Isle of Man Portfolio

Page 1

EST. 1995

ISSUE 201 | MARCH 2019










Isle of Man Portfolio magazine is published monthly and is delivered to every private and public sector finance-related 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.



© 2019 Keith Uren Publishing Ltd Isle of Man Portfolio magazine designed and published by Keith Uren Publishing Limited 12 Manor Lane Douglas Isle of Man IM2 2NX

CONTACT Keith Uren T: 01624 611100 | M: 07624 498740 | E:

EST. 1995

ISSUE 201 | MARCH 2019






Special! ‘Isle of Man Portfolio’ magazine’s annual Isle of Man Budget Special Feature appears in this issue, with a variety of leading lights from the Island’s private sector offering their thoughts on the Budget delivered by Treasury Minister, Alfred Cannan MHK, on Tuesday 19th February. It is always good to read a variety of opinion, particularly on matters which affect everyone in one way or another, living in the Isle of Man. A Budget always spells change, development, and sometimes a sense of doom! Read the (largely positive) takes on the outcome of this year’s Budget, starting on page 35.







ISSUE 201 | MARCH 2019 EST. 1995

ISSUE 201 | MARCH 2019






C ontents NEWS 6

7 14

6 7 7 8 8 10 10 10 12 12 12

Customer focus is top priority, says new Manx Telecom Chief Operations Officer Lieutenant Governor visits IFGL offices KPMG supports blockchain office launch Inaugural Manx Property Circle event Sure trialling 5G this year ManSat Group shares ideas at Symposium Success for IOM events tour of South Africa RL360 rewarded by AKG makes Sunday Times Top 10 Plans submitted for Ballasalla development Equiom named Trust Company of the Year Microgaming makes debut in Czech Republic

FEATURES 19 20 22 24

ELS: Investing in the future of Island events Benefits of Document Scanning Tsundoku by Proxy Curiouser and curiouser: down the rabbit holes of the advertising world. 26 Quiet confidence in our future prosperity? 28 Introducing Compliance 365

GOVERNMENT 14 New relocation incentive for skilled workers and graduates welcomed by Department for Enterprise 15 Businesses and students encouraged to take part in 2019 STEP Programme 15 Chief Minister welcomes planning approval for hotel and cinema complex 15 Public consultation on new Agricultural Strategy 16 Registrations open for Isle of Man’s first Graduate Fair 16 Digital Isle of Man launches Blockchain Office and Sandbox

30 All political roads lead to Rome - again 32 Conscious Inclusion spearheaded by Future Works keynote speaker 34 An innovative way to develop Isle of Man business growth 35 Special Feature: 2019 ISLE OF MAN BUDGET RESPONSE




Mary Tait, Investment Director, FIM Capital Ltd

Terry Van Rhyn, Managing Director, Ashgrove Marketing Ltd

Stuart Nelson, Director, Barclays Isle of Man

Chris Allen, President, Chamber of Commerce

2019 ISLE OF



Man Budget 2019 Isle of sionals to the n leading profes er Alfred Canna The views of Treasury Minist delivered by In association

Merita Taylor, Timothy Boles, Head of PR, Managing Director, IOM Business Network Equilibrium Pensions Ltd

Andrew Cardwell, Tax Director, PwC Isle of Man

Anthony Page, Managing Director, Knox House Trust Ltd

Phil Butler, Manager, Harding Lewis Ltd

Andrew Gerrard, Managing Director, Harding Lewis Ltd

James Penn, Head of Equities, Capital Int’l Group

Gregory Jones, Director - Tax, KPMG isle of Man

Kevin Balakrishna, Iarla Hughes, Senior Portfolio Manager, Chief Financial Officer, Thomas Miller Investm’t Manx Telecom

Andrew Newton, Associate Advocate, Cains Isle of Man





48 Equiom announces brand new role and promotions in senior team 49 e-Gaming Consultant joins MannBenham 49 Sarah Dunnage makes it permanent at Ardan International 50 New Members at IOM Arts Council 50 HM Attorney General’s appointment extended 51 Jason Spooner Appointed to Wi-Manx 51 New Head of Regulatory Compliance at SMP



50 The Isle of Man in Numbers 52 Isle of Man Airline Timetables 54 Comprehensive Listings of Accountancy practices, Advocates, Licenceholders for Investment Business, Licenceholders for Banks, and Life Assurance companies



61 An evening with one of Britain’s foremost brain surgeons 63 Agricultural event explores challenges 64 New events, management, same fantastic views 65 Arts Festival set to inspire 66 Gig Guide: Leading concerts taking place in the months ahead in Dublin, Liverpool, Manchester and London




News Customer focus is top priority, says new Manx Telecom Chief Ops Officer

Sutha Siva Consistently delivering customers’ expectations is Manx Telecom’s top priority, says the company’s new Chief Operations Officer. Sutha Siva recently joined the company bringing more than 20 years’

experience in telecommunications, including senior roles at Batelco, Ooredoo, and Vodafone Groups. He said: “Customers are at the heart of everything we do. We are developing an exciting pipeline to deliver a more intimate, customer centric understanding, of how we consistently deliver the best possible solutions, after-sales service, and support. myMT, our customer accounts platform, is one example of how our commitment to investing in a customer centric approach is already delivering tangible results. “We’re also investing in training development strategies and our leadership structure, and there’s much more to come.” Commenting on his decision to join Manx Telecom, Sutha added: “This is a company with a ‘can do’ attitude and a fantastic team of talented and experienced people. Manx Telecom has a proven ability to punch above its weight in the industry and launch groundbreaking products such as MT clearSound, a world first in mobile technology. Manx Telecom has a proud history and an exciting future, and the opportunity to play a part in that future was too good to miss.”

Lieutenant Governor visits newly branded IFGL offices

IFGL CEO David Kneeshaw, His Excellency Sir Richard Gozney, IFGL Finance Director Mike Crellin The Isle of Man’s Lieutenant Governor Sir Richard Gozney visited International House, the offices of International Financial Group Limited (IFGL), last week, shortly after the Cooil Road building’s rebrand. IFGL, owner of the RL360, RL360 Services and Ardan brands, is headquartered in Braddan and operates worldwide. Its building was previously branded RL360, in recognition of IFGL’s former incarnation as the RL360 Group. His Excellency enjoyed an office tour before a lunch meeting with members of the IFGL Executive Team, including Chief Executive David Kneeshaw and Finance Director Mike Crellin.



KPMG supports Digital Island’s blockchain office launch Following the announcement by the Department for Enterprise Digital Isle of Man team at ICE 2019 and subsequent details at London’s Blockchain Conference during Blockchain Week, KPMG Isle of Man have welcomed the news stating that it is a positive and bold move for the Government. “It has been really encouraging to see the development within Government over the past 9 months where the Isle of Man have understood how other jurisdictions have approached it, and reviewed the Isle of Man’s approach, to create the blockchain office and sandbox which was announced at ICE”, said Russell Kelly, Managing Director and Head of Digital at KPMG Isle of Man. “The regulation of Cryptocurrencies and blockchain itself is a challenging area, as is always the case with emerging technology, but where we will now see opportunities, both as a firm but also as an island, is ensuring the regulatory framework is in place when used alongside banking, financial services or insurance for example.” The first ‘blockchain’ was conceptualised by Satoshi Nakamoto (pseudonym) back in 2008 and is a permanent record of transactions within a network. The network is then protected by using multiple ‘blocks’ which are individually encrypted and require all ‘blocks’

Russell Kelly within the ‘chain’ to speak with each other when authorisation is required. For example,

when used for a transaction, everything is recorded from information on the date, time, participants and amount of every single transaction, of which there could be thousands, in a secure manner. “Blockchain can appear extremely complex and there is legitimate scepticism around the safety of implementation, so it is good to see Digital Isle of Man’s response to issues other jurisdictions faced when launching theirs, how they have sought industry knowledge and now be at a stage where they can promote more widely”, continued Russell. “Applications are expected to open soon and, as a business, we are already receiving interest both within and outside of our network seeking initial advice on regulatory, compliance and digital matters relating to blockchain and digital generally. Knowing that Digital Isle of Man have their blockchain office operational will assist us when advising clients and bringing Government in at an early stage.” The KPMG Digital team, who recently attended ICE London, have both local and global expertise on hand to offer assistance when it comes to complex matters relating to cryptocurrencies, Initial Coin Offers and cyber security and blockchain.

Inaugural Manx Property Circle event set to launch Property specialists on the Isle of Man are invited to The Manx Property Circle – an exciting new business event launching on March 21st at Bar George. This event is set to be the first in a series of bi-monthly instalments and will feature a prominent guest speaker and unparalleled industry networking opportunities. The Manx Property Circle is a free event forum geared towards residential and commercial property players on the island. Architects, property developers, banks, letting agents and property allied services are all invited to mark this unique occasion.

The event will showcase Carl Hawker, Deputy Chief Executive and Executive Director of Strategy and Policy in the Department for Enterprise as guest speaker. Attendees can also expect a Q&A session with sponsors and leading Isle of Man law firm, Quinn Legal, who will also be revealing a surprise industry announcement. James Quinn, Director at Quinn Legal, gave a flavour of what the event is about: “The Manx Property Circle has been formed to bring together the wealth of experience on the Island and to enable those involved in all aspects of the property industry to come together to network. “The property industry on the Island,

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whether residential or commercial, continues to flourish and I believe that by supporting this local initiative and bringing together those involved in the property world can only help to support the industry to continue to thrive.” With such a thriving business community and property market on the Isle of Man, The Manx Property Circle offers a great opportunity to build professional business relationships and nurtures existing ones. The bi-monthly meets will enable businesses to grow and develop through the collaboration of ideas and the sharing of skills and experiences in an informal environment.



Sure trialling 5G this year Sure will be launching a 5G network later this year to test the state-of-the-art mobile technology in the Isle of Man. The company is currently going through a complex tender process, involving a number of suppliers from around the world and taking into account changing security considerations, to select a partner for the new 5G network. Sure plans to announce the chosen supplier in the next few months. “Sure is very much committed to the Isle of Man and we’re excited to be making this significant investment to develop a 5G trial network here,” said Ian Kelly, Sure’s Group CEO. “We have the best mobile network in the island and by introducing advanced 5G technology our customers can have an even better mobile experience. This is a great opportunity for the island to be at the leading edge of mobile innovation and benefit from this technology right from the outset. “Sure’s customer base is continuing to grow quickly in the island as customers benefit from our ongoing investments in our telecoms networks, fibre and 4G+ mobile, as well as local customer service. We’re pleased to add 5G technology to that list and although it will be a complicated process we want to ensure that the Isle of Man maximises this opportunity to develop a 5G network that works for the island.” 5G, the fifth generation of mobile network technology, will bring multi-gigabit speeds to everyone, everywhere, enabling the world to be wireless. The new technology will improve mobile experiences by increasing the number of connections that are possible and completely changing the need for traditional broadband services. “At Sure we’re hugely excited by the transformative potential of 5G mobile technology. It will be a complete step change from the existing fixed broadband network and

Mike Phillips, Chief Executive, Sure Isle of Man mobile technology we have today and, as such, we believe this technology is best explained as ‘fibre in the air’ for the Isle of Man,” said Mike Phillips, chief executive of Sure in the Isle of Man. “Having multi-gigabit speeds available that are 20-40 times faster than what can be achieved now will be transformational for the local community and businesses. “Sure fully supports the Department for Enterprise’s progressive and ambitious National Telecommunications Strategy and we intend to work closely with the Government to bring the most appropriate solution to the Isle of Man to support innovation in our economy in an increasingly digital future.” Laurence Skelly, Minister for Enterprise at the Isle of Man Government, said: “The Isle of Man has a thriving digital economy and building on our success in being world leaders for 3G our national strategy for telecommunications carries a similar ambition

for 5G. We welcome Sure’s commitment to the trial in 2019 and look forward to seeing real use cases in action for this game changing technology.” Kurt Roosen, chief executive of the Manx ICT Association (MICTA), said: “Staying at the forefront of technology plays a significant part in advancing the Isle of Man’s position as a leading digital jurisdiction. We should all look forward to the advantages that Sure’s significant investment in 5G will bring to both business and individuals.” Deb Byron, chair of the Isle of Man Chamber of Commerce ICT & E-Business Committee, said: “The Chamber ICT Committee has worked closely with Government on defining the new Telecommunications Strategy for the Island. Sure’s 5G trial is an important and exciting step forward in transforming telecommunications on the Island and achieving a world class infrastructure to support both the business community and Island residents.”

ManSat Group shares ideas at SmallSat Symposium The ManSat Group joined other leaders from the rapidly growing smallsat industry to share latest trends and collaborate on innovative ideas. CEO Chris Stott and Katherine Gizinski, Vice President of Sales and Marketing, represented ManSat at the 4th annual SmallSat Symposium in Mountain View, California. Hosted by SatNews, an industry leader in satellite news, media and events, the Symposium was held in the Silicon Valley Computer History Museum over four days. ‘The SmallSat Symposium is a great venue for exploring the critical issues and technological advances specific to smallsats,”

Katherine explained. “It was also an ideal opportunity for us to network, both with existing contacts and those who are new to the industry.”

Chris moderated a panel during the Symposium, which asked the question: ‘What role do heavy lift large rockets play in the small satellite industry?’ “The majority of heavy lift launch service providers have already developed smallsat launch capability, or plan to, either directly or with third parties,” said Chris. “The panel discussion looked at whether this is likely to continue, given that there is a number of smaller launch vehicles, with more frequent launches, on the horizon.” ManSat carries out satellite filings for the Isle of Man under a contract with the Isle of Man Government's Communications Commission.

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Success for four Island companies hosting events on tour of South Africa

David Noon, Dave Thomas, Colin Bird, Anthea Stephens, Nick Preskey and Basil Bielich Peregrine Corporate Services Limited (‘Peregrine’) has returned from a week in South Africa having organised three key events alongside several Island based companies. Maitland Group, Capital International Group and Optimus Group joined Peregrine in co-hosting the events across the country, at locations including, Johannesburg, Durban and Cape Town, to present together the “Isle of Man Journey” to a South African audience. Each event encompassed a variety of informative presentations, closing with an interactive Q&A panel session which was chaired by Nick Preskey from the Department for Enterprise. The formal presentations were given by Basil Bielich (Peregrine), Colin Bird (Maitland – Isle of Man), Anthea Stephens (Maitland – South Africa), Nick Preskey (DFE), Dave Thomas (Optimus) and David Noon (Capital – South Africa), covering a mixture of subjects which included relocating to the Isle of Man, planning your offshore journey, the technical aspects of issues that individuals and companies need to consider, inward investment to the Island, how to find the ideal platform provider when investing offshore and the benefits of Isle of Man pensions. All three sessions were well-received with delegates choosing to stay to network with the speakers and the other delegates to explore in more detail, the subjects that were discussed earlier that morning. “It was very rewarding to travel out to South Africa as a group and organise the events,” said Basil. “It has been enjoyable working with the other companies and the DFE, and I’d like to thank them for all their efforts in making our trip a success. We travel to South Africa quite regularly so we chose to work with Maitland, Capital and Optimus because they all have a

presence in the country which is important to us. The delegates who attended were very interested in hearing about the Isle of Man; we promoted both inward and outward investment as we felt that was essential to help further our ties and working relationships. We are hoping to organise similar events in the future and continue to increase the Isle of Man presence in South Africa.” “I’d like to thank Peregrine, Maitland, Capital and Optimus for inviting me along to be part of the Isle of Man Roadshow,” said Nick. “There is a thriving South African community here on the Island which is an important point to highlight when you are meeting people in South Africa. We met some interesting individuals who wanted to learn more about Island life and what it’s like here on the Isle of Man. I’m feeling positive about the outcome of our trip.” makes Times Top 10 Isle of Man based business telecoms company,, has been named one of the best places to work in the UK in a leading workplace study published by The Sunday Times. The award-winning firm was placed number seven in The Sunday Times list of 100 Best Small Companies to Work For, 2019. The ranking is based on rigorous feedback surveys where staff are asked to rate their employer across a wide range of areas including pay, conditions, teamwork, leadership and wellbeing. It is the second time in two years that has appeared in the prestigious lineup. Last year the company was ranked at number 14.

