services Ltd, 2 Ballanawin, The Strang, Union Mills. Tel. +44 1624 852198

David Wilcock B.Com, FCA, Pine View, Glen Vine Road, Glen Vine. Tel. +44 1624 855110 david.wilcock@manx.net

T. P. Winnell & Co,, 7, Hill Street, Douglas. Tel. +44 1624 670022 mail@fiscalservices.co.im

R G Wright, 71 Circular Road, Douglas. Tel. +44 1624 674894

ISLE OF MAN

PORTFOLIO

ISSUE 141


In association with

ADVOCATES Advocates Smith Taubitz Unsworth Limited, Barrule Chambers, 36 Finch Road, Douglas. Tel +44 1624 677888 reception@advocates.co.im

Appleby, 33-37 Athol Street, Douglas. Tel. +44 1624 647647 www.applebyglobal.com IOM@applebyglobal.com

Marie Ashworth, 2nd Floor, Harbour Mews, Parliament Square, Castletown. Tel. +44 1624 822880

BridsonHalsall, 20 Athol Street, Douglas. Tel. +44 1624 614422 www.iomlaw.com

Cains, Fort Anne, Douglas. Tel. +44 1624 638300 law@cains.com

Cains Gordon Bell, Auckland Chambers, Auckland Terrace, Ramsey. Tel. +44 1624 811311

Callin Wild, Bank Chambers, 15-19, Athol St, Douglas. Tel. +44 1624 623195 www.callinwild.com mail@callinwild.com

Carter’s, Court View Chambers, 12 Mount Havelock, Douglas. Tel. +44 1624 662809

Carter Jones McDonald, Athol Chambers, 21, Athol Street, Douglas. Tel. +44 1624 629627

Conti, 17, Circular Road, Douglas. Tel. +44 1624 670003 www.contiadvocates.com

Corbridges, Chancery House, 22 Finch Road, Douglas. Tel. +44 1624 690060

Nigel M Cordwell, 2nd Floor Suite, 6 Hill Street, Douglas, Tel. +44 1624 677277

Corlett Bolton & Co., 4, Finch Road, Douglas. Tel. +44 1624 676868 mail@corlettbolton.com

Dickinson Cruickshank Ramsey, Masonic Buildings, Water Street, Ramsey. Tel. +44 1624 812107

Dougherty Quinn, The Chambers, 5 Mount Pleasant, Douglas. Tel. +44 1624 626999 info@dq.im

Gelling Johnson Farrant, 24, Athol Street, Douglas. Tel. +44 1624 675367

Hannan Law 5 Hill Street Douglas Tel: +44 1624 628900 mail@hannanlaw.im

Jones & Co, Finch Chambers, 28 Finch Road, Douglas. Tel. +44 1624 629200

Laurence Keenan, Victoria Chambers, 47, Victoria Street, Douglas. Tel. +44 1624 611933 info@lklaw.co.im

Kerruish Law & Trust, 5th Floor, Anglo International House, Bank Hill, Douglas. Tel. +44 1624 623919

Long & Humphrey, The Old Courthouse, Athol Street, Douglas. Tel: + 44 (0)1624 651951

Kelly, Luft, Stanley & Ashton, 2 Sydney Mount, Douglas. Tel. +44 1624 674316

Ian Kermode, Court View Chambers, 14 Albert Street, Douglas. Tel. +44 1624 611117 mail@ik.im

M&P Legal, New Court Chambers, 23-25 Bucks Road, Douglas. Tel. +44 1624 695800 law@mplegal.im

MannBenham Advocates Ltd, 49 Victoria Street, Douglas. Tel. +44 1624 639350 enquiries@mannbenham.com

Old Court Chambers, Eight Finch Road, Douglas. Tel: +44 1624 641580 info@oldcourtchambers.im

Pringle Law, Victoria Court, 16 Athol Street, Douglas. Tel. +44 1624 612200

Quinnlegal, 30 Ridgeway Street, Douglas. Tel. +44 1624 665522 mail@quinnlegal.im

Simcocks, Ridgeway House, Ridgeway Street, Douglas. Tel. +44 1624 690300 mail@simcocks.com

Judy Thornley, Beach House, Bay View Road, Port St Mary. Tel. +44 1624 833708

Turnbull Advocate, 1st Floor, Exchange House, 54-58 Athol Street, Douglas. Tel. +44 1624 614516