RL360’s strength and service rewarded by AKG AKG has awarded RL360 the highest possible rating for service in its latest report. The independent actuaries upgraded the life company from four stars to five, which represents excellent service. And it also reaffirmed its B+ for financial strength. No other international life company has a higher rating for financial strength. “The objective of RL360 is to provide an excellent level of service to customers and supporting advisers,” said the report. “For some years the company has seen this as a key unique selling point for its selection and retention by distributers, and since 2013 there has been continued improvement across all areas of service delivery to maintain this positioning.” AKG added: “The company continues to drive service standard improvements, perform well in its internal service metrics and external benchmarking and win numerous awards in respect of the design and delivery of its products.” RL360 Director of Marketing Simon Barwell said: “It is gratifying to see AKG acknowledging RL360’s very high service level. We’ve worked hard to ensure our offering to advisers and our policyholders is of an excellent standard. “There’s always more work to be done and challenges to tackle, however, that’s what makes our industry so interesting. As always, we’re ready to roll our sleeves up and get stuck in.” The AKG report called RL360’s parent company International Financial Group Ltd (“IFGL”) “a financially strong standalone operation with very strong operational characteristics and a consistent strategy”. It referred to RL360’s record of year on year growth in the face of challenges across the market. “Importantly along with the growth in assets the business has focused on its human capital in terms of fostering a single RL360 culture, within a business composed in part through acquisition,” said the report. AKG Actuaries and Consultants Ltd specialise in the provision of ratings, information and market assistance to the financial services industry. The company's reports are designed to provide advisers the information they need to assess the relative strengths of offshore long term insurers. RL360 is part of IFGL, which has over 70,000 policyholders, in 170 countries, in excess of US$11bn in assets under management and over 340 staff.



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Plans submitted for Ballasalla housing Equiom named development and bypass ‘Trust Company of the Year’ in esteemed awards

Detailed proposals for the first two phases of a new housing development in Ballasalla, as well as a by-pass road, have been submitted to government planners. The Dandara Group is seeking to build 282 much-needed homes in the area, featuring a mix of modern two, three and four-bedroom properties with single and two-storey homes to meet the requirements of the local market. It follows two public consultations on the scheme, which will use land that is zoned for development to the south east of the village. Dandara Managing Director Seamus Nugent said: “This is a very exciting development for the south of the Island. Our proposal not only addresses the shortage of new homes in the south east of the Island but will greatly alleviate traffic congestion in an area which is known to be particularly bad during peak times. “The two consultations we held last year went extremely well and it was very informative for our architect and planning director to meet members of the public and gather their thoughts and feedback. “We took the feedback received into consideration and have refined the design for the project. We are now in a position where we can submit an application to progress the scheme.” The development will fund the multimillion link road. A by-pass has long been suggested, most recently in the 2013 Southern Area Plan which concluded it would reduce congestion, improve journey times and create an area for mixed employment use. If plans are approved, the new road would divert traffic away from the village centre, starting with a roundabout at Glashen Hill on

Douglas Road, through to Balthane Corner near the entrance to Balthane Industrial Estate, where a new roundabout would be created. Work could start (subject to planning) towards the middle of 2019 and create up to 190 jobs for those working on both the housing development and construction of the bypass. Mr Nugent added: “While the wider economic impact of a project like this cannot be underestimated, there is also the benefit to the local supply chain and related service providers such as professional advisors, logistics and transport providers and the island’s retailers. “As a local business, our aim has always been to create top quality homes and desirable neighbourhoods that fulfil the needs of Island residents. “We have been in discussions with the Department of Infrastructure for some time and are encouraged to have received positive feedback from local MHKs and Malew commissioners who have been extremely supportive.” Established in 1988, Dandara specialises in the design and construction of innovative homes and commercial properties, which offer real value for money without compromising on design, durability or quality. Over the last 30 years the Dandara Group has become one of the UK's leading independent property development companies, delivering a fully integrated design and build service from its headquarters in the Isle of Man and offices across the UK, completing more than 11,000 new homes and receiving more than 100 industry awards for design and quality.

International professional services provider, Equiom is delighted to have won Trust Company of the Year – Isle of Man at the 2019 Citywealth International Financial Centre (IFC) Awards, a ceremony that highlights excellence in the private wealth sector. The awards, presented at London’s Rosewood Hotel by guest speaker Martin Bayfield, recognise advisors and managers in the world’s major international financial centres. Entries are judged based on those who have excelled in achievement, innovation, expertise and service. Winners are chosen following both public voting and judging by an international panel of highly respected practitioners. Equiom Isle of Man’s Managing Director, Nina Johnston commented on the win: “This is a tremendous accomplishment for the Equiom Isle of Man team. We’ve had an exceptional year and we’re very proud to be recognised as Trust Company of the Year for the fourth time in 5 years. “We have launched a number of new initiatives this year and formed new partnerships with key introducers globally, which has resulted in increased business across many of our service lines. With a growing team of specialist advisors, our Isle of Man business is constantly building on a first-class client service offering. Through our continued innovation and developments, we have established a solid platform and see a future full of new possibilities for the business.”

Microgaming in Czech Republic Microgaming’s celebrated content has gone live in the Czech Republic, with a range of the leading software supplier’s most popular games now available through Tipsport, with more operators to follow in due course. Microgaming’s entrance into the Czech Republic continues a well-executed strategy of expansion into key regulated markets around the world, following successful entries into Colombia, Bulgaria and Denmark in 2018, and Sweden at the beginning of the current year. Devised specifically for the Czech Republic market, a tailored software solution will offer customers access to an extensive selection of titles from Microgaming’s innovative, diverse portfolio of premium casino games.

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14 PORTFOLIO Government

Government New relocation incentive for skilled workers and graduates welcomed by Department for Enterprise

The Department for Enterprise has welcomed an announcement from Treasury Minister, Alf Cannan MHK, which will increase take home pay for new and returning residents. In his 2019 budget speech, Minister Cannan announced a National Insurance Holiday Scheme which comes into effect this year and aims to attract new working residents to the Island and encourage the return of Manxeducated students and diaspora. The scheme will be open to anyone who has not been tax resident here for the immediate last five tax years, and who takes up both residence and full time, permanent employment with a gross salary of £21,000 or more, on or after 6th April 2019. Eligible residents will apply for a refund on the National Insurance contributions for their first year of living or returning to the Isle of Man, with refunds capped at £4,000. Minister for Enterprise, Laurence Skelly MHK welcomed the news: “This scheme enhances the already compelling reasons to live and work in the Isle of Man. We have excellent quality of life, opportunities for

career progression and average salaries which are higher than the UK. We believe this will be a fantastic incentive for Manx nationals to return home, as well as attracting new workers to our shores.” Support has been further extended for Isle of Man students who successfully complete a full time university degree, higher national diploma or postgraduate course outside the Island on or after the 6th April that return to the Island to live and work. The minimum gross salary is not a requirement for returning students. Under the new scheme, an individual earning a £30,000 salary will take home £27,450 in their first year of living in the Island – £3,650 more than their UK counterparts. This represents a 15% increase compared with the UK as those earning the same salary would keep £23,800. Average salaries for full time employees are already more than 14% higher in the Isle of Man than the UK. The announcement follows the launch of the Department for Enterprise’s Locate Isle of Man strategy, which outlines plans for

promotion of the Island as a special place to live and work in order to grow the number of economically active residents by 2021. Laurence Skelly continued, “Increasing the economically active population directly and positively impacts our Island and is a clear policy statement of this administration, as identified in the Programme for Government. The Department for Enterprise has made already made a commitment in the Locate Isle of Man Strategy to ensure our residents always have opportunities to prosper through reskilling and maximising workforce participation. “With the demand for skills currently outweighing supply, the attraction of additional new workers and encouraging the return of our Manx educated students are also two vital themes of the Locate Strategy. The announcement today by our colleagues in Treasury demonstrates a tangible way in which Government can achieve this. It also establishes excellent cross-Government working relations in order for us to best support the needs of our residents, businesses and economy. “In the past six months, unemployment reached its lowest number since 2003, which has created a great opportunity for us to attract new talent to the Island. We will be looking at ways in which we can promote this initiative to skilled workers across the globe to further demonstrate the benefits of living and working in the Isle of Man.” Employees who wish to take advantage of the scheme will be charged National Insurance during their first 12 months of employment, and can then apply to the Income Tax Division for a refund of their contributions. To qualify, the employee must remain in employment for a continuous period of at least 12 months.

Government PORTFOLIO

Businesses and students encouraged to take part in 2019 STEP Programme Isle of Man based organisations in the public, private and third sectors are being encouraged to host an undergraduate university student for the 2019 STEP Programme. The Programme enables local students to undertake project-based placements within local organisations over an 8 – 12 week period, between June and September. The Programme provides a perfect opportunity for local organisations to attract and build a pipeline of talent, while helping them to improve and complete specific projects. In the last 20 years, STEP has overseen more than 400 work-based student placements across the Island, highlighting its popularity. Lawrie Hooper MHK, Department member with responsibility for Enterprise Support, commented: “STEP students can make a real difference to host organisations, feedback obtained from previous hosts has really highlighted the significant contribution students have brought to their organisation, many commenting on the high standard of work performed across a variety of different projects and the commitment of the students.” There are a range of reasons why an organisation may choose to host a STEP student; they lack the skills themselves, they may be facing an issue they want to turn into a definable and structured project, they could be struggling to allocate staff to particular tasks or simply need help developing and managing a project. Projects undertaken in previous years have resulted in either cost savings or business efficiency improvements for the host organisations, or in some cases helped generate additional revenue. In addition, supervising a

STEP student can help staff to develop their mentoring skills and management experience. Chrissy Callaghan, School Improvement Adviser at the Department of Education, Sport and Culture, hosted a student in 2018, commented on her experience: “The STEP Programme provides great benefits for both parties, the student gains useful experience in a working environment and the employer has valuable work performed on a project of their choosing with defined deliverables. Last year we hosted undergraduate Robert Leece and Robert’s work for us was fantastic. Robert’s project involved auditing our Manx Language resources and developing a database and User Handbook which is now in use across the Manx Language Network ‘Jeebin’. The Department is looking forward to supporting the Programme again this year.” Students who apply are matched with an organisation aligned to their skill set and experience, before being introduced by the prospective host and beginning their placement. Students are invited to present their projects at the STEP final at the end of August, where they compete for various prizes including Most Enterprising Student and Best Presentation. The closing date for host applications is 30th May 2019, however organisations are encouraged to apply early to have the best opportunity of attracting students with the most appropriate skill set for their projects. To apply to become a STEP student host or for undergraduate applications visit:

Chief Minister welcomes planning approval for hotel and cinema complex Chief Minister Howard Quayle MHK has welcomed the news planning approval has been granted for a £25m hotel and cinema complex to be built on the former Lord Street bus station site in central Douglas. He said: “This is fantastic news. The development of this site will be a welcome addition to Douglas town centre, creating a focus of activity with new jobs and facilities key objectives of both the Programme for Government and Central Douglas Masterplan. “With the promenade works now well under way and the regeneration project in the main shopping area approaching completion, this private enterprise will complement

government’s investment in modern infrastructure extremely well.” The proposed development features a Seven-screen Omniplex cinema; 80-bed Travelodge hote; three restaurants; 20 residential units; 4 retail units and a six-storey car park. Agreement for sale was reached with Kane Limited in December 2017 for the freehold purchase of the site from the Isle of Man Government. The project fulfils a policy within the Programme for Government to consider the social and economic benefits alongside financial considerations when disposing of Government property.


Public consultation on new Agricultural Strategy

The Isle of Man Government is seeking views from members of the public on a new strategy for the Agriculture sector. The proposed strategy’s overarching aim is to deliver a sustainable and profitable agricultural industry through increasing investment to active farmers who will be provided with additional support to maintain and enhance the Island’s rural environment. Geoffrey Boot MHK, Minister for the Department of Environment, Food and Agriculture (DEFA), said: “Feedback from the industry has highlighted a need to bring back some certainty to the agricultural sector. Views from the public on the consultation are essential at this point to ensure that the way in which agricultural support is delivered by the Government to this sector is effective and delivers for the environment. “Through the strategy we’ve aimed to propose ways to effectively support active farmers and production, to ensure that economic activity is maximised and that the processors, particularly the Meat Plant, are viable. The strategy also takes into consideration a number of Programme for Government actions and takes a lead in delivering multiple environmental and economic Government strategies.” Feedback is being sought from the industry and public on the benefits to the industry and wider environment on a range of areas including realignment of current agricultural funding to better target on-farm investment in modern and efficient technology and agrienvironment measures to enhance biodiversity, water quality and the environment. The proposed strategy will run from 20192029, subject to Tynwald approval, and is intended to build on current policy and provide a relevant and timely solution for the industry and Isle of Man public, ultimately replacing the previous strategy introduced in 2008.

16 PORTFOLIO Government

Registrations open Digital Isle of Man launches Blockchain Office and Sandbox for Isle of Man’s first Graduate Fair Free registration is now available for the Island’s first employment fair aimed toward Manx students and graduates. The Isle of Man Graduate Fair, hosted by Locate Isle of Man, will take place at Woodbourne House in the middle of the 2019 Easter university break, on Wednesday 17th April. The fair, which will be attended by many of the Island’s leading businesses who offer graduate recruitment, aims to inform current students about the huge number of opportunities available on their own doorstep. Minister for Enterprise, Laurence Skelly MHK explained: “Our economy is in a strong position and, with further growth projected across a number of sectors, it is vitally important that we fill vacancies to support this growth. By promoting the return of our Manx educated students, we encourage them to bring back new skills, new ideas and new ways of thinking to our Island. “We have unrivalled quality of life in the Isle of Man thanks to our short commute times, work-life balance and stunning Island setting, but the strength of our offering is so much more than this. The volume and breadth of career opportunities available means that there are fantastic prospects for job seekers. “In a digitally connected world, it is not the case that to achieve your career ambitions you need to move to a big city. The Island is home to a more diverse range of sectors than ever which have given us some truly exciting employment opportunities.” A recent survey found that 1 in 3 of the Island’s youngest employees, aged 18 - 29, have been promoted within the past 12 months, indicating that the Island’s close community and established business networks could hold opportunity for speedier career progression. Local businesses will be on hand throughout the day to meet prospective employees, as well as some of the Island’s leading recruitment agencies who will deliver valuable workshops on CV writing and interview technique. Attendees will also hear from a range of speakers, all of whom are young graduates and are making their mark on the Island’s economy, with speakers to be announced in coming weeks. The fair is suitable for anyone studying at degree or postgraduate level, recent graduates looking for their next career move and final year school students. Registration is free and can be completed at and

Digital Isle of Man has announced the formation of a Blockchain Office and the launch of an Isle of Man Blockchain Sandbox, established to guide blockchain businesses through current (and future) regulatory landscapes, with expert-led assistance and support. These initiatives form part of a major new commitment for the Isle of Man to become an international hub for blockchain businesses, providing a fully supportive and collaborative environment. The Island welcomes innovative technology and will not regulate blockchain in isolation, which will give businesses the flexibility to best use this emerging and transformative technology. Launch of the Isle of Man Blockchain Office Digital Isle of Man will create a Blockchain Office, a unique hub that is dedicated to growing the blockchain sector. The primary function of the Office will be to facilitate a dialogue between businesses and regulators, and to help blockchain platforms design and future-proof their concepts in accordance with relevant legislation and regulation. The Office will also provide expertise, guidance, and marketing support, as well as facilitate and encourage collaboration between companies. Launch of the Isle of Man Blockchain Sandbox Through the Blockchain Office, businesses will be able to apply to participate in the Isle of Man Blockchain Sandbox. Applications for the sandbox will be open from March 2019, with the office fully functional in the spring. Early participants will not be charged fees for the facility, which will provide them with access to an environment where they can develop and test blockchain platforms. The sandbox will benefit from the expertise garnered from future participation in other international forums and sandboxes that encourage cross-border testing. A robust selection process will also ensure that all participants are of the highest quality, as the Island seeks to create a ‘centre of excellence’ ecosystem. Lyle Wraxall, CEO of Digital Isle of Man commented: “With the launch of the Blockchain Office and Sandbox, the Isle of

Man is making a firm commitment to be a fully supportive jurisdiction for the blockchain industry. We are looking to attract premium blockchain businesses and the world’s top exchanges to the Island, and we will be creating new tech-agnostic regulation inspired by best practice that we’ve seen from other high-quality jurisdictions around the world.” Emerging blockchain community Interaction between blockchain and the eGaming sector is already evidenced in Isle of Man legislation that allows virtual currencies to be deposited, withdrawn and gambled with e-Gaming operators, and the Island is home to the first blockchain-enabled lottery platform run on Ethereum using smart contracts. Daphne Caine MHK, Political Member for Digital Isle of Man commented: “The Isle of Man - which was among the first jurisdictions in the world to establish a legislative framework for virtual currencies – has been home to leading exchanges since 2013, and is the headquarters of blockchain businesses including CoinCorner, Quanta, Luckbox and

Qadre. “The creation of the Blockchain Office solidifies our commitment to maintaining our reputation at the forefront of innovation and emerging technologies and responding quickly to new business models. It is encouraging to see that the sector is supported by a community of legal, accountancy and fiduciary firms, service providers and advisors, and the Island’s long-established financial services and e-Gaming sectors act as a strong foundation for the industry.” Showing support for the Isle of Man’s latest blockchain announcements, Danny Scott, CEO, CoinCorner, commented: “The Isle of Man Government has always been very supportive of the industry. As one of the first Bitcoin exchanges to be established on the Island, CoinCorner has been fortunate to work closely with the Government on a number of key projects including drafting the current 'Virtual Currency Business' guidelines. Being located here has given us strong foundations and it's great to see innovation continue in an industry with such potential.” Visit or email for more information.

























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18 PORTFOLIO Features


BUDGET OF CONFIDENCE Turn to page 35 for Isle of Man Portfolio’s Special Feature on the Treasury Minister’s Manx Budget



Investing in the future of Island events Seventy percent of business start-ups fail within their first year. That’s not a statistic designed to diffuse ambition or discourage innovation if you’re forging your next great business idea, but it does add gravitas to the founders who see out their first year and go on to mark milestone celebrations.

ELS, formerly known as Event Lighting Services, is one of these once fledging businesses, who have overcome common hurdles that can disrupt start-ups to reach their 10th anniversary, which business owners Justin McMullin and Ricky Rooney will mark next month with a public open day at their new event studio in Tromode. The events industry is worth £42.3 billion to the UK economy and Government credit events as a key driver of economic influence and growth performance. Closer to home, as the Island attracts large scale operations from the UK to relocate and call the Isle of Man home, and Isle of Man businesses enjoy organic growth that allows them to compete on an international stage, investment in public events is an essential activity for growth-orientated businesses. When well-executed, a public statement can signal positive indicators and secure new business interest. While often a high value investment, returns are reported to be up to 8 times higher than any associated marketing activity. In the ten years, ELS have delivered well over 1,800 events including international conferences, outdoor music festivals, gala dinners, VIP hospitality, laser light shows and architectural lighting, both on and off island. Locally, ELS have supported over 400 businesses, Government Departments, charities and public sector organisations with events activity from small-scale seminars and boardroom briefings to a 9,000-person music festival. ELS have delivered production services for many notable events including the Elton John concert at Nobles Park, The Peel Viking Festival, The Douglas Bay Festival, Bushy’s Main Stage, Celtic Media Festival, ISLEXPO, ICE London, Global-Gathering Dance Festival as well as a number of box office films and primetime TV shows for national broadcasters the BBC and ITV Studios. Director, Justin McMullin, commented: “We’re delighted to be celebrating our tenth anniversary year in our new warehouse & demonstration studio. We have a

really strong portfolio, over 40 years of experience between our core team and a kit list which allows us to deliver productions on par with anything we see and experience in the UK and further afield. For us, our anniversary year will be about continued investment in the latest professional grade event equipment and investing into the Islands events and entertainment industry”. “This started recently with an investment of over £150,000 in the Islands only outdoor rated large format LED screen, which measures a whopping 7 meters wide and has already featured at a number of high-profile events. Our new studio space provides a modern facility where we can setup and demonstrate our equipment for clients and share our experience and knowledge with burgeoning media and technology students through the UCM and the Islands schools. To give students hands-on work experience and support them in their studies and post education is highly rewarding and an area I’ve wanted to create for years as we have a huge skills gap in our event Industry on Island”. “Looking back, we’re also really proud to have been able to support a large number of charitable causes, and in our 10 years of operating, we’ve donated over £45,000 of production services and equipment to Island based charities which we truly hope has benefitted their causes. As we go forward, we will continue to play our part in the local community and support charities. We’re fortunate to be based in the Isle of Man, with a vibrant events industry which is set to grow this year.” ELS will be hosting an Open Day for the general public on Saturday 30th March at their new facility, Unit 7, Ballafletcher Industrial Estate, Braddan. The Open Day will feature live demonstrations of the very latest in event lighting, sound and special effects equipment. The team will also have indoor and outdoor stages, Giant LED screens and their Outdoor Cinema set up from 10am – 5pm with food and drink and live music throughout the day. For more information, please visit

20 PORTFOLIO Features

Benefits of Document Scanning Since the introduction of the General Date Protection Regulation (GDPR) in May 2018, organisations are now liable for fines of up to 4% of global turnover or â‚Ź20 million (whichever is greater) for non-compliance. Therefore, effective and compliant data management has become more important than ever.

Document scanning is an effective and efficient way of securely managing and storing data without the inconvenience and associated risks of working with paper files. The process of scanning documents is now extremely quick and simple. With a range of hardware and software available, no matter how your data is currently formatted, it can be indexed in to a searchable filing system to meet your business needs. Without this capability, none of the benefits listed below would exist. 1. GDPR, Data Security and Audit Compliance In the age of modern technology, data protection is a critical issue for consumers and therefore companies that serve them. Protecting information contained on paper copies can be problematic, whereas scanned documents can be encrypted, password protected, and securely stored. Access levels can be assigned to specific users and all file activity can be tracked. This in turn also has a positive impact on fulfilling legal and regulatory obligations as digital files can be indexed and produced quickly to meet the demands of even the strictest auditor. 2. Secure Information Preservation Paper documents can perish over time, or at least degrade to the point where after a number of years of being handled, are no longer legible in critical areas. Provided you have adequate back-up facilities, electronic files solve this issue and ensure preservation of key information. 3. Improved Disaster Recovery Paper documents are particularly vulnerable when a disaster strikes such as fires, other natural disasters or even theft. Once scanned and stored electronically, these files are much more recoverable and therefore damage, at least in this area, can be minimised. 4. Staff Collaboration and Time Management After scanning, electronic copies of documents are much

easier to share with team members, particularly when it comes to staff in different locations. This is itself has an impact on streamlining of workflows and therefore improved productivity. 5. Office Space Requirements Probably the most obvious initial benefit, is the reduction of the amount of space required to store paper documents. Instead of having to house hundreds if not thousands of bulky space-eating documents and files, they can simply be stored on one server. This in turn allows your organisation to either make better use of the additional space OR reduce overheads by renting less office space! 6. Environmental Impact Consumers are now even choosing companies and suppliers based in how ethically they behave and what steps they take in order to minimise their carbon footprint and any negative impacts it is having on the environment as a whole. By scanning documents and storing them electronically, a company’s paper consumption can be vastly reduced. The above factors give an overview of the some of the positive impacts that switching to scanning and storing documents electronically can have on any company, regardless of the field or industry they operate in. But where to start? Scanning all your documents can be tedious and blocking your valuable workforce and resources in the process might not be the way forward. Integrated Mailing Solutions (IMS), a division of the Isle of Man Post Office, has a dedicated team of experts which will work with you to assess your requirements and propose a scanning solution which best meet your needs. This can include box collection, scanning, secure document storage on the Isle of Man, archiving, efficient record retrieval and return delivery of your documents. You will also have a dedicated account manager who can deal with any questions or queries throughout the whole process.

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Rates shown for deposits is in pounds sterling between £10,000 and £5,000,000. Rates correct as at 4 January 2019. *AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. Skipton International Limited (Skipton) is licensed by the Guernsey Financial Services Commission and is registered in Guernsey: 30112. Skipton is a wholly owned subsidiary of Skipton Building Society. Skipton is licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details are available on the Scheme’s website or on request. Skipton is not licensed by the Isle of Man (IOM) Financial Services Authority and deposits made with Skipton are not covered by the IOM Depositors Compensation Scheme. To help maintain service and quality, telephone calls may be recorded and monitored.

22 PORTFOLIO Features

Tsundoku by Proxy “How many people ruin themselves by laying out money on trinkets of frivolous utility? What pleases these lovers of toys is not so much the utility, as the aptness of the machines which are fitted to promote it. They contrive new pockets, unknown in the clothes of other people, in order to carry a greater number.” (“The Theory of Moral Sentiments” Part IV, Ch.1, Adam Smith, 1759)

by Mary Tait, Investment Director, FIM Capital Ltd

I have a mental block which prevents me from walking past a book shop without suddenly veering through the open door to peruse randomly. No agenda, no premeditation, just spur-of-themoment bibliophilia which usually concludes with the opening of my purse and exiting the establishment clutching a small plastic bag. Like a hypochondriac surfing the net looking to label that mysterious twinge in their big toe, imagine my delight when I discovered that this obsession: “owning more books than one can possibly ever read” has a name - albeit in another language. The Japanese call it “tsundoku” which has nothing to do with another obsession of mine (Sudoku). Temporarily, I tried to hide my wanton excesses behind the ownership of an Amazon Kindle, but resented the fact that I couldn’t bequeath books to my unsuspecting colleagues, who are now building up a severe case if “tsundoku-by-proxy” (more books belonging to me that they can possibly ever read). While keeping up with my usual gamut of current affairs and a study textbook, I am now making a valiant effort to get through this backlog, ensuring that the conveyor belt goes out the front door of my house. My husband and I have always erred on the side of minimalism but recent renovations to our 120-year-old house prompted a renewed zeal to reduce the amount of

“things” lying around, including the things which contain things; books and bookcases being a fine example of both. Ironically, while wading through the weighty prose of Adam Smith (one of those books I thought I would never finish), I came across the above passage. It appears that even 18th century Scottish economists observed a kind of “tsundoku” back in the day. The difference, however, between Smith’s “toys” and my books is that I would not describe the latter as “trinkets of frivolous utility” but rather a treasure-trove of future learning, with lands, customs, beliefs and experiences still to be discovered at the turn of a page. The same delight at purchasing books is rarely repeated during my infrequent visits to the rest of the Douglas high street, especially at Christmas time, when the shops are chock full of things (including chocs). One item which caught my eye (while awaiting my husband’s failed attempt to collect his photos from Boots) was an Ariana Grande “Sweet Like Candy Eau de Parfum Christmas Gift Set” which contained roughly 50ml of perfume surrounded by 90,000mm3 of cardboard, plastic and some ridiculous pom-pom thing my dog might be inclined to choke on. Being about 20 years long on scepticism, I was clearly not the target market for this item, or the dozen other garish variants staring at me from the adjacent shelves. I couldn’t sit next to my co-Director

Imagine my delight when I discovered that ‘owning more books than one can possibly ever read’ has a name...


at FIM Capital, Paul Crocker, for all these years without experiencing some degree of regret at the sheer amount of packaging and waste Christmas brings to our households. Yes, bah humbug and all that, but I’m not the only one, it would seem. Apart from a rash of social consciousness on Facebook a survey of 2,000 adults conducted by The Grinch (a.k.a. OnePoll), revealed that Britons appear to be approaching “peak gift”, preferring intangible experiences to physical “trinkets”, such as theatre tickets, cooking courses and sky-diving (this last you can keep). 56% of those surveyed said that they preferred experiences over material things because they had “already got it all”. No wonder Lord Wolfson has taken a hefty pay-cut at NEXT. Of course, it’s not all due to a sudden swing from materialism to idealism or a miraculous sea-change from waste to eco-friendliness. Alas no. Even as a technological luddite, I can confirm how easy it is to book “experiences” online, using Facebook Messenger to reserve a restaurant table or paying for a takeaway delivery to my

front door using PayPal and (the Isle of Man’s solution to Just Eat). A more material contribution to high street woe is that real wages have not grown in the UK for over a decade, outgunned by house price inflation, as the average home in England and Wales now costs a wage multiple of nearly 8 times. When I bought my first property back in 1994, this ratio was approximately 3 times. There is also the rainbow-like mirage of a viable pension, which lies outside the grasp of many younger workers, instead content to spend now on “experiences” to enjoy in good health, not thinking too much about an under-financed future. Auto-enrolment might help younger workers but it must compete with stagnant wage growth, student debts and rents (for those not still living with parents). It seems that the modern world has seized on the philosophy of another ancient author, Horace, who once wrote: “While we’re talking, envious time is fleeing: pluck the day, put no trust in the future.”

FIM Capital is licensed by the Isle of Man Financial Services Authority, and regulated by the Financial Conduct Authority in the UK.


24 PORTFOLIO Features

Curiouser and curiouser: down the rabbit holes of the advertising world. What’s the role of an ad agency and why should you care? Terry van Rhyn of Ashgrove Marketing looks at the part agencies play in developing your brand - and your bottom line

Terry Van Rhyn, Managing Director, Ashgrove Marketing Ltd The role and purpose of an ad agency is often confused with that of a design studio, where you’ll typically find a bunch of groovy creative types obsessing about type fonts and the latest colour palettes or some trending online video. Sure, we do our fair share of that too, but there’s a lot more to the wondrous world of the ad agency man or woman. I say wondrous, because every now and then something magical happens that is difficult to articulate or explain. But, before I get to the fun bits, let me try to explain why you should care about any of this. According to recent research, every day we are exposed to more than 4,000 advertising messages. Personally, I think that may be on the high side but even 1,000 messages a day seems a lot! Each of these brands is fighting for your attention, loyalty and, ultimately, your custom. Ads are created to solicit a reaction and a good one will only need a split second to cut through the clutter and grab your attention in order to pull you deeper in to its brand story. Typically, when a client approaches an ad agency they are looking for a partner to work with to enhance or change their brand story with a view to improving their bottom line. (In the end it is usually all about budgets and money!) The first step for an agency is a “Soak & Scope” where we review where the brand is and try to determine what exactly is required. From here, it is all about planning the project in detail (often resulting in an impressive Gantt chart several miles long). Once all the numbers and timelines are in place, we get to the strategic stuff: analysing the brand’s positioning within the marketplace, the competitive environment, target audience/tribal profile, client/customer perceptions, key value propositions etc. It’s only when we have all this intelligence that we can start talking to those groovy creatives.

Now, finding a creative solution is not as simple as selecting some cool-looking pictures to match a dramatic headline and clever copy. If that is all you are looking for, then you risk becoming a “wallpaper” brand, where your logo could just as easily be replaced. As an agency, our job is to find that one thing that makes your brand special and unique. We then create a compelling story that will resonate with the brand’s target audience. Sounds easy, right? Well, this is the time when we head down the rabbit hole! Equipped with all the market intelligence, we search in all the secret crevices and dark corners for something very small and often very elusive, something that is unique to one particular brand, something it can claim as its own, something only they can do. This requires patience, focus and tenacity - because more often than not this is a slow and painful process. Only on rare occasions does one strike it lucky early on in your trip down that rabbit hole. It is the role of an agency to ask the right questions of a client to get to the right solution – and often it is asking the awkward or tough questions that separates the great agencies from the good ones. It’s our job to get a deep understanding of our client’s business, their key value propositions, their business objectives, as well as the way the key client-facing people operate. Above all we need to find out WHY this client does what they do. A good agency will naturally know what makes a client’s target audience tick but there are always subtle nuances that are distinctive and relevant to every business. It is uncovering the elements that will separate them from the pack that’s important – and then using these to create a unique story that is not only is believable and truthful, but also compelling and memorable. Every agency has its own approach but, in my opinion, the creative process always starts with copy: a headline and a short “romance” intro paragraph. This should


encapsulate the essence of the brand and the unfolding storyline. The visual direction is about supporting the copy/story direction and finding the visual theme that gives the brand its unique voice and image. Ultimately the creative direction has to answer to the business and marketing strategies. Mundane headlines and generic images are not going to hack it or provide the measurable results you will need to evidence. For me, it means all the marketing manager wanted to do was tick that box and not care about the results. It is only when you’ve been through a proper branding/positioning process that

Ditch the idea that an agency is there only to deliver cool, creative designs and treat it more as a reciprocal business partnership

you understand why this is difficult and takes time. Ditch the idea that an agency is there only to deliver cool, creative designs - and treat it more as a reciprocal business partnership. My biggest success stories in advertising were those times when the client understood, respected and appreciated the role of the agency and came along on the journey of discovery. After all, what we uncover down those rabbit holes can take your brand on a totally new direction far more meaningful – and far more valuable – than any amount of pretty pictures and fancy fonts.