Laurence Vaughan-Williams, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 836757 barrister@manx.net

Lawrence J Weatherill, 20 Athol Street, Douglas. Tel. +44 1624 674994

John Wright, 16 Willowbrook Gardens, Douglas. Tel. +44 1624 611999

R 57 R

BANKS - LICENCEHOLDERS AIB Bank (CI) Ltd, Isle of Man Branch, 10, Finch Road, Douglas. Tel. +44 1624 639639 one@aib.im

Anglo Irish Bank Corporation (International) PLC Jubilee Buildings Victoria Street Douglas Tel. +44 1624 698000

Bank of Ireland (Isle of Man) Ltd, P. O. Box 246, Christian Road, Douglas. Tel. +44 1624 644200 www.boioffshore.com

Bank of Scotland PLC, PO Box 19, Evergreen House, 43 Circular Road, Douglas. Tel. +44 1624 644000 offshore_enquiries @bankofscotland.co.uk

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444 iom@offshorebanking.barclays.com

Barclays Private Bank & Trust (Isle of Man) Limited, 4th Floor, Queen Victoria House Victoria Street Douglas. Tel. +44 1624 682828

Barclays Private Clients International Ltd, PO Box 9, Barclays House, Victoria Street, Douglas Tel. +44 1624 684444

Britannia International Ltd, Britannia House, Athol Street, Douglas. Tel. +44 1624 681100 enquiries@britanniainternational.com

Cayman National Bank & Trust Company, 4-8 Hope Street, Douglas. Tel. +44 1624 646900 banking@cnciom.com

Conister Bank Ltd, Clarendon House, Victoria Street, Douglas. Tel. +44 1624 694694

Duncan Lawrie (IOM) Ltd, 14/15 Mount Havelock, Douglas. Tel. +44 1624 620770 iom@duncanlawrie.com

Habib European Bank Ltd, 14 Athol Street, Douglas. Tel. +44 1624 622554

HSBC Bank PLC, HSBC House, Ridgeway Street, Douglas. Tel. +44 1624 684840

Isle of Man Bank Ltd, 2, Athol Street, Douglas. Tel. +44 1624 637000

Kleinwort Benson Bank (IOM) Ltd, St George’s Court, Upper Church Street, Douglas Tel. +44 1624 643270 www.closewm.com bankingiom@closewm.com

Lloyds TSB Offshore Ltd., PO Box 111, Peverial Buildings, Douglas. Tel. +44 1624 638200

Merrill Lynch Bank & Trust Co. (Cayman) Ltd, Circular Rd, Douglas. Tel. +44 1624 688600

Nationwide International Ltd, Samuel Harris House, St George’s Street, Douglas. Tel. +44 1624 696000

Nedbank Private Wealth Ltd, St Mary’s Court, 20 Hill Street, Douglas. Tel. +44 1624 645000

Permanent Bank International Ltd., Hillary House, Prospect Hill, Douglas, Tel. +44 1624 673373 info@permanent-bank.com www.permanent-bank.com

RBS Coutts Bank (Manx) Ltd, PO Box 59, Royal Bank House, 2 Victoria Street, Douglas. Tel. +44 1624 632222

Santander UK PLC PO Box 123 19/21 Prospect Hill, Douglas Tel 01624 641888 enquries@santander.co.im

Standard Bank (IOM) Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 www.sboff.com sbiom@standardbank.com

The Royal Bank of Scotland International Ltd, Royal Bank House, 2 Victoria Street, Douglas. Tel. +44 1624 646464

The Royal Bank of Scotland Trust Company (IOM) Ltd., Royal Bank House, Victoria Street, Douglas. Tel. +44 1624 646464

The Standard Bank of South Africa, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 www.sboff.com sbiom@standardbank.com

Zurich Bank International Ltd, PO Box 422, 43-51 Athol Street, Douglas. Tel. +44 1624 671666 ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

REFERENCE NEWS | L i f e s t y l e

Appointments

ISLE OFMAN MAN BUSINESS DIRECTORY ISLE OF BUSINESS DIRECTORY INVESTMENT COMPANIES

R 58 R

Abacus Trust Company Ltd, Sixty Circular Road, Douglas. Tel. +44 1624 689600

AXA WF Distibutors (IOM) Ltd, Royalty House, Walpole Ave, Douglas. Tel. +44 1624 643333

BlackRock (Isle of Man) Ltd 3rd Floor, Atlantic House, Circular Road, Douglas. Tel. +44 1624 662255

Capital International Ltd, Capital House, Circular Road, Douglas. Tel. +44 1624 654200 info@capital-iom.com www.capital-iom.com

Caledonian Fund Services (Europe) Ltd, PO Box 172, 4th Floor One Circular Road, Douglas www.caledonian.com Tel: +44 1624 640150.