26 PORTFOLIO Features

Quiet confidence in our future prosperity? More than 200 of the Island's business leaders joined the Treasury Minister, Hon. Alf Cannan MHK, the morning after delivering his 2019/2020 agenda at the Isle of Man Business Network’s flagship annual event, the Budget Breakfast sponsored by Barclays.

by Merita Taylor, Head of PR, Isle of Man Business Network Treasury Minister Cannan talked about delivering a budget of confidence over the coming financial year, although not reflecting any complacency in Government and the Island's current position, noting that this budget is “a sound financially responsible footing to take the Isle of Man through to 2022.” The Isle of Man Business Network represents a diverse spectrum of members from some of the Island’s largest corporate employers through to small businesses, entrepreneurs and start-ups who have relocated here. We have seen an increased number of people attending our events who are looking to broaden their professional and social networks on the Island after relocation, and indeed our own Committee has recently been strengthened thanks

to being joined by new colleagues who are early in their career and looking to grow their skills base, having returned to the Island to work after University. Minister Cannan’s new National Insurance holiday, the relocation packages provided by the Department for Enterprise (DfE) to support companies attracting talent to the Island and the rise in the personal tax allowance to support low and middle income workers, making a positive impact on the cost of living and family life, are of particular note and will certainly go a long way in supporting the ongoing ‘Locate’ campaign. Other points to highlight include: • the 20% increase in maternity benefits and the 5% increase in child benefit provision


• the DfE's Brexit fund, supporting Manx companies with their Brexit planning up to £5,000, and access to other financial support through the Enterprise Development Scheme • acknowledgment of the criticality of the Island’s regulatory and compliance infrastructure and broader reputation, the financial impact that applying this can have, particularly on small businesses, and the subsequent increased investment in to our regulatory framework • strength in the current budget surplus of £28m, £18m more than forecast • investment in education, particularly at Castle Rushen, equipping our next generation with a world-class education • the increased number of new employers having registered for NI (73) and rise in new Island residents (439) over the last 12 months - testament to the confidence in the

Isle of Man's current business infrastructure and future strategy The potential impact of Brexit is such an unknown quantity, and is currently causing an unprecedented amount of economic and political uncertainty not only in the UK but more broadly across Europe and its various markets and economies. Minister Cannan's budget of confidence and acute awareness of becoming complacent in our current position, coupled with the Island's political stability, should instill confidence not only with local employers and employees, but with those from further afield seeking that stability and a fantastic way of life. It’s safe to say that the next 12 months will be a turbulent time for many, although there is a quiet confidence that the Isle of Man is in a strong position to weather that storm and its side effects as best it can.














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Celebr l b atting i its i tenth h year in i the he G Gaming i iindustry d y,, the h SMP S Group has h llaunche hed d a new mpliance 365. With a decade of specialist knowlledge, compliaance package - SMP Com the SMPP eGaming team can provide year-round support and guidance to gaming clients in i the face of evolving compliance c and regulatory requirements. MA AT TTHEW ROBINS ‘There has beeen a notable increase in regulatory pressure in our industry over reccent years for operatorrs to demonstrate they are complying with their license obligations. The range of fines thaat have been issued for non-compliance means operators can no longer afford to take riskks. The responsibility is huge, but with the assistance of our SMP Com mpliance 365 packagge, we can help to alleviate that pressure. ‘SMP Comp pliance 365 is a year-round compliance package that incorporates tailored policies and procedures, training, health checks, and ongoing advice and support for all gaming clientss, new or established. Essentially, it provides you with all the tools you o need to help demonstratte compliance and help you to remain compliant while keeping on to op of your regulatory obligation ns in one efficient monthly subscription.’ JENNY HED DGES ‘T To h To help l clie lients t iimprove their th i compliance, li we iimplement l t ch hange managementt b bespokke to t the th business’s p processes by tailoring policies and procedures to align with internal systems. These procedures are streamlined to ensure a risk-b based approach in order to easily identify and mitigate rissks as they arise. Our goal is to hellp make you more efficient and ensure your baseline compliancee framework maps to your organisation’s regulatory requirements. We also focus on c e of the business; we w waant to work with you thoroughly integrating compliance into the cultur ng of compliance and regulations for everyone from to develop your knowledge and understandin board-levell down.’ JOE KELLY ‘Our Our white laabel training platform orm, the SMP Compliance Academy, provides you with w a powerful too ol to enhance your internal compliance culture. Through the distribu ution of company p policies and procedures, regulatory compliance training and key messsages, you can have co onfidence that your staff are operating to the latest standards. The SSMP Compliance Academy incorporates your business’s needs, branding and currentt content offering intto alternative learning methods that meet your training requirementts and engage emp ployees. Through our platform, you can create an eLearning hub that distributes, manag m es and reports on compliance training so you can affirm the po osition of compliance at the t heart of your organisation.’

LUKE DOHERTY ‘Our CPD-accred dited eLearning courses are multi-jurisdictional and cover a full specctrum of highly detailed content that is perpetually updated to ensure it keeps up with evolvving regulations. All courses are fully configurable and can be tailored to suit any busineess requirements by addressing the unique training needs of Executives, PML holders aand mation operational teaams. W Wee also offer an advanced analytics suite with auditable inform that can help ideentify deficiencies and ultimately reduce exposure to regulatory and d compliance risk. Our O platform is designed to embed the knowledge you need to enhaance your overall compliaance performance.’ TOM COLLIST TER ‘It doesn’t maatter whether you are a new start--up or an experienced enterprise with frameworks alr a eady in place. With SMP Compliaance 365, we can provide a fresh pair of eyes on your systeems, policies, and procedures to asssess where you are against regulatory guidelines and d examine your state of health. Ou ur aim is to help you reach a good level of compliance health and stability, so we provide feedback and assistance on any issues identified, theen create and implement treatmen nt plans to help you achieve this. This also includes cond ducting routine follow-up health checks to monitor the implemented changes and work with h you to maintain a consistent staandard of compliance for the organisation.’ PHIL KNOX ‘We won’t just teell you what to do; we want to help you understand key underlying industry issues that are impor i tant to you. Through SMP Compliance 365, our team of speciaalist subject matter experts can provide advice and guidance on a wide variety of comp pliance and regulatory requirements. We act as a confidential sounding board for high-level e queries i and d are on hand h d to di discuss and d clar l if ify issues i as the h y arise. i W Wee also l provide id the h o new regulations and requirements to ensure that you are kept up--to-date dissemination of in the ever-changging regulatory landscape.’

“It providees you with all the tools

you need to help you remain e compliant compliant” JAMES LEES ‘W Wee understand that no two businesses are the same, so we strive to retain the flexibility to provide services bespoke to each organisation’s compliance needs, whatever they may be. Depending on your lifecycle and the size and naature of your business, your starting point on the Compliance 365 fly flywheel will vary and tthe services required may differ, but we are here to help you find the right solution. ‘The SMP Compliance 365 package is available on o fixed monthly payments so that clients can budget for their compliance requirements, with w a steady cost and no surprises. Our mission i i iis tto workk alongside l id you and d align li with ith h your needs, d and d our experienced i d in-house i h team of speciialists work to ensure all of our seervices are readily accessible, for no extra cost.’ TED PEPPER ‘SMP eGaming is an internationally recognised gaming consultancy with a multijurisdictional presence e and a team of over thirty-five multi-disciplined gaming professionals. e We recently cellebrated a decade in gaming, and our SMP Compliance 365 package is a We culmination of ten years’ experience of industry compliance knowledge that clientss can rely on. ‘SMP Complianc p ce 365 is not just j about tickingg boxes;; it’s about our exper p ts combiningg oday’s best-in-class regu ulatory and compliance frameworks and controls needed to meet to regulatory environment, with human assistance and guidance into a solution that is acccessible to all. We provide sup pport to you through every step off the compliance journey.’

30 PORTFOLIO Features

All political roads lead to Rome - again Not since Marie Antoinette said “Let them eat cake” have the peasants been so revolting. Western Capitalism's elites are bemused. Their rulers were so good to them! –Hillary Clinton called the ingrates a basket of deplorables; Bob Geldof flicked them a V sign; Tony Blair thinks the voters are too thick to understand the question- so says Quentin Letts on the cover of his brilliant satirically funny and excoriating book entitled “Patronising Bastards”.

by Timothy Boles, Managing Director, Equilibrium Pensions Limited We now are witnessing the break-up of the entrenched UK two party political system- what on earth is going on? Are there any lessons we may learn from the past given that history has an unerring knack of repeating itself? One of the enduring political cultural legacies of the French Revolution was the adoption of the political terminology, and the concomitant division of politics, into ‘left’ and ‘right’. For nearly 200 years these concepts had value. But for some time now they have clearly been obsolete. Where, on the left-right spectrum, can you place a Chinese Communist State, strictly maintaining its political-ideological “communist” dominance, and simultaneously pursuing capitalist economics? Instead we have reverted to a much older political division. One that goes all the way back to Classical Antiquity. Essentially it was the division between those who thought that most decisions in a society should be taken by well-educated elites and those who thought that they should be taken by the mass of citizenry. To use two words derived from ancient Greek, the former believed in oligarchy and the latter in democracy. It was in Republican Rome that the struggle became most obvious and long-lasting. The Roman Republic had a very strange – or, at least, singular – Constitution, even by the standards of the time. It was no democracy. Most dayto-day power was vested in the elite- which was a meritocratic elite of wealth, open to citizens from any social background who managed to make themselves rich. The citizen body was not merely consulted – it made real and important decisions. While the votes of the poor counted for less than the votes of the rich, they still counted. Candidates for high office had to court both rich and poor voters. Late in the republic, domestic politics became dominated by the struggle between those who wished to maintain and even expand the powers of the elite, and those who wished to bring about political and socioeconomic reforms that would benefit and strengthen

the mass of citizenry. The former called themselves the ‘Optimates’ – the ‘best men’ (modest, they were not!). The latter were known as the ‘Populares’, from ‘populus’ – the people. It is very important to understand that these were not political parties or movements. They can be best thought of as political philosophies. They were both loose alignments of people with similar political outlooks. The leaders of the ‘Populares’ were just as much members of the elite as their opponents. The ‘Optimates’ openly despised the common people, calling them ‘unwashed’, regarding them as dishonest, and a fickle mob, and looked down upon them. This did not automatically translate into callousness for some leading ‘Optimates’ supported policies that helped the poor. They also looked down on ‘Populares’ leaders as unscrupulous opportunists, seeking to manipulate and exploit the people for their own benefit. It was this struggle that ultimately brought down the republic. The power of the ‘Optimates’ was broken, but, paradoxically, the result was not democracy but the

creation of the Roman Empire and ultimately its downfall. Two thousand or so years later what is striking is that today we have members of elites openly attacking and denigrating ordinary people who are ordinary voters. This is most obvious in the West because it is in such sharp contrast to the traditions of established democracies. Some democracies have traditionally always had tough politics.


oligarchy, from within. But it is to say that there is a real danger of this, and that democrats have a fight on their hands to maintain true democracy – in which the votes of all ordinary people can and do change things – and prevent the creation of façade democracy in which the decisions of the elites are what count, and voting changes nothing. A great concern is the inherent bias within much of the mainstream radio and television media we are daily subjected to in GB. Look at how some elites in the UK and especially in the EU are blatantly trying to thwart the implementation of the British people’s decision, in the 2016 referendum, to leave the European Union. Quentin ends by warning that “these people who know best, these snooterati with their faux liberal ways are heading for oblivion. Their downfall is largely of their own making, their sybaritic excesses, their obsession with political correctness, dogma and self-styled holier than thou attitude will eventually turn political discourse upside down”. This threat is not restricted to western democracies although President Macron of France might be the first to fall under this movement driven by the gilets jaunes. But the modern self-styled ‘Optimates’ make the same mistakes as their ancient counterparts: in the end, they cannot prevail against the majority and fundamental reform or revolution will surely follow.

American politics and Australian politics have long been dirty. But insulting and smearing opposing politicians is one thing; insulting and smearing “opposing” voters is quite another. To denounce the people who had the temerity to vote for their opponents, or in favour of a policy that they oppose, to call them (or clearly imply they are) racists, misogynists, backward, deplorable, ignorant, and so on, means that the elite denouncers are no longer interested in democracy. They are no longer interested in winning over voters who are currently in the opposition camp and who might be wooed away at the next election. All democracies have soft supporters and all election victories require winning over both these and floating voters. Self-righteously and smugly sneering and smearing all those who voted against a candidate or policy favoured by important elites - who are politically, socially, and culturally favoured - is also intended to delegitimise the views held by those voters, to prevent their views and (especially) their concerns being examined and debated. This is deeply antidemocratic. These elites think they can achieve their objectives in other ways - in some cases through courts - and in other through supranational organisations. Think of the misuse of NDAs and the egregious cases brought before the European Court of Justice. This is not to say that democracy has been insidiously overthrown by


This is not to say that democracy has been insidiously overthrown by oligarchy, from within. But it is to say that there is a real danger of this

32 PORTFOLIO Features

Conscious Inclusion spearheaded by Future Works keynote speaker An event designed to invigorate leader’s inclination to embrace equality and become more attune to unconscious biases that are omnipresent throughout the recruitment process and in the workplace the inaugural Future Works introduced an audience of 80 professionals to inclusion speaker Hayley Barnard.

Search & Select Recruitment Agency and Zurich invited over Hayley as the Co-Founder of MIX Diversity Developers, Hayley has a wealth of experience with global brands and SMEs on the positive adoption of inclusive business practices, with evidence providing a compelling narrative mounting to the conclusion that the successful organisations of the future will be those that master embracing difference or inclusion of diversity to mitigate the effect of bias. An eventful upbringing, which exposed Hayley to physical disability and alternative sexual orientation within an adoptive family, led Hayley into a field of study of psychology and human behaviour, specialising in inclusion. Today, Hayley coaches companies including Bloomberg, HSBC, T-Mobile, Lloyds Bank, Naked Wines and Experian amongst others on diversity and inclusion benefits, barriers to inclusion and practical tools to aid inclusion. Hayley explained to Future Works attendees that understanding unconscious bias through shared language is the first step to implementing change to overcome its negative business impact and create a more inclusive organisational culture - but it is so much more complicated

As humans, we’re preprogrammed to exclude rather than include.

than this. It’s concerned with the cognitive difference’s employees bring to the workplace. Inclusion highlights an immediate opportunity to activate the decision-making power of the diversity already present in high-performing global workforces. In light of the Equality Act 2017, companies must work to become more inclusive. Hayley’s company, MIX Diversity Developers, often come across organisations that are at least on the surface level diverse, but not necessarily inclusive, which shows up in who they recruit for business-critical positions – senior hire, in who gets promoted internally and who has a voice in the business. Research shows us that in an inclusive culture people perform at their best and that staff satisfaction, employee engagement and staff retention goes up, with diverse companies boasting 12 percent higher employee productivity, 19 percent higher staff retention, 57 percent higher team collaboration and 42 percent improved commitment. The recent introduction of the Isle of Man Equality Act 2017, will impact businesses in terms of adopting new legal requirements in place to safeguard minorities for protected characteristics, including age, disability, sexual orientation and race. Whilst the legal case is enforced, the business case is equally compelling. Hayley explained, ethically diverse companies are 33 percent more likely to gain financial returns in direct comparison with the national industry average. Equality alerts us to the unconscious biases that can



Alan Burman, Search & Select Recruitment; Dee Copley, Head of HR, Zurich International; Sally Fenton, Managing Director, Search & Select; Hayley Barnard; Mark Burman, Director, Search & Select Dee Copley, Head of HR at Zurich International, commented: “As a modern, progressive business committed to promoting diversity and inclusion, we’re delighted to sponsor this event in partnership with Search & Select. Hayley’s passion to drive progress on these important issues is shared by everyone at Zurich International. Initiatives promoting diversity, inclusion – and wellbeing too – are all part of how we are putting people at the heart of our strategy. As Hayley explained, businesses, employees, customers, and society in general all benefit from embracing difference and promoting innovation, which in turn boosts productivity, and delivers better results for people and customers. It’s why Zurich International has invested in a range of initiatives to enable us to attract, develop and retain talented people who reflect the diversity of our global customers. Initiatives include creating workplaces which bring out the best in every individual by making them feel welcome, valued and included.”

It takes one tenth of a second to make an opinion of someone, but knowing a little more about someone can be very helpful to understand their strengths and what motivates them

and do find their way into the DNA of an organisation and become embedded in workplace culture when left unchecked. We need to update our unconscious mind with conscious input and watch over how our mind forms opinions about others so we’re in check we’re not creating distorted decisions based on our unconscious biases. The good news is, bias is bad at staying hidden. We display and project personal biases through micro expressions, micro inequalities, micro affirmations and subtle behaviours. Tackling subtle exclusion and bias is key to creating a supportive and inclusive environment where employees can bring their whole self to work in an environment where equality can flourish. Hayley closed the event by commenting we are less when we don’t include everybody. When we understand the business case for inclusion and we have a clarity of what personally motivates us and those that we lead know what we stand for then culture starts to shift and our workplaces become more inclusive. The first in a series of four Future Works events was designed to champion inclusive leadership with subsequent events focussing on managing intergenerational talent - executive development and leadership. Future Works is hosted by leading recruitment agency Search & Select, sponsored by global life assurance firm Zurich International and organised by marketing consultancy Bold Consultancy. Sally Fenton, Managing Director of Search & Select commented: “Diversity and inclusion has been moving up the agenda of the businesses that we talk to here on the Isle of Man. It’s not just about box ticking or political correctness. It’s about recruiting and retaining the best talent regardless of people’s race, sex and sexual orientation. And it’s about creating a work place where people can bring their whole selves to work, where they be who they are and give you as their employer, their best. Recruitment is what we do best and if you need support in this area then please do get in touch.”

To find out more about Future Works and to register to attend Future Works 2.0: Managing Intergenerational Talent, visit To find the talent you need contact Search and Select on 678144, email the team at or visit

34 PORTFOLIO Features

An innovative way to develop Isle of Man business growth More than hundred people attended the recent coffee morning and speed networking event on the Isle of Man in last 3 months hosted by the local charity like Housing Matters, Victim Support and Dream Catcher. These events are being organised by Santosh Kumar and Paul McArd of FindusonWeb Ltd every month.

Entrepreneurs and businessmen and women from a range of business sectors participated in a recent coffee morning and speed-networking event. The success of this idea was due to growth management consultancy FindUsOnWeb, and its concept of bringing aspirational networkers under one roof. This was the first of planned monthly events organised by Find Us On Web Limited, following the company’s launch in December. The businesses participating in events so far include local well-established Isle of Man names such as Sure International, Harmony Homes, Smart HR, Cyberscience, HLA, Edgewater, Manx Radio, MFX and Imperial IT, as well as events organisers Find Us On Web. FindUsOnWeb’s idea is to bring local businesses together and help them connect, network, exchange business ideas and transact locally in order to support the growth of local business community, along with helping local charities at each event. Find Us On Web is trying to help businesses at three Different levels: Advertiser, Online Seller and Networker. They are committed to offering help and support in the form of free advertising and free promotion of products and services to help businesses attract new customers and achieve guaranteed sales with their offering on a No Win, No Fees basis using the innovative digital marketplace found on

This recently organised Coffee Morning and SpeedNetworking Event will take place every month at the Palace Hotel. The programme rewards attending businesses with ‘Offers of the Month’ from member companies which anyone can benefit from by visiting The events provide a platform for businesses to learn and interact with each other to establish a relationship whilst, at the same time, helping local charities to achieve their cause. Local charities including Housing matter, Dream Catcher and Victim Support are among those hosting events to help raise donations and enhance their profiles. This highly professional event was run and managed as one of it’s unique kind and well appreciated by most the business attendees at the site. These events are free to attend and both Santosh Kumar and Paul McArd have grown Find Us On Web quickly since the company’s launch three months ago with a staff of nine with a view to employing up to 25 more in the next three to five years.

Visit or follow them on Facebook, Twitter, Instagram and LinkedIn to find out more about them or for details on future events and help them achieve their cause of helping local business grow together.


BUDGET RESPONSE The views of leading professionals to the 2019 Isle of Man Budget delivered by Treasury Minister Alfred Cannan

In association with


BUDGET in association with


The Isle of Man’s solid financial foundations and its ability to meet the challenges ahead were the key themes when Treasury Minister Alfred Cannan MHK delivered his 2019 Budget in Tynwald. Mr Cannan highlighted a package of measures designed to support working families, to target further job growth, to invest in vital infrastructure and to strengthen frontline public services, with a particular focus on policing and healthcare. While acknowledging the ongoing uncertainty around Brexit, Mr Cannan said: “We have solid foundations on which we can adapt to meet our challenges. In a year that promises international political and economic turbulence, this Budget provides a platform for confidence in our Island and the future.” The Minister revealed the Isle of Man Government’s accounts are forecasting a surplus of £28m in the current year - representing an increase of £18m on the budgeted amount - and that Treasury’s five-year financial plan designed to reduce reliance on

reserves remains on target. Personal tax allowance will rise for the third year in a row, to £14,000. This will mean more than 1,550 people will be lifted out of the income tax net. The cost of the measures will be £6.2m and maintains the current administration's commitment to support hardworking families. Above inflation increases are also applied to Child Benefit, Employed Persons' Allowance, Maternity Payments and Disability Premiums. Addressing the needs of business, Mr Cannan announced a National Insurance Holiday Scheme designed to attract workers, support firms aiming to recruit employees and increase the working population - a key objective of the current administration. Business will also be boosted by £6m for related support schemes and a commitment to provide £1.5m for additional resources to ensure the Island remains compliant with international standards, preserving its reputation as a responsible jurisdiction.

MAIN FEATURES OF THE 2019-20 ISLE OF MAN BUDGET: An increase to the personal income tax allowance, of £750 to £14,000. Introduction of a National Insurance Holiday Scheme for employees who move to the Island for work and Manx students who return to the Island to work after completing their UK university courses. Most benefits to rise by 2.4%. New Manx State Pension to be introduced from April at £184.15 p/w More money to enable departments to deliver services: an additional £3 million for Health and Social Care services, additional £3m for Home Affairs, mainly within Policing, £2.2m for Infrastructure and £1.5m for Education, Sport and Culture A five-year capital investment programme of £479 million, including a Douglas Promenade Walkway, facilitation works to develop the Isle of Man Ferry Terminal in Liverpool, an initiative to support the development of Jurby, a new telecoms strategy and a new landfill facility for problematic waste.

Revision to the Enterprise Development Scheme to open it to a wider range of applicants. A total of £9m will be available to focus on job creation and strengthen the requirement for co-investment. Sugar tax to be introduced from April 2019 expected to raise around £300,000,which will be ring-fenced to be used by the Department of Health and Social Care. Agriculture and Forestry Fund to be topped up with £1m per year for 3 years to support the operation of the Meat Plant if required. Additional funding of £350k in 2019/20 (with additional funding in future years) made available to the Department of Environment, Food & Agriculture to deliver a modified Agriculture Development Scheme with increased emphasis on environmental priorities, sustainable food production and increased investment in modern infrastructure. A top up of £1 million for the Brexit Fund to £2.5m, for the continued negotiations arising from the UK’s departure from the EU.

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A REPORT ON THE 2019 MANX BUDGET FROM HARDING LEWIS LTD ‘A budget of Confidence’ was the message from the Treasury Minister Alfred Cannan during his budget speech. Minister Cannan appeared pleased to report results which are ‘above expectations’. Phil Butler, Manager, commented on the Budget changes: “Overall this year’s Budget has resulted in a couple of new interesting business initiatives, but for the person in the street it was arguably a light touch. A few tweaks to allowances and benefits will generally see a few extra pounds in the pocket of the workingclass man and woman, which is always welcome, albeit nothing drastic. The most notable change is an increase in maternity payments by 20%. One prominent point to mention is the £9 million fund being set aside to support job creation and revisions to the Enterprise Development Scheme. The establishment of which should hopefully help to incentivise new business and investment on the Island. The introduction of a new national insurance holiday scheme targeting employees moving to and students returning to the island is also a welcome change. In a community with such low unemployment and shortages of labour this is one of a number of initiatives needed. With Class 1 National Insurance refunds of up to £4,000 available to the student or new employee this certainly provides an incentive to start a career on the Island. In particular, this will benefit students that are keen to pay off any debt accumulated at university. Minister Cannan will argue that behind the scenes much more than this is being done, for example via the Department of Enterprise, to create new economic activity, however new and bold ideas will still be needed to help accelerate the progress.” Managing Director, Andrew Gerrard, commented on the Government finances and the future of the economy: “The growth in the economy has for sure come to the rescue of Governments’ finances in the last 2 years with a budget surplus of £28 million forecast for 2018/19. However, this figure is far from the true picture. Some £73.8 million has been taken from various reserves including £39.4 million from the Public Service Employees’ Pension Reserve (‘PSEPR’). Proper account has not yet been taken of the long term impact on the Budget of the PSEPR. Chris Thomas, the Policy and Reform Minister, will be tabling ways forward on this subject in 2019. The overall deficit in the PSEPR is, we understand, in excess of £3 billion and rising!. So the medium to long term prognosis is going to be challenging to say the least. There is no doubting the impact the e-gaming sector has had on the economy, and the fall in other sectors overall has highlighted our over dependence on this business activity. A higher working population going forward and more businesses are essential to ensure our public services are not subject to austerity measures. Fortunately, our competitive position as an independent jurisdiction is still positive, but new residential properties will be needed to enable the growth programme to happen. More investment in town centres and infrastructure will be needed to both improve facilities and improve our appearance. The proposed capital programme of £479 million over 5 years will help in this process. It must be frustrating to the Treasury that some people (and it would seem Government Departments) just do not ‘get it’ and blocks appear on new building projects that will be needed to create new economic activity and therefore jobs and tax revenue. The Department for Enterprise continues to push economic growth and new sectors will be needed to balance the over reliance on e-gaming. Blockchain technology and the Biomed sector are two examples of areas amongst many that it is hoped will develop further. Being ‘in the space’ for various possible growth areas is essential as it is never clear which sector might flourish.” Conclusion The theme of the Budget is economic growth as opposed to cuts to overall Government expenditure in order to balance the budget in the medium to long term. Business and Government are both part and parcel of this end goal and must work together to generate further new initiatives in the future. The alternative is not worth contemplating. Phil Butler

Andrew Gerrard



BUDGET in association with


Kevin Balakrishna

In what Treasury Minister Alfred Cannan described as ‘a budget of confidence’ he announced that this year the government is forecasting a budget surplus of £28M, increasing his estimate significantly from a previous forecasted surplus of £10M. The Treasury minister attributed this increase as a result of higher than expected tax receipts and lower than anticipated welfare support. 419 taxpayers were added to the workforce during the last year while unemployment remained low at 0.9% in January 2019. The government had previously introduced the SAVE Programme (Securing Added Value and Efficiencies) in the 2018 budget aiming to reduce government expenditure by £25M in 2021. The Government continued to increase the personal income tax allowance by £750, the same increase as seen in the previous budget, to a level of £14,000 leaving individual tax payers better off by £150 per annum. National Insurance rates will remain on hold, with Treasury anticipating that the pattern of increased contributions will lead to receipts £4M above the estimate for tax year 2018/19. The introduction of a ‘National Insurance Holiday Scheme’ was announced for employees moving to the Island and to encourage Manx students to return to the Island after further education in the UK or overseas, it is estimated that around 250 of these students leave the Island to pursue work elsewhere. The minister expects e-Gaming, Insurance and

ICT sectors to continue ‘double-figure’ growth this year. While there had been concern that a 10% corporate tax rate would be applied to banks, corporate profits will remain untaxed. The Island has already seen a significant decline in number of licensed deposit takers over recent years with the first new banking license in 20 years being issued last year under the recently introduced Alternative Banking Regime. A programme of capital investment of £479 million was announced over the next 5 years to include the development an Isle of Man ferry terminal in Liverpool and on further infrastructure throughout the Island. This includes the development of the Island’s telecommunication network, the current network of approximately 50:50 copper wire and fibre optic would require upgrading to a 100% fibre network to offer all Island access to next generation 5G network speeds. Whether this involves a purchase of the existing infrastructure by the government and subsequent lease-back to the telecoms operators remains to be seen. The government followed the UK’s adoption of the ‘Sugar Tax’ last year which will be introduced to the Island starting this April, with the initial £300,000 that is expected to be raised over 2019-10 to be used in programmes for weight management and other health care initiatives. While there was some criticism by ministers including concerns over the continued growth of the government and lack of funding for health services Tynwald unanimously approved the budget.


CHIEF FINANCIAL OFFICER, MANX TELECOM We are encouraged by the Treasury Minister’s announcement regarding the continuation of Isle of Man Government's new telecoms strategy, and the proposal to commit £2million to that strategy, subject to negotiation with potential private sector providers. Fibre is at the top of Manx Telecom’s priorities and FTTP (Fibre To The Premises)

Iarla Hughes

now covers all key business districts, industrial estates and selected residential areas. We are working hard to make it available across the Island as soon as possible. However, achieving 100% availability would require a massive investment, so we welcome Government’s continued commitment to finding a solution that serves the Island’s best interests via public and private sector collaboration.

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STUART NELSON DIRECTOR, BARCLAYS ISLE OF MAN This Budget will certainly help the Isle of Man be a more attractive place to both live and work. There are a number of initiatives designed to encourage talent to the island which will certainly help the Government to achieve its objective of increasing the economically active population. The five-year capital investment programme of £479 million is a very positive forward-looking statement and the promise of additional funding for Health and Social Care services, Home Affairs, Infrastructure and Education, Sport and Culture will be beneficial for the community, families in particular. Providing support for businesses of all sizes in the Island is a welcome theme in this Budget. Funding from the Economic Development Fund to create a high quality business park at the airport and revisions to the Enterprise Development

Scheme to open it to a wider range of applicants (with £9m available to focus on job creation and strengthen the requirement for co-investment) will help even more entrepreneurs and small businesses to develop and succeed here. Ensuring businesses have the right environment to flourish in the island is something we at Barclays are also focused on Initiatives such as our Barclays Eagle Lab in Douglas, which we opened last year in partnership with the Isle of Man Chamber of Commerce and the Department for Enterprise, are about helping entrepreneurs, businesses and the local community to create, innovate and grow, so it’s encouraging that the government is also actively developing spaces where businesses can thrive.

The five-year capital investment programme of £479 million is a very positive forward-looking statement

Stuart Nelson



BUDGET in association with


PRESIDENT, ISLE OF MAN CHAMBER OF COMMERCE (with employees being able to apply for a rebate on NI contributions of up to £4,000) who move to the Island for work, and for Manx students who return to the Island to work after completing their UK university courses. We also welcome the scheme to support the parents of Manx students attending universities and higher education in the UK. A ring-fenced sum of £1.5million is being allocated to the Department of Education, Sport and Culture for this purpose, and Chamber is looking forward to seeing the full details of how this funding is to be applied. Brexit Chamber welcomes the announcement of the Business Improvement Scheme which will allow businesses to apply for a grant of up to £5,000 towards the cost of the transitions required for Brexit. Whilst we acknowledge the Isle of Man Government has limited influence on the negotiations between the EU and the UK regarding Brexit, the scheme is a practical measure that might be of significant help to smaller businesses. Capital projects The announcement of £479million in capital investment over the next five years is potentially good news for the Island’s construction sector, though we do acknowledge some of this will be spent off Island in Liverpool. We would urge a greater focus on delivery of the capital programme, noting that utilisation of the budget has been less than 50% over the past two years. We welcome the news that this underspend is being carried forward along with Treasury’s announcement of a review of the key drivers for historic under-delivery and establishment of a ‘Plan B’ schedule of projects which can be quickly brought forward should there be slippage on other schemes.