CMI Fund Managers (IOM) Ltd, Clerical Medical House, Douglas. Tel. +44 1624 638888

Collins Stewart (CI) Ltd, Anglo International House, Bank Hill, Douglas. Tel. +44 1624 690100

Creechurch Capital Limited, Knox House, 16-18 Finch Road, Douglas. Tel: +44 (0) 653800 info@creechurchcapital.com

Fedelta Trust Limited, 29-31 Athol Street, Douglas. Tel. +44 1624 622331 mail@fedelta.com

Fortis Fund Services Ltd, P.O. Box 156, 18-20 North Quay, Douglas. Tel. +44 1624 688300 fundservices@im.fortisbank.com

Fund Management Services Ltd, P.O. Box 156, 18-20 North Quay, Douglas. Tel. +44 1624 688300 fundservices@im.fortisbank.com

GAM Administration Ltd, 11 Athol Street, Douglas. Tel. +44 1624 632632 info@gam.com

Isle of Man Assurance Ltd., IOMA House, Hope Street, Douglas. Tel. +44 1624 681200 ioma@ioma.co.im

Kleinwort Benson Bank (IOM) Ltd, St George’s Court, Upper Church Street, Douglas Tel. +44 1624 643270 www.closewm.com bankingiom@closewm.com

Laxey Partners Ltd, 4th Floor, Derby House, 64 Athol Street, Douglas. Tel +44 1624 690900

Lloyds TSB Independent Financial Advisers Ltd, P. O. Box 12, Peveril Buildings, Peveril Square, Douglas. Tel. +44 1624 641741

Lorne House Trust Limited, Lorne House, Castletown. Tel. +44 1624 823579

Maitland Management Services (IOM) Ltd, Falcon Cliff, Palace Road, Douglas. Tel. +44 1624 630000

Neville James Fund Managers Ltd, Park House, Isle of Man Business Park, Douglas. Tel. +44 1624 670500

Nedgroup Investments (IOM) Ltd., 1st Floor, Samuel Harris House, 5-11 St George’s Street, Douglas. Tel. +44 1624 645150 nedgroupinvestments.com

Ramsey Crookall & Co, Securities House, 38-42 Athol Street, Douglas. Tel. +44 1624 673171 dealers@ramseycrookall.com

RBSI Fund Administration Ltd., PO Box 151, Royal Bank House, Victoria Street, Douglas. Tel. +44 1624 646464

Royal Bank of Scotland Trust Company (IOM) Ltd, PO Box 151, Royal Bank House, Victoria Street, Douglas. Tel. +44 1624 646464

Sabre Management Services Ltd, 2nd Floor Anglo International House Lord Street Douglas. Tel. +44 1624 629409

SMP Fund Services Limited Clinch’s House Lord Street Douglas Tel: +44 (0) 1624 683229 info@smppartners.com

Thomas Miller Investment (Isle of Man) Limited, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel +44 (0) 1624 645200 tminvestment.com

LIFE ASSURANCE COMPANIES AXA IOM Ltd, Royalty House, Walpole Ave, Douglas. Tel +44 1624 643333

CLI Institutional Limited Ltd., Canada Life House, Alexandra Road, Castletown. Tel. +44 1624 820200 info@canadalifeint.com

Canada Life International Ltd., Canada Life House, Alexandra Road, Castletown. Tel. +44 1624 820200 info@canadalifeint.com

CMI Insurance Company Ltd, Clerical Medical House, Victoria Road, Douglas. Tel. +44 1624 638888

Friends Provident International Ltd, Royal Court, Castletown. Tel +44 1624 821212

Global Life Assurance Limited, St George’s Court, Upper Church Street, Douglas. Tel. +44 1624 618611

Hansard International Ltd, Harbour Court, Lord Street, Douglas. Tel. +44 (0) 1624 688000

HPB Assurance Limited, IOMA House, Hope Street, Douglas. Tel +44 1624 681200 info@hpba.co.im

IntegraLife International Limited, Barbican House, 8-10 Malew Street, Castletown. Tel +44 1624 825986