Chris Allen

We welcome the news that there are 73 new employers and 439 new taxpayers in the past year. Chamber has been campaigning for some time regarding the need to increase the Island’s working population, and these figures are encouraging. It is no coincidence that there is also a greater surplus (£28million) now projected, and it’s positive to see that both personal allowances and benefits increasing. However, there’s no room for complacency and government and the business community need to continue to accelerate the drive to bring both new businesses and people to the Island. It’s that goal which inspired us to create Business Connex, the recently launched concierge service (a joint initiative between Chamber and the Department for Enterprise) designed to support local businesses and entrepreneurs on the Island, and to help businesses, entrepreneurs and individuals who have decided to relocate here. In general, Chamber believes that the Government is continuing to steer a steady course during an era in which the Isle of Man has faced unprecedented challenges, including the potential impact of Brexit and a heightened level of external scrutiny. Moving on to specific details in the Budget, it’s understandable that some sections of the business community will always question whether the Treasury Minister has gone far enough in introducing measures to promote economic growth, but Chamber applauds several steps he announced including the widening of the remit of the Enterprise Development Scheme, with a total of £9million available. One of the biggest challenges facing Isle of Man businesses, is filling vacancies due to the very low levels of unemployment. A really positive development therefore is the introduction of a National Insurance holiday scheme for employees

In general, Chamber believes that the Government is continuing to steer a steady course during an era in which the Isle of Man has faced unprecedented challenges

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ANDREW CARDWELL TAX DIRECTOR, PWC ISLE OF MAN The Treasury Minister’s Budget Speech, badged as a “Budget of confidence to build on solid foundations”, provided a generally positive outlook on the Island’s finances and economic future, but at the same time acknowledged both the external and internal pressures that the Island faces in the short to medium term. Brexit concerns and certain international tax initiatives will more than likely have a short term impact, and indeed there are domestic issues to resolve, in healthcare and public sector pensions for example, but overall it was a quietly optimistic Budget. Domestic Issues The focus was on job creation and loosening the ‘squeeze’ on taxpayers. A more favourable expectation of the 2017/18 budget surplus, from a forecast surplus of £10m to an expected surplus of £28m, may have allowed the further increase in the basic personal tax allowance, from £13,250 to £14,000. The cumulative increases in the basic personal allowance over the past three years, amounting to a hike of around 33%, are expected to remove approximately 6,500 workers from the charge to income tax, whilst providing benefits to all taxpayers. A new initiative, a 12 month national insurance contribution (‘NIC’) holiday, was announced for new residents and returning students. In respect of new residents, the scheme will be open to anyone who has not been tax resident at any time in the previous five tax years and who takes up both residence on or after 6th April 2019 and full time, permanent employment with a gross salary of £21,000 or more within 12 months. Eligible residents will apply for a refund on the NIC for their first year of living or returning to the Isle of Man, with refunds capped at £4,000. For returning students, the holiday will apply if they have successfully completed a full time education (a degree, postgraduate degree, Higher National Diploma or similar) outside the Island and return to live and work here. More generally on NIC, the rates remained the same. There were marginal increases in the bandings and Class 2 NICs for the self-employed, which were

due to be abolished this year, are to continue for the foreseeable future. Elsewhere in the Budget, it was announced: • the new state pension is to be introduced on 1st April - it will be worth a little more than its UK equivalent, although the supplement will be frozen and phased out over the next 20 years; • despite the departure of Spark, the Enterprise Development Scheme will continue to offer loan and equity financing to start-up businesses and businesses looking to expand, including businesses which are looking to relocate; • a new sugar tax will apply with effect from 1st April, which is expected to generate income receipts of around £300,000 per annum; and • there would be no extension to the scope of corporate tax charges on the banks, which was to include other, non-deposit-taking profits. International Issues External pressures will inevitably impact upon any budget forecasts, albeit it’s difficult to fully anticipate the overall impact. Uncertainty over Brexit and a further tax initiative - economic substance for Isle of Man companies, introduced with effect from January 2019 - would be the two immediate issues to highlight. Unless something other than a no-deal Brexit is reached, the likelihood is of a temporary shock to the UK economy and the inevitable knock-on effect that would be felt in the Island. Precisely what impact it will have is difficult to fully perceive, but with uncertainty over international business looking to UK shores in the short term, and indeed established businesses moving away from UK shores, there are obvious risks for the UK’s near neighbours. With Brexit in mind, the Business Improvement Scheme will provide support to those who incur the cost of transitioning under Brexit, albeit a maximum of only £5,000 would be available. Overall, it was a positive Budget, with an emphasis on job creation and increasing disposable income, but with some caution in respect of the more uncontrollable, international matters that are on the horizon.

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Andrew Cardwell



BUDGET in association with



Anthony Page

Solid foundations and an ability to meet the challenges ahead were the main themes from Alf Cannan’s 2019 Budget. Arguably another unspectacular budget, but that is no bad thing in these uncertain times. With global political unrest rumbling on, Brexit continues to be at the forefront of everyone’s thinking. So this, along with the continual scrutiny on offshore financial centres such as the Isle of Man, means that it is no surprise Mr. Cannan delivered a “sensible” budget that focused on measures designed to support working families, target further job growth, offer investment in vital infrastructure and strengthen key frontline public services, including policing and healthcare. It is fair to say that the Isle of Man has been through some tough financial times and the years of huge surpluses are very much a thing of the past. But it would appear that Mr. Cannan has steadied the ship and brought some order to our Island’s financial standing. Most importantly, our reserves have been maintained and the Isle of Man Government’s accounts are suggesting a surplus of £28m in the current year. As the Managing Director of a licensed and regulated trust and corporate service provider, it is comforting to see that funding is being earmarked for regulation and compliance measures that aim to ensure that the Isle of Man remains a leading international financial centre and offshore jurisdiction. Our regulatory framework is seen to be at the top of the expected requirements and standards, which is good news. The capital allocated will be specifically used to meet international standards across Tax & Customs and Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) technology. In the coming years, I would expect the allocation of funding in these areas to ramp up significantly as

the levels of regulatory and compliance oversight and regulation increases - and rightly so. As a financial centre the Isle of Man has changed greatly, and our long term future as a well-respected and co-operative centre of financial excellence will only be maintained with the right level of investment. As a local employer, it is good to see that measures are being put in place to support business with a National Insurance Holiday Scheme. This is designed to help local businesses and increase the working population. This latter point is a key objective of the current administration, albeit that the number of registered unemployed people has continued to fall over recent years to the current levels of below 2%. Whilst this scheme is definitely a step in the right direction, I do very much hope the National Insurance Holiday Scheme will form part of a wider plan to try and attract Manx students to return to the Island once they have graduated. Within our own business, it has become extremely noticeable that vacancy applicants are increasingly from school leavers, and that graduate applications are few and far between. Having a degree is not always a requirement for a role within KHT, especially where the applicant is keen to continue with professional qualifications. It is of greater concern that our graduate population seem reluctant to return. Of course, it wouldn’t be any form of Government announcement without a reference to Brexit. Mr. Cannan said that the Island has; “solid foundations on which we can adapt and meet our challenges.” He subsequently announced that the Government have allocated a top-up of £1m for the Brexit Fund (now £2.5m), for the continued negotiations arising from the UK’s departure from the EU. Will this be a sufficient amount? Will it actually be used? Will Brexit actually happen, and if it does, what will the consequences be for the Isle of Man - if any? All questions that no-one yet has the answers to.

T: +44 (0) 1624 631710 E: o W: m Knox House Trust Limited is licensed by the Isle of Man Financia l Services Authority and registered in th he Isle of Man. Company No: 125720C. C.

Special Feature PORTFOLIO


HEAD OF EQUITIES, CAPITAL INTERNATIONAL GROUP Perhaps the most eye catching (and possible the most

to £12,500 in the UK. Historically, the Island

‘game-changing’) feature of the recent Budget was

has led the way on this, but competition from

talk of a National Insurance holiday for anyone

the UK has emerged in recent years. It is good

moving to the Isle of Man to work.

that we are keeping our noses ahead of our

The measure is aimed at adult workers with a

neighbour’s. A cumulative 6,500 lower tax

salary of £21,000 or above, but also students relocating

payers have now been taken out of the tax net

back to the Island within five years of leaving college


or university. Could this be the boost that kicks the Manx population up towards 90,000 and even beyond? Those benefiting will be able to reclaim up to

Otherwise, this ‘Budget of Opportunity’ came with many of the usual pleasant surprises we have experienced in recent years, though with customary warnings of

£4,000 per annum from the Treasury retrospectively –

the dangers of ‘complacency’ (ie ‘department heads,

an amount not to be sniffed at, and an automatic pay

please don’t start asking for more money’).

rise without a hike. National insurance contributions are one of those ‘stealth taxes’ we don’t pay much attention to, but

Revenue trickles up while costs (primarily benefit claims) trickle down. The anticipated surplus for 2018/19 is £28m, better than a forecast £10m.

which nevertheless make a huge dent in one’s pay

However, there is still a ‘structural deficit’

packet. They have been steadily increased by

(stripping out national insurance and income from

governments over the years as a surreptitious way of

reserves) of £23m this year, which is expected to

growing taxes without changing the headline rates. To

deteriorate to £59m in 2019/20 (8.1% of income).

have someone slash them is unusual. The rationale for our government doing this is clear. Currently, over 50% of students educated across

We also have the looming prospect of the £45m of extra pension expense that falls into revenue spending when the PSEPR fund is depleted in 2022.

in the UK do not return to the Island. Arguably, the

Other than that, the things that stood out were the

government is paying for tertiary education it does not

extra investment into compliance, and increased

get a ‘return’ on.

capital spend.

More well educated people returning to the Isle of

Anyone who works in the finance industry will not

Man would provide a stimulus to the economy and

be surprised by higher compliance spending, but it is

government revenues, as well as the talent pool. If

interesting to note how this is landing on the

people arrive here in their mid to late 20s, there is a

government’s plate now, rather than just private

chance that they will stay for good as middle aged


inertia kicks in. The tax cut would come on top of a

The Budget announced increased costs for

relocation rebate scheme, already in place to

Customs & Excise, the Gambling Supervision

encourage jobs moving here.

Commission, and the Financial Intelligence Unit, with

The proposed move would bolster the Isle of Man’s

extra spend on Anti Money Laundering and

demographics. At present, the only part of the

Combatting the Financing of Terrorism, and on the

population that is growing is the over-65s, and the

Information Commissioner. Perhaps a few of those

total population has been stagnant at 84-85,000 for a

returning students may end up as Compliance

number of years. A growing preponderance of the


elderly relative to in-work tax payers is not generally

There is also a further clampdown on ‘brass plate’

something statisticians enthuse about. We don’t want

or non-substantive operations, aimed at reducing

to be the next Japan.

global tax avoidance, but this is a continuing theme.

Clearly, there will need to be appropriate job

Capital spending picks up after a bit of a lag. Many

opportunities. There may also be comeback from

of the schemes have already been flagged in the local

school leavers or students educated on the Island, who

media, so there is no need to go over them all here.

consider it a little unfair they are paying higher NICs going forwards compared to their UK educated peers. This year’s Budget also saw a further increase in the Personal Allowance to £14,000, which compares

Overall, a fourth year of government revenues exceeding £1bn is impressive. But, as the Health and Safety people would say, ‘we are not complacent.’

The views thoughts and opinions expressed within this article are those of the author and not those of any company within the Capital International Group (CIG) and as such are neither given nor endorsed by CIG. Information in this article does not constitute investment advice, an offer, or an invitation by or on behalf of any company within the Capital International Group of companies to buy or sell any product or security.

James Penn



BUDGET in association with


this will not get easier. Rising expectations – and therefore costs – of social care multiplied by an aging population can only be financed by a steady increase in tax revenues, whether these are achieved directly by taxing people’s income and wealth, or indirectly by taxing what they buy. The Isle of Man is not immune to these global trends (indeed, our healthcare system is currently the subject of a review being undertaken by Sir Jonathan Michael) and I fear for the Treasury Minister who has to announce the abolition of the income tax cap, the introduction of capital taxation or an increase in ordinary rates of tax beyond the long established relatively pain-free threshold of 20%. Mr Cannan referred in his speech to the Isle of Man’s introduction of so-called “substance” rules on 1 January 2019 (in response to EU pressures). These rules require Isle of Man companies which carry out certain activities (including exploitation of intellectual property) to demonstrate minimum levels of activity, physical presence and supervisory control on the island. It would not be hugely surprising (indeed it has been predicted by many) if the next development were for the international powers-that-be to require that all countries impose a minimum rate of corporate tax. Notwithstanding the intellectual arguments against this (which I am happy to discuss over a coffee with you when you have the time!) and accepting that some companies would close down or relocate rather than subject themselves to a tax rate in excess of zero, a minimum rate of even 2% could create tens of millions of pounds of revenue annually for the Isle of Man government. Just a thought ………….. For the moment our problems are first world ones, such as funding the public sector pension deficit when the reserve fund has been spent. Notwithstanding his upbeat message, Mr Cannan cautioned against complacency: let us hope the confidence displayed in this year’s budget does not prove to be misplaced.

Gregory Jones

• No sudden introduction of death duties or other capital taxation. • No tinkering with - let alone abolition of the income tax cap. • No hike in ordinary income tax or national insurance rates. • No scrapping of the “0/10” regime, the backbone of the Isle of Man’s company tax system. The absence of all these measures was for me the highlight of Treasury Minister Alf Cannan’s third Budget, in the sense of no news being good news. Not literally, of course. Over 50 pages of facts and figures, the Treasury Minister made the point that the Isle of Man economy is riding the crest of a wave of confidence: • unemployment down • income tax receipts up • a revenue surplus of £18m (these are big figures for the Isle of Man) higher than initially projected As a result, Mr Cannan felt able to increase income tax personal allowances to £14,000, representing a 33% increase since 2016 and providing a much needed response to the UK’s own hike in personal allowances, which in itself undermined our lower tax differential. Recognising that tax cuts stimulate economic activity, Mr Cannan also announced a 1 year national insurance holiday for returning students and new island residents (who have not lived here in the past 5 years) with up to £4,000 in NIC rebates available (although a salary well in excess of £60k would be needed to generate that level of refund). The maintenance of a benign tax regime continues to be necessary if the Isle of Man is to continue to be able to attract investment, and create wealth and jobs. We need taxpayers to feel they are contributing without being fleeced, but at the same time fund our welfare state and benefits system. Unfortunately if global trends are any indicator,

The maintenance of a benign tax regime continues to be necessary if the Isle of Man is to continue to be able to attract investment, and create wealth and jobs

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ANDREW NEWTON ASSOCIATE ADVOCATE, CAINS ADVOCATES Treasury Minister Mr Cannan was keen to emphasise in his 2019 Budget speech to the Tynwald Court that he was “delivering a budget of confidence in this Island”. One area of his Budget through which he have may have sought to provide confidence to industry is in the continued good governance and regulatory oversight afforded by regulators such as the Financial Services Authority, the Gambling Supervision Committee and the Communications Commission. Leaving the 2018/19 financial year, where regulatory acronyms such as GDPR and ECOFIN were live and ever-present considerations, the Treasury Minister, as he put it, has sought to bolster the Isle of Man Government’s “ambition of excellence in regulation and compliance”, identifying in his Budget speech an additional £145,000 to the Gambling Supervision Commission, £93,000 to the Financial Intelligence Unit, and £157,000 to the Information Commissioner. The gross spend of all these bodies and also the Financial Services Authority were identified as increasing in the Government’s Pink Book from the 2018/19 budget. In tandem with increased regulatory support, Mr Cannan’s Budget granted increased resources of £400,000 to the Income Tax and Customs Divisions to bolster their international compliance teams, an extra £297,000 to establish the International Cooperation & Asset Recovery Team on a permanent basis, and £794,000 for expertise and data systems for Anti-Money Laundering and Combatting of Financing Terrorism investigations. The recognition of and increased support to

regulatory and compliance needs in the Budget should be no surprise to industry with the Council of Europe’s MONEYVAL body requesting an update from the Isle of Man Government by July 2019 following the publication of its 1st Enhanced Follow-up Report of July 2018. This request should not necessarily involve immediate concerns for the Isle of Man Government as actions taken since MONVEYVAL’s Mutual Evaluation Report of 2016 had shown that only two recommendations remained as Partially Compliant by 2018 and none were identified as Non-Compliant. However, as Minister Cannan has gone some way to recognising in his budget, the increasing changes of regulation, practices, and the appearance of new markets, demands that the regulatory institutions of the Isle of Man are adequately resourced to maintain the priority of good governance to maintain industry confidence. One prime example of regulatory certainty in new markets is the recent opening of a Blockchain office in the Isle of Man and the call from the Isle of Man Digital Agency that regulation in this area could improve customer outcomes, enable sustainable growth, and reduce certain risks. The continued appreciation and resourcing of the Isle of Man’s regulatory institutions not only goes towards giving confidence to industry in these new areas but should also be a priority to avoid, in what the International Monetary Fund has voiced in respect of Malta, “significant risks” in these markets without the necessary regulatory oversight.