Isle of Man Assurance Group, IOMA House, Hope Street, Douglas. Tel +44 1624 681200

LCL International Life Assurance Company Limited, St George’s Court, Upper Church Street, Douglas. Tel +44 1624 683683

Nordea Life & Pensions Ltd, Island House, Isle of Man Business Park, Douglas. Tel. +44 1624 694444

RL360 Insurance Company Limited RL360 House, Isle of Man Business Park, Douglas Tel. +44 1624 681681 csc@rl360.com

Royal Skandia Life Assurance Ltd, PO Box 159, Skandia House, King Edward Road, Onchan. Tel. +44 (0) 1624 655555

Zurich International Life Ltd, 43-51 Athol Street, Douglas, Tel. +44 1624 662266

Whilst every effort has been made to ensure that this directory is as comprehensive as possible, the Publishers cannot take responsibility for any errors or omissions contained herein.

ISLE OF MAN

PORTFOLIO

ISSUE 141


INFORMATION Ramsey

Peel

Douglas

Port Erin

Castletown

R 59 R

THE ISLE OF MAN . . . Capital

Douglas

Population

80,058

Land Area

572 sq km - 227 sq ml

Population density

133 people/sq km (336/sq mile)

Location

Irish Sea, 50km (31 miles) from Ireland, 50km from UK

Longest River

Sulby, 17km - 10.5 miles

Highest Peak

Snaefell, 621 metres, 2036 feet

Head of State

Her Majesty the Queen, Lord of Mann

Lieutenant Governor

His Excellency Mr Adam Wood

A Global Partner

Taxation allowance

Chief Minister

Hon Allan Bell MHK

President of Tynwald

Hon Clare Christian MLC

Speaker of House of Keys

Hon Steve Rodan SHK

Dept of Economic Development

The Isle of Man is a leading international business centre renowned for its innovation, professionalism and long standing policy of positive engagement with international initiatives and standards. The Isle of Man operates a policy of low taxes with a standard rate on individuals of 10%, a higher rate of 20% and generous personal allowances. There is a cap of £120,000 on the amount of income tax payable by an individual each year. The Isle of Man strives to be a model of political stability and financial supervision and has long been committed to international standards of tax transparency. There is no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax. Single Person: £9,300 Married Couple: £18,600 Additional Personal Allowance: £6,400 The Department of Economic Development’s financial assistance scheme offers support to qualifying businesses (up to): 40% equipment grants 40% building grants either for new build or for rents payable; 40% revenue grants

www.gov.im ISLE OF MAN

ISSUE 141

PORTFOLIO


He thought he was in, but he’d forgotten to ring about the sporty convertible she saw advertised in Manx MotorMart . . .

MMM MotorMart MANX

The Isle of Man’s New and Used Car Magazine


ISLE OF MAN

Lifestyle In association with

A Week in the Life: Giulio Fabrizio Gig Guide: Your Guide to the hottest acts appearing in Belfast, Liverpool, Manchester and London Q&A: Stan Keig, Managing Director, Viking Office Systems Ltd Get Ready for Glasgow: Citywing prepare to renew air links to Scotland with nine weekly return flights commencing end of March


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

A Week in the Life My name is Giulio Fabrizio. I am 32 years old and I have worked at Utopia Hairdressers for 18 years, starting as a junior at 15. During my time at Utopia I have been on a number of courses, most recently to Milan, Italy. I have just been promoted to manager of Utopia’s new Walpole Avenue salon, where I manage a team of 5 stylists. It’s a new adventure for me, and a challenge that I feel really excited to be a part of. I love my cars, and enjoy clay pigeon shooting in my spare time. Between my girlfriend, Sarah; my two cats; family; and hairdressing I enjoy a balanced life.

R 62 R

MONDAY

I really am a creature of habit! Today

and some TLC. Later I meet my

the salon closes at normal time so I get

Brother for a coffee and do a little

On Monday, I wake up at 7.45am, have

to spend a little quality time with my

shopping for the house. I spend the

a cup of coffee, shower, deal with my

family. I enjoy the evening with my

evening enjoying a meal and a movie

buddies (cats) Bruno and Nero, have a

Mum and Dad and catch up with my

with my girlfriend.

quick breakfast, iron a shirt for work

Brother. I eventually get home at

and then head to the salon. On Monday

10.00pm to let Bruno and Nero in and

SATURDAY

we’re open late so it’s a long day, but

settle down for the rest of the evening

Saturday is an early start and it really is

luckily there are no headaches today

to catch the Everton match - great win

a full on day with party styles to create,

and everything runs smoothly. I check

for the toffees! Good end to a great day.

colours, highlights etc. Saturdays tend

the stock and put in our order with Castlemona salon. In the afternoon, my Mother turns up with change and stock - she always makes me smile. After what feels like a very long day, I finally head home at 8.30pm. I let the cats in, have something to eat, and enjoy the chance to relax and unwind in front of

Tea time is chaos, with twelve or so people around the table, but hey, we are Italian.

the TV, before heading off to bed.

TUESDAY Tuesday starts in much the same way as Monday. I arrive at the salon early and have a quick meeting with my girls before opening. The salon is still

PORTFOLIO

ISSUE 141

THURSDAY Thursday is another long day with no breaks, so I work straight through. The girls are all brilliant and we are working really well as a team, which makes for a slick operation. We have been increasingly busy and the salon is filling up nicely, but this means that I have been extremely busy with the day to day running of the salon. Now I know how my Uncle Marco feels. “Home James”… I need to eat!

the week and get the chance to pamper themselves at the weekend. As always, everybody produces excellent work and lots of happy clients leave the salon. I finish at 5.00pm and head home for something to eat and a quick change. On Saturday nights, I help at the door at The Courthouse, which starts at 10pm and normally finishes at 3.00am. So I only get a few hours’ sleep before another early start on Sunday.

SUNDAY I love Sundays, as I get to spend time

relatively new, but so far everything is

FRIDAY

running smoothly and we are finding

I have a day off today … and I need it.

working with my Uncle, Aunty, Cousin

our feet. Once again we have a late

It has been a really busy period over

and Mother, I need some time with my

night finish at 8.00pm, after which I

Valentine’s Day, where we ran a

Dad. Normally we go clay pigeon

head to the gym for a work out. Finally

promotion which took in beauty

shooting

I head home for some food, a shower

treatments and hair. The girls all dealt

finishes around 3.00pm. Finally, to end

and then bed.

with the clients really well, but with the

off a great weekend, we all try and get

new salon and new systems I need

together at some stage on Sundays. Tea

some time to recharge the batteries.

time is chaos, with twelve or so people

Wednesday morning is the same as

After a nice lie in, I head off to the gym,

around the table, but hey, we are

Monday and Tuesday - what can I say,

before giving my motor a good wash

Italian.

WEDNESDAY ISLE OF MAN

to be mostly clients who work during

with my Pop, and after a crazy week

together,

which

usually


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

GIG

GUIDE

R 64 R

BELFAST

Odyssey Arena www.odysseyarena.com

ISLE OF MAN

PORTFOLIO

ISSUE 141

Lifestyle

Justin Timberlake, who will be bringing his ‘The 20/20 Experience’ show to The O2 on 1 and 2 April and Tuesday 10 June, and to Manchester 07 and 08 April