Andrew Newton

YOUR NEXT CAR WILL BE DELIVERED THROUGH YOUR LETTERBOX If you’re looking for a new or used car, your post will bring, every month, the best selection of New and Used vehicles for sale right here on the Isle of Man in ‘Isle of Man Local Choice’ magazine.


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48 PORTFOLIO Appointments

In association with

The Island’s #1 Recruiter


Equiom announces brand new role and promotions in senior team

International professional services provider, Equiom has announced that Aidan Davin, has been promoted to the role of Chief Operating Officer (COO) for their crown dependency offices, in Jersey, Guernsey and the Isle of Man. Aidan has been with Equiom since 2005 and has for the last three years served as Managing Director of Equiom (Isle of Man) Limited where he led a growing team of experienced professionals spanning trustee

Nina Johnston

services, yachting and aviation functions. Aidan steered the business through a period of substantial success both locally and overseas, leading to accolades including IFC Trust Company of the Year (Isle of Man) for two of his three years at the helm. In his new role, Aidan is responsible for the leadership of all Equiom businesses across the three islands and he will bring with him an in depth knowledge of the Equiom approach to client service and employee engagement as the

group looks to further expand its operations in these strategically important locations.

Nina Johnston has been promoted to Managing Director of Equiom Isle of Man after taking on the role in an interim basis in July. Nina joined Equiom in 2005 as a team leader within the client services division before progressing to Senior Manager in 2010, during which time she developed an impressive portfolio of clients with a particular focus on the real estate sector. She was invited to join the Board of Equiom (Isle of Man) Limited as Client Services Director in 2013 taking responsibility for five administration teams spanning the company’s corporate, real estate and eBusiness service lines while also playing a lead role in Equiom’s business development strategy in the Middle East. In her new role as managing director, Nina is responsible for all aspects of the overall operation and performance of Equiom Isle of Man Global CEO, Sheila Dean commented on the appointments: “The new role of COO for the Crown Dependencies is key to our continued growth journey. As we evolve as a business and acquire new expertise in each of our jurisdictions, the focus remains on maintaining a strong offshore presence. With Aidan’s demonstrated ability to boost business and staff performance and Nina’s commitment to the continued growth of the Isle of Man business, I look forward to a bright future for Equiom in these Aidan Davin three jurisdictions.”

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Appointments PORTFOLIO


e-Gaming Consultant joins MannBenham MannBenham Advocates has announced that Neil Harmer has joined its eGaming Advisory Team. With an amazing background stretching over almost two decades in eGaming, Neil brings with him an extensive understanding of eGaming and retail betting technology, processes and operations across multiple jurisdictions. In addition, Neil has a strong, specialist knowledge of International PariMutuel (Tote) wagering operations, having worked alongside global Tote betting operators in Australia, Asia, Europe and North America. With Neil’s appointment the eGaming Advisory Team continues to grow, being exceptionally well placed to give impartial legal, factual and balanced online gaming advice across multiple jurisdictions. The team is responsible for advising on eGaming license

Neil Harmer

applications along with compliance and procedural consultation. The team works closely with the Directors and the commercial and corporate team to solve issues, create value, maximise growth and improve business performance by providing legal, operational and practical advice. Carly Stratton, Head of Corporate and Commercial at MannBenham Advocates commented: “We are extremely delighted and excited to have Neil working with us. With almost twenty years under his belt within the eGaming Sector, his familiarity with the technology, processes and operations will be extremely invaluable.” “Neil’s unique industry knowledge will help to ensure that, combined, we continue to be well positioned to offer informed, legal and purely independent, impartial advice to our clients”

Sarah Dunnage makes it permanent at Ardan International Sarah Dunnage has been appointed permanent Chief Executive Officer for Ardan International. Her appointment comes following a six month period as interim CEO. Sarah, former Head of Finance for RL360, has been part of the Ardan management team since it was purchased by International Financial Group Limited – owner of the Ardan, RL360 and RL360° Services brands – in late 2016. “I am delighted to be taking the permanent role of CEO at Ardan International,” said Sarah. “We have been working hard over the last six months developing exciting plans for the future of the platform. “I am looking forward to the challenge of building and developing Ardan’s platform. The Ardan team is ensuring the company offers the best service, technology advancements and readiness for the ongoing regulatory changes in this challenging market environment. “I would like to thank IFGL Chief Executive David Kneeshaw and IFGL for giving me this opportunity to lead the company into the future.”

Sarah Dunnage The Island’s #1 Recruiter

50 PORTFOLIO Appointments

New Members appointed to the IOM Arts Council

Sharon Walker

Ben Heath

Peter Greenhill

The Isle of Man Arts Council has welcomed three new Council members, who were elected to post at the end of 2018.Quinn to a new role in England. Sharon Walker, Benjamin Heath and Peter Greenhill will take up the positions, and will replace outgoing council members, David Wertheim, Alex Brindley and Juan Moore. Marlene Maska MLC, Chair of the Isle of Man Arts Council, and member for the Department of Education, Sport and Culture (DESC), said: “We are increasingly seeing the benefits that Arts, Culture and Creativity are making to the Island’s quality of life and general wellbeing and it’s vitally important that the Membership of the Isle of Man Arts Council reflects the breadth, depth and unique character of the Island’s Arts environment. The Isle of Man Arts Council was set up over 50 years ago to support the work of local amateurs and professionals as well as visiting artists. It funds many organisations and offers advice and information to hundreds of people every year, encouraging and enabling participation and development in all aspects of the arts. All three new members have now attended their first meetings. Membership of the Arts Council is voluntary. Sharon Walker has been involved in amateur theatre, both on and off the Island, for over 30 years. A passionate advocate for local

drama, she has appeared in numerous productions with the Service Players, Parker & Snell Productions and Hog The Limelight. She has also been involved in shows with both the Manx Operatic Society and Douglas Choral Union. More recently, Sharon has taken over as Chair of the Manx Amateur Drama Federation (MADF). Benjamin Heath is the Chief Operating Office for Gateway Trade & Investment that operates brands on the Isle of Man, such as Harbour Lights, Sir Norman’s and Wiltshire Farm Foods. In addition to his work on island, Ben sits on executive boards providing strategic guidance for international companies. Outside of work Ben enjoys participating in the Isle of Man theatre scene. He is a member of the British Academy of Film and Television Arts and began his love of the arts working backstage at the Gaiety Theatre. Peter Greenhill is an international businessman, having lived and worked in the UK, Sweden and Hungary before moving to the Isle of Man in 2013 to take responsibility in the Department of Economic Development for growing the E-gaming and E-business market sectors. Peter had extensive experience in Stage Management, lighting and sound in the theatre, both professionally and on an amateur basis. He has a very strong interest in the theatre, film and music, and also enjoys visual arts and the use of digital animation.

HM Attorney General’s appointment extended Her Majesty The Queen has formally agreed to extend the appointment of the Isle of Man’s Attorney General. John Quinn QC, who had been due to retire in May 2019, will now continue to act as the legal adviser to the Lieutenant Governor, Council of Ministers, Government Departments and Statutory Boards until 31 December 2021. A long-serving advocate and past President of the Isle of Man Law Society, Mr Quinn served as HM Acting Attorney General from 2013 until 2017 when he was appointed HM Attorney General in the Isle of Man. The Attorney General offers guidance on matters of law and issues relating to the Island's domestic and external interests. He is also responsible for representing the Crown in the prosecution of offences and for the drafting of Government legislation.

Mr Quinn said: ‘It is a great honour and privilege to serve as HM Attorney General in the Isle of Man and I am delighted that Her Majesty The Queen has approved my request to continue in post for a further two and a half years.’ Lieutenant Governor Sir Richard Gozney added: ‘John Quinn is a public servant of the highest calibre and the extension of his service ensures the Island will continue to benefit from his ability and experience.’ Meanwhile, Jayne Hughes has been appointed as the new High Bailiff replacing John Needham who was appointed Second Deemster in November last year. Mrs Hughes has been Deputy High Bailiff since 2011. She had previously worked at the Attorney General’s Chambers, a position she held for three years.

John Quinn QC

Appointments PORTFOLIO


Jason Spooner appointed Wi-Manx Director of Commercial Services

Jason Spooner Wi-Manx has announced the appointment of Jason Spooner to Director of Commercial Services. Jason first joined Wi-Manx in April 2018 as a Corporate Account Manager, bringing his sales experience of over 30 years into the company. His range of expertise includes sales, full product lifecycle, infrastructure, datacentres, security and relationship management. Commenting on his new role, he said, “As Director of Commercial Services, I’m going to

focus on how Wi-Manx can continue achieving growth with new and refreshed products and services, using the expert teams we have inhouse to make that happen.” Wi-Manx has always strived to be a new, innovative company since launching in 2004, selling products, services and technology solutions that can sustain real, tangible benefits for our customers. When discussing the importance of establishing a culture that’s unique to Wi-Manx, Jason said, “I enjoy working here and I really like the atmosphere. I want to see Wi-Manx continue to grow, to make people aware of how good our culture is and to want to come to us. People hear about us and like what they hear about us, so whatever I can do to help towards that.” Jason explained how recent investments WiManx has made have helped to develop a varied and strong portfolio of products, - “Our investment and growth in the Elite Group that Wi-Manx is part of allows us to take advantage of the additional resources, experience and buying power to ensure that we can deliver quality, feature-rich and innovative solutions with real business benefits to our customers.” He expressed the importance of building on employee rapport to adapt to the future of technology, saying, “This can only be achieved if

everyone in the business is operating at the top of their game - everyone’s strong and experienced in what they’re doing, but work collectively because it needs more than one person to deliver anything – it’s absolutely essential.” He hopes that the culture of Wi-Manx, its values and expertise will come across to customers, both new and existing. “People have heard of us, our residential offering is second to none and we have made some really good business relationships, but we need improve communicating to the market what we offer, as many are not even aware that we own and operate our own datacentre – people are often surprised. We are strong in the market and have a strong portfolio of IT and telecoms solutions for businesses, plus we’ve got a phone system. We’ve got a lot to offer.” Managing Director of Wi-Manx Tim Cass said, "From his initial appointment as corporate account manager Jason made an immediate impact bringing to bear the full breadth of his skills and experience. It was clear very early on that he had more to offer and I am delighted his appointment to director of commercial services brings these skills to our strategic planning and ambitious growth plans.”

New Head of Regulatory Compliance at SMP SMP eGaming has announced that Matthew Robins - former Director of Compliance at The Stars Group and, more recently, Chief Compliance Officer of the mobile payments wallet, MuchBetter - has joined the firm as Head of Regulatory Compliance. Matthew has been in the gaming industry for the last 12 years and involved with regulations and compliance for more than 20 years. He is well-known in the remote gaming sector and has appeared on several panels at conferences discussing challenges of new payment methods, AML and verification processes. Ted Pepper, Director of SMP eGaming, said: “With more than 20 years’ experience in regulations, audit and compliance, Matthew’s leadership, experience and wealth of knowledge across multiple gaming jurisdictions will be a great asset to us. He will provide a fresh outlook and insight into our products and operations as

we continue to grow. “Having someone like Matthew join SMP eGaming is testament to the hard work we’ve been putting in over the years and shows that we are on the right track. I’m really looking forward to seeing what the future holds for SMP.” Matthew said: “SMP Partners has built up a great reputation in gaming over the last 10 years and it is a pleasure to be joining them at an exciting time in their growth. The company has great ambition and has built a dynamic and skilled team which I’m excited to be part of.” SMP eGaming is the e-gaming division of leading corporate and trust services provider, the SMP Partners Group. Headquartered in the Isle of Man, with offices in Malta and Jersey, it provides multi-jurisdictional licensing, regulatory and compliance advice and support to established and early stage e-gaming operators, platform and software providers across multiple jurisdictions.

Matthew Robins

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52 PORTFOLIO Directory

In association with

Directory THE ISLE OF MAN IN NUMBERS The most recent data available covering areas of public interest, including finance and commerce, transport and communications, population and employment.



Gross Domestic Product (GDP) (2015/16) Consumer Price Index (CPI) (Dec. 2017) Retail Price Index (RPI) (Dec. 2017) Total number in employment (Dec. 2017) Registered unemployment rate (Dec. 2017) Average weekly earnings (June 2017) Median weekly earnings (June 2017) Average property price (Dec. 2017) International aid (Mar. 2017) Number of births (2017) Number of deaths (2017)

£4.45bn 4.1% 6.9% 35,082 0.8% £760 £558 £268,220 £1.963m 753 837

EMPLOYMENT BY SECTOR Agriculture, forestry, fishing Manufacturing Construction Gas, electricity and water Transport and communication Wholesale distribution Retail distribution Insurance, banking, finance and business services Professional, educational, medical & scientific services Tourist accommodation Other catering and entertainment Miscellaneous services Public administration

1951 2,542 694 3,073 616 2,180 N/A 3,315

1981 1,412 3,467 2,981 496 2,624 867 2,687

2001 543 3,185 2,512 515 3,331 728 3,644

2016 810 1,915 3,536 492 2,442 429 3,253


1,515 8,959 10,057

1,576 3,737 7,296 9,427 N/A 987 743 629 4,605 996 2,116 1,735 N/A 2,530 2,373 3,884 1,870 1,625 3,105 3,027

As of December 2017, sterling bank deposits stood at £20.51bn, nonsterling at £15.30bn, with total deposits standing at £35.81bn. Funds under Management amounted to US$19.0bn

COMPANIES During 2017, 817 new companies were registered under the 1931 Act, along with 1,328 companies under the 2006 Act. At the end of 2017, there were 17,090 companies registered under the 1931 Act and 9,570 companies registered under the 2006 Act on the Isle of Man.

VISITORS During 2017 total arrivals to the Isle of Man were 695,397 with 401,642 arrivals by air and 293,755 arrivals by sea.


DEPARTURES During 2017, 799,377 passengers passed through the airport on scheduled flights. There were 290,240 departures by sea from the Island.

PROPERTY For the 12 months to December 2017, the average house price in the Isle of Man stood at £262,688 and the average flat price was £151,296. 990 house transactions were lodged with the Land Registry, and 192 flat transactions.

SHIPPING As at 31 December 2017, there were 402 merchant ships, 74 fishing vessels, 359 pleasure yachts, 63 commercial yachts and 22 demise charter ships registered in the Isle of Man. The Small Ship Register also had 121 ships registered at the end of the year. The gross tonnage for all ships registered amounted to 16.91(millions) tonnes.

GOVERNMENT INCOME For the year to 31 March 2017, Government income totalled £1,066m, compared with £959m the previous year. During the year to 31 March 2017, Isle of Man Government Gross Expenditure was £985 million.

POPULATION 1951 1961 1966 1971 1976

54,024 47,166 49,312 53,228 60,496

1981 1986 1991 1996 2001

64,679 64,282 69,788 71,714 76,315

2006 80,058 2011 84,497 2016 83,314

POPULATION BY COUNTRY OF BIRTH Isle of Man England Wales Scotland N. Ireland Channel Islands Republic of Ireland Other Europe (EU) Other Europe (Non EU) Middle East Asia Africa North America South America Caribbean Australasia Other/UNidentified TOTAL

41,481 28,214 878 2,473 1,660 169 1,526 2,539 226 105 1,669 1,302 381 112 247 287 13 83,314

49.8% 33.9% 1.1% 3.0% 2.0% 0.2% 1.8% 3.0% 0.1% 0.1% 2.0% 1.6% 0.5% 0.1% 0.3% 0.3% 0.1% 100.00%

LIFE EXPECTANCY Life expectancy has been calculated based on a 3 year period covering 2013-2015. Life expectancy for males is expected to be 79.6 years at birth and 84.3 years at age 65 in the Isle of Man, or 79.5 years at birth and 83.7 years at age 65 in the UK. This compares to 83.6 years at birth and 86.4 years at age 65 in the Isle of Man, or 83.1 years at birth and 86.1 years at age 65 in the UK for females. The Department of Health and Social Care are currently undertaking an intensive study of life expectancy and mortality on the Isle of Man.