LIVERPOOL MANCHESTER

Echo Arena MEN Arena www.echoarena.com www.phones4uarena.co.uk

LONDON

O2 Arena www.theO2.co.uk

Katy Perry 07 May

Tinie Tempah 07 Apr

Backstreet Boys 05 Apr

Justin Timberlake 01-02 Apr, 10 Jun

Miley Cyrus 19 May

Globetrotters 08 Apr

Justin Timberlake 07-08 Apr

Backstreet Boys 04 Apr

WWE Live 21 May

Gary Barlow 11, 15 Apr

Elbow 09 Apr

Gary Barlow 05-06 Apr

McBusted 31 May, 01 Jun

Elbow 12 Apr

Globetrotters 10 Apr

Johnny Mathis 08 Apr

Cliff Richard 05 Jun

McBusted 19 Apr, 13 May

Johnny Mathis 12 Apr

Elbow 16 Apr

Little Mix 09 Jun

Katy Perry 21 May

Gary Barlow 14 Apr

McBusted 24-26 Apr

Dolly Parton 10 Jun

Little Mix 23 May

McBusted 09-11 May

Miley Cyrus 06 May

Robbie Williams 13-14 Jun

Julie Andrews 27 May

Miley Cyrus 14 May

Nine Inch Nails 23 May

Jason Derulo 25 Jun

Dolly Parton 08 Jun

Barry Manilow 18 May

Little Mix 25 May

Ant & Dec Takeaway 21-23 Aug

Jason Derulo 23 Jun

Katy Perry 20, 24 May

Barry Manilow 26 May

Ed Sheeran 08-09 Oct

Eagles 26 Jun

Nine Inch Nails 25 May

Katy Perry 27-28, 30-31 May

Lee Evans 14-15 Nov

Ant & Dec Takeaway 10 Sep

Kings of Leon 18 Jun

Dionne Warwick 11 Jun

Andre Rieu 05 Dec

The Vamps 04 Oct

Eagles 25 Jun

Eagles 16, 18, 20-21 Jun

John Bishop 06-07 Dec

Joan Rivers 18 Oct

Robbie Williams 2930 Jun, 01 Jul

Monty Python 01-20 Jul


News

|

Government

|

Features

|

Cars

|

YOU

PERSONAL

What is your business background?

Where in the world would you most

I come from an old Manx family with

like to visit and why?

a recent history of being involved in

Patagonia, as it is cool down there.

many

What is your favourite TV series?

diverse

include

businesses.

manufacturing,

These

retailing,

Blackadder

wholesaling, photography, hospitality

What is your favourite film?

and others, and range from supplying

Reservoir Dogs

military equipment to making garden

What is your favourite album?

gnomes. Being a Manx family, we also

Hunky Dory by David Jones

always have a crofter in our midst.

What is the most memorable event

“Spuds and herring” and “who’s

you have recently attended?

caught the crabs today?” are good

Barbarians v New Zealand at the

family mottos.

Cardiff Arms Park on 27th January

What was your very first job?

1973 when Gareth Edwards scored

A Sailing Instructor at the Balqueen

“That Try” and the Baa-Baas won by

Hydro in Port St. Mary.

23 to 11. I have been to many Rugby

If you hadn’t chosen your current

Internationals since, but I can’t

career, is there another career path

remember any of the games since

you would have liked persue?

“that one”!

An Army Air Corps Pilot.

Name 3 things you would like to do

Who is your business role model?

before you die?

This is a tough one as I admire many

Give my three daughters away (at

past

their weddings!)

and

present

people

who

influence my thoughts. John Maynard

What is the best piece of personal

Keynes and his economic theories

advice you could offer?

were drummed into me as a young

Wash.

Directory

|

NEWS |

Appointments

Lifestyle

QA R 65 R

adult, but latterly and more locally, the great Sir John Bolton has to be the guy who has influenced not just me, but the whole of the Isle of Man, more than any other individual in terms of business and economics. What is the best business lesson you’ve ever learned? Make a profit, as I needed to feed my young daughter. What’s the best thing about your job? Undoubtedly having a fantastic team of people to work with who share my philosophy of having fun whilst being serious. What is the best business advice you could offer to anyone? Be fair and honest – especially with yourself. Oh...and you must make a profit.

DIGITAL AGE

CURRENT Business processes and workflows are

paramount

organisations

in

to

enabling

operate

in

a

proficient and professional manner. Not only do they eradicate grey areas, so everybody knows what is expected of

them,

there

is

also

proper

accountability. This allows people to take pride in what they are achieving and know that they are delivering what is expected of them. Obviously every organisation is different, so the fact that all of these processes are easily customisable means that there is no excuse for every organisation with a conscience to implement these

NAME Stan Keig

as a matter of urgency. They are also incredibly economically viable. I don’t think anyone can afford not to have properly documented processes and

Do you own an iPad?

electronic workflows within their

Yes.

place

What are your favourite gadgets?

implemented

hundreds

My FartBox 2 with remote control and

solutions

a

my iphone for selfies (see selfie on

enterprises and organisations on the

right)

Isle of Man by utilising Document

Which websites do you visit most?

Management Software and Multi

www.kyoceradocumentsolutions.com

Functional Print Devices. This is the

Do you shop online and if so what for?

reason we are the Island’s leading

Yes, for my toothpicks.

supplier of these products.

of

work. to

Viking

huge

of

has these

variety

of

TITLE AND COMPANY Managing Director, Viking Office Systems Ltd WHERE DO YOU LIVE ON THE ISLAND? Greeba HOW LONG HAVE YOU LIVED ON THE ISLAND? Most of my life, with a few gaps here and there

ISLE OF MAN

ISSUE 141

PORTFOLIO


News

|

Government

|

Features

|

Cars

|

Directory

|

NEWS |

Appointments

Lifestyle

Get ready for Glasgow New exhibition commemorates 100th anniversary of WW1

The exciting news of a brand new route launch to Glasgow in March has set the Rscene for a successful 66 R year ahead, according to Citywing Managing Director David Buck.

T

he addition of the vibrant hub to

families, officials and fans from the

industry standards at 99.1%, compared to

Citywing’s range of flights from

Island. We’ll certainly be flying the

98.5% as standard and 90.3% of

the Isle of Man takes the total

Three Legs flag in support of the Isle

Citywing’s flights get away on time

of Man!”

compared to 65% as standard. While the

number available to five, including and

As Glasgow gears up for the Games

industry standard for flights departing or

Gloucester. It also provides flights

there’s never been a better time to

arriving within 15 minutes of the

between Cardiff and Anglesey for the

visit. The city expects to welcome over

scheduled time is 85%, Citywing’s are

Welsh Government.

a million visitors from 70 nations

95.93% and 96% respectively.

Blackpool,

Belfast,

Newcastle

David Buck said: “I’m extremely

around the world, who will watch the

David Buck continued: “We pride

satisfied with our first year in business

games at one of the purpose built

ourselves on our ability to provide an

and am eagerly anticipating what 2014

venues including the Emirates Arena,

efficient service, from ease of check-in to

will bring for us as well. We’ve just had

Sir Chris Hoy Velodrome and Tollcross

free parking at some of our destination

our busiest day ever for bookings and

International Swimming Pool.

airports. The Isle of Man has so much to

The Commonwealth Games is just

offer and by providing a memorable

one of a number of major international

service we like to think we’re doing our

Citywing will begin nine weekly

events heading to Glasgow this year,

bit to help maintain and grow visitor

return flights to Glasgow on March 31st.

with the MTV European Music Awards

numbers too.

The flights were reinstated following

and the Ryder Cup Opening Ceremony

“During the last year we stepped in to

discussions between Chief Minister

both taking place at the stunning new

offer help to people who were booked

Allan Bell and Scotland’s First Minister

SSE Hydro Arena. In fact, the packed

onto flights to and from Southampton,

Alex Salmond, who met during a visit by

calendar events have led to the city

which were cancelled when Flybe pulled

the First Minister to the Island last July.

being highlighted as a must-visit

out of the route in July, and have offered

At the time, Mr Salmond described the

destination in 2014.

the same to people affected when Flybe

our new route to Glasgow is proving very popular.”

link

as

‘simply

too

important

a

connection to lose’. The flights are regarded as a symbol

ISSUE 141

architect and designer, Charles Rennie

reduced its service between the Isle of Man and Birmingham.” In conjunction with the Department

Mackintosh,

visible

of Economic Development Citywing

between Scotland and the Isle of Man.

throughout the city. Visitors can enjoy

introduced a very successful ‘Friends Fly

and will provide a boost to tourism and

a tour of the striking Glasgow School

Free’ offer, initially for passengers

business on both sides of the water.

of Art or take in the Scotland Street

travelling from Blackpool to the Island,

David Buck continued: “We were

Museum, or relax with a cup of tea and

which was then extended to include

extremely pleased to have been able to

slice of cake at Willow Tea Rooms. In

Newcastle and Gloucester airports. The

reinstate the air link between the Isle of

all, there are 20 world class museums

offer allows anyone who books a return

Man and Scotland, especially as there is

and art galleries -most of which are

flight to the Isle of Man, with a stay of

a long history of business, social and

free of charge!

more than one day, to claim a free trip for

cultural links between the two. Initially

Glasgow

is

also

very

shopper’s

a friend, as long as the friend isn’t

there will be nine return flights every

paradise and is recognised as the top

resident in the Island and has not visited

week, but we would be looking to

place to shop in the UK outside of

in the last six months.

increase this based on demand.

London’s West End as well as being

David Buck concluded: “We are

home to some of Scotland’s chicest

feeling very positive about 2014 and

hotels and restaurants.

aim to continue providing reliability

been able to start the route in time for

PORTFOLIO

genius and Glasgow born artist,

of the close historical and cultural links

“It is particularly pleasing to have

ISLE OF MAN

The influence of Art Nouveau

is

also

a

the 2014 Commonwealth Games in

While you can’t rely on the Scottish

Glasgow, benefitting athletes and their

weather, Citywing’s reliability exceeds

and great fares and offers to customers, new and old.”



Iom portfolio issue 141