54 PORTFOLIO Directory



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SATURDAY SERVICES: DEP 0835 ARR 0930 15 DEC-09 FEB & 02 MAR-30 MAR DEP 0930 ARR 1025 16-23 FEB DEP 1110 ARR 1210 03 NOV - 08 DEC




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SATURDAY SERVICES: DEP 0945 ARR 1045 03 NOV-08 DEC DEP 1610 ARR 1705 15 DEC-09 FEB & 02 MAR-30 MAR DEP 1705 ARR 1800 16 FEB ONLY; DEP 1810 ARR 1905 23 FEB ONLY

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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

Boothmans, Millennium House, Victoria Road, Douglas. Tel. +44 1624 611926

Nicola Bowker & Co., Alexander Buildings, 37 New Road, Laxey. Tel. +44 1624 861271

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

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:

John Clarke & Co, 22 Hope Street, Douglas. Tel. +44 1624 661821

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

Crowe, 6th Floor, Victory House, Prospect Hill, Douglas. Tel. +44 1624 627335

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

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

Douglas & Co, 11 Circular Road, Douglas. Tel. +44 1624 628571

Edwards & Hartley, Peregrine House, Peel Road, Douglas. Tel. +44 1624 622302

Endor Consultants LLC 16 Hope St, Douglas. Tel: +44 1624 676550

Enigma Accountancy and Bookkeeping Ltd. 19 Ridgeway Road, Onchan Tel: +44 7624 251024

Evolution Accounting Ltd., West Suite, Ragnall House, 18 Peel Road, Douglas. Tel: +44 1624 611160

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

Finnie & Co, 6, Goldie Terrace, Douglas. Tel. +44 1624 621523

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

Galloway Smith & Co, 9, Hope Street, Douglas. Tel. +44 1624 661800

Grant Thornton, Exchange House, 54/62 Athol Street, Douglas . Tel: 44+ 1624 639494

A. M Gerrard, Ground Floor, 11/13 Hill Street, Douglas Tel +44 7624 490720

Greenfinch Accountancy Ltd., Shee Yee, 12 Ballachrink, Colby. Tel: +44 1624 833727

Greenwave Accountants, 21 Ballastrooan, Colby. Tel: +44 1624 838434

Greystone LLC, 18 Athol Street, Douglas. Tel +44 1624 620711

Harding Lewis Ltd, Ground Floor 11-13 Hill 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

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

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

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

K5 Tax & Accounts Ltd, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 833776

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

T Leach & Co, 38 Reayrt Y Chrink, Port Erin. Tel. +44 1624 832891

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

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

J. H. Maddrell ACA, 1, Meadowfield, Port Erin. Tel. +44 1624 833535

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

Matthew Edwards & Co, Clinch’s House, Lord Street, Douglas Tel. +44 1624 663166

Moore Stephens, PO Box 25, 26-28 Athol St, Douglas, Isle of Man IM99 1BD +44 (0) 1624 662020

Noble & Co, 8 St George’s Street, Douglas. Tel. +44 1624 624633

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

OrmCo Accounts Alma House, 7 Circular Road, Douglas. Tel: +44 1624 610547

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

PricewaterhouseCoopers LLC, Sixty Circular Road, Douglas. Tel. +44 1624 689689

J. B. Quirk Ltd Milbourn House, 13 St Georges Street, Douglas. Tel: +44 1624 616660

Red Accounts Ltd., 24 Hillberry Heights, Douglas. Tel: +44 1624 679924

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

TABS, 3 Myrtle St, Douglas. Tel. +44 1624 674913

Thomas And Company, 2a Lord St, Douglas. Tel: +44 1624 670577

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

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

Michael Turner & Co, 17 Hope Street, Douglas. Tel. +44 1624 629619

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

T. P. Winnell & Co,, 7, Hill Street, Douglas. Tel. +44 1624 670022

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

UHY Crossleys LLC, P. O. Box 1, Portland House, Station Road, Ballasalla. Tel. +44 1624 822816 Ernst & Young, Rose House, 51-59 Circular Road, Douglas. Tel. +44 1624 691800

Crowe Morgan, 8, St George’s Street, Douglas. Tel. +44 1624 665100

KPMG, Heritage Court, 41, Athol Street, Douglas. Tel. +44 1624 681000

Browne Craine & Co, Burleigh Manor, Peel Road, Douglas. Tel. +44 1624 629369 Corlett & Co, Ellan Vannin Cottage, Baldrine. Tel. +44 1624 861060


LICENCE HOLDERS, CLASS 2 - INVESTMENT BUSINESS Ardan International Wealth Platform, 2nd Floor, Goldie House, 1-4 Goldie Terrace, Upper Church Street, Douglas Tel. +44 1624 652555

Barclays Bank PLC Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444

Blackford Financial Services Ltd, Ragnall House, 18 Peel Road, Douglas. Tel. +44 1624 627674

Canaccord Genuity Wealth (International) Limited, Anglo International House, Bank Hill, Douglas. Tel. +44 1624 690100

Capital Financial Markets Ltd, Capital House, Circular Road, Douglas. Tel. +44 1624 654200

Capital For Business (IOM) Ltd, Queen Victoria House, 41-43 Victoria Street, Douglas.

Capital International Ltd, Capital House, Circular Road, Douglas Tel. +44 1624 654200

Capital Treasury Services Ltd, Capital House, Circular Road, Douglas. Tel. +44 1624 654200

Cayman National Bank (IOM) Ltd, Cayman National House, 4-8 Hope Street, Douglas. Tel. +44 1624 646900

Charlemagne Capital (IOM) Ltd, St Mary's Court, 20 Hill Street, Douglas. Tel. +44 1624 640200

Chase Financial Services Ltd, 10-12 Prospect Hill, Douglas. Tel. +44 1624 612611

Credit Suisse Custodial Services (Isle of Man) Ltd, 69 Athol Street, Douglas.

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

DBAY Advisors Limited, 4th floor, 64b Athol Street, Douglas. Tel +44 1624 690 900

Duncan Lawrie (IOM) Ltd, Camelia House 16-18 Mount Havelock, Douglas. Tel. +44 1624 620770

Edgewater Associates Ltd, 1st Floor, Clarendon House, Victoria Street, Douglas. Tel. +44 1624 654000

FIM Capital Ltd., IOMA House, Hope Street, Douglas. Tel. +44 1624 681250

Hockney Stevens Investment Services Ltd, Kerrowglass, Stockfield Road, Kirk Michael. Tel. +44 1624 877864

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

Independent Financial Consultants Ltd., 37 Ballanard Road, Douglas. Tel. +44 1624 671679

Investasure Financial Services Ltd, First Floor, 19 Victoria Street, Douglas. Tel. +44 1624 625940

Investment Interest ManagementLtd., The Barn, Moaney Woods Farm, Church Road, Lonan. Tel. +44 1624 863125

Island Financial Solutions Ltd, 4th Floor, Hillary House, Prospect Hill, Douglas. Tel. +44 1624 614618

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

James Osborne Financial Services Ltd, Clearview, The Cronk, Shore Road, Ballaugh Tel: +44 1624 897210

JMR Limited, Finance Centre, Close Beg, Ballawattleworth, Peel. Tel +44 1624 842514

Knox D'arcy Asset Management Ltd, 14 Athol Street, Douglas. Tel. +44 1624 623994

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

Lloyds Bank International Ltd., PO Box 111, Peverial Buildings, Douglas. Tel. +44 1624 638200

LMS Partners Limited, 14 Athol Street. Douglas. Tel +44 1624 666888

MAC Financial Limited, MAC House, 64 - 65 Athol Street, Douglas. Tel +44 1624 639450

Maitland Investment Services (IOM) Limited, Falcon Cliff, Palace Road, Douglas. Tel: +44 1624 630000

Marriott Isle of Man Ltd, IOMA House, Hope Street, Douglas.

MitonOptimal Portfolio Management (IOM) Ltd, 11 Myrtle Street, Douglas. Tel. +44 1624 619180

Moore Stephens Financial Services Ltd, 26-28 Athol Street, Douglas. Tel. +44 1624 662020

Nedbank Private Wealth Ltd, St Mary's Court,, 20 Hill Street, Douglas. Tel: +44 (0) 645000

Oceanic Investment Management Ltd, St George's Court, Upper Church Street, Douglas.

Paul Richards & Associates, Highfield, Bibaloe Beg, Onchan.

Quay Financial Strategies Ltd., Salisbury House, East Suite, 3rd Floor, Victoria Street, Douglas.

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

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

Standard Bank (IOM) Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643

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

Thomas Miller Investment 2nd Floor, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel +44 1624 645200

Thornton Associates Ltd, 4th Floor, 39 Athol Street, Douglas. Tel. +44 1624 660220

WHIreland Wealth Management St Georges Tower, Hope Street, Douglas. Tel: +44 1624 602020

BANKS - LICENCEHOLDERS Bank of Scotland PLC, Evergreen House, 43 Circular Road, Douglas. Tel. +44 1624 644000 offshore_enquiries

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444

Cayman National Bank (IOM) Ltd, Cayman National House, 4-8 Hope Street, Douglas. Tel. +44 1624 646900

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

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

Lloyds Bank International Ltd., PO Box 111, Peverial Buildings, Douglas. Tel. +44 1624 638200

Merrill Lynch Bank & Trust Co. (Cayman) Ltd, Belgravia House 34-44 Circular Road, Douglas. Tel. +44 1624 688600

Nationwide Building Society, Samuel Harris House, 5-11 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

Santander UK PLC PO Box 123 19/21 Prospect Hill, Douglas Tel 01624 641888

Standard Bank (IOM) Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643

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

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

The Standard Bank of South Africa, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643

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




ADVOCATES Advocates Smith Taubitz Unsworth Limited, Barrule Chambers, 36 Finch Road, Douglas. Tel +44 1624 677888

Alma Legal, 1 Athol Street, Douglas. Tel. +44 1624 652599

Appleby, 33-37 Athol Street, Douglas. Tel. +44 1624 647647

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

Cains, Fort Anne, Douglas. Tel. +44 1624 638300

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

Carters, 9 Circular Road, Douglas. Tel. +44 1624 662809

Carter Jones McDonald, 9 Circular Road, Douglas. Tel. +44 1624 629627

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

Corbridges, Ground Floor, 12-14 Ridgeway Street, 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

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

DQ Advocates, The Chambers, 5 Mount Pleasant, Douglas. Tel. +44 1624 626999

Gelling Johnson Farrant, Myrtle Chambers, 8-9 Myrtle St, Douglas. Tel. +44 1624 675367

Gough Law Goldie House, Upper Church Street, Douglas. Tel: +44 1624 629100

Hannan Law, 5 Hill Street, Douglas. Tel: +44 1624 628900

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

Laurence Keenan, Victoria Chambers, 47, Victoria Street, Douglas. Tel. +44 1624 611933

Kerruish Law & Trust, First Floor, Bourne Concourse, Peel Street, Ramsey. Tel. +44 1624 623919

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

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

LVW Law, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 836757

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

MannBenham Advocates Ltd, 49 Victoria Street, Douglas. Tel. +44 1624 639350

Old Court Chambers, Eight Finch Road, Douglas. Tel: +44 1624 641580

Quinnlegal, 30 Ridgeway Street, Douglas. Tel. +44 1624 665522

Advocate John Rimmer Ltd., Level 1, The Old Courthouse, Athol Street, Douglas, Tel. +44 1624 621466

Simcocks, Ridgeway House, Ridgeway Street, Douglas. Tel. +44 1624 690300

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

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

Kinley Legal 4 Albert Street Douglas. Tel: +44 1624 640366

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

LIFE ASSURANCE COMPANIES Canada Life International Ltd., Canada Life House, Isle of Man Business Park, Douglas. Tel. +44 1624 820200

CLI Institutional Ltd., Canada Life House, Isle of Man Business Park, Douglas. Tel. +44 1624 820200

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

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

HPB Assurance Limited, Anglo International House Bank Hill, Douglas. Tel +44 1638 563490

IntegraLife International Limited, 1st Floor, 6 Goldie Terrace, Upper Church Street, Douglas. Tel +44 1624 654600

Isle of Man Assurance Limited, 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

Old Mutual International Isle of Man Limited, PO Box 159, King Edward Bay House, King Edward Road, Onchan. Tel. +44 (0) 1624 655555

RL360 Insurance Company Limited International House, Isle of Man Business Park, Douglas Tel. +44 1624 681681

RL360 Life Insurance Company Limited International House, Isle of Man Business Park, Douglas Tel. +44 1624 681681

Utmost Limited, Royalty House, Walpole Avenue, Douglas. Tel. +44 1624 643333

Zurich International Life Ltd, Zurich House, Isle of Man Business Park, 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.



INFORMATION Ramsey Peel Douglas Port Erin Castletown

THE ISLE OF MAN... Capital




Land Area

572 sq km - 227 sq ml

Population density

148 people/sq km (362/sq mile)


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 Sir Richard Gozney

Chief Minister

Hon Howard Quayle MHK

President of Tynwald

Hon Stephen Rodan MLC

Speaker of House of Keys

Hon Juan Watterson SHK

A Global Partner

Taxation allowance

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 £125,000 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: £10,500 Married Couple: £21,000 Additional Personal Allowance: £7,500 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


In association with



2019 Isle of Man Arts Festival schedule and venues announced SEE PAGE 65



An evening with one of Britain’s foremost brain surgeons The Isle of Man Sporting & Dining Club will be presenting guest speaker Henry Marsh CBE FRCS at the Palace Hotel, Douglas on 29 March. Henry Marsh is one of Britain’s foremost brain surgeons, having spent a lifetime operating on the surgical frontline and working as Consultant Neurosurgeon at Atkinson Morley's/St George's Hospital in London for thirty years. A truly gifted brain surgeon, Henry pioneered, and specialises in, operating on the brain under local anaesthetic, and was the subject of a major BBC documentary "Your Life in Their Hands" in 2004, which won the Royal Television Society Gold Medal. Henry has been working with neurosurgeons in the former Soviet Union, mainly in Ukraine, since 1992 and his work there was the subject of the recent awardwinning BBC Storyville film "The English Surgeon" from 2007 - see the trailer here. Whilst working in Kiev Henry even found himself in the middle of a revolution! Following the success of his acclaimed memoir Do No Harm, in Henry’s new book - Admissions: A Life in Brain Surgery, he faces up to the overwhelming burden of responsibility that can come with trying to reduce human suffering. Unearthing memories of his early days as a medical student, and the experiences that

shaped him as a young surgeon, he explores the difficulties of a profession that deals in probabilities rather than certainties, and where the overwhelming urge to prolong life can come at a tragic cost for both patients and for those who love them. Henry’s view that patients with terminal illnesses should themselves decide, how and when their lives come to an end, touches on the sensitive debate around end of life choices. Henry was the castaway in Desert Island Discs in September 2018. Tickets Members: £65.00 per person (Non-members £75.00). Prices exclude VAT. Seating is on tables of ten, individual covers available. All bookings are subject to availability, and over 16s only. Dress Code: Black tie



Agricultural event explores challenges and opportunities faced by young farmers in 2019 Barclays and Rural Business Consultancy Limited, a local company dedicated to working with farmers, landowners and new small businesses, co-hosted an agricultural event recently to explore the challenges that local farmers face today and reflect on how to prepare for the future in the Isle of Man.

Craig Drummond (Barclays IOM Head of Local Corporate and Business Banking), Oliver McEntyre (Barclays UK National Agricultural Strategy Director), Tom Jones (Guest Speaker), Geoffrey Boot MHK (Minister for DEFA), Tim Baker MHK (Member of DEFA), Rhidian Glyn (Guest Speaker), Chris Kneale (Rural Business Consultancy)

Nearly 120 people attended the event, including farmers and members of the Department of Environment, Food and Agriculture (DEFA). To discuss the opportunities and challenges faced by the local farming industry, Gareth Rowlands, relationship director for Barclays in the Isle of Man, was joined by Oliver McEntyre, Barclays UK National Agricultural Strategy Director; Chris Kneale, of Rural Business Consultancy; and two young farmers from Wales, Tom Jones and Rhidian Glyn. The event explored the proposed UK Agricultural Bill, which will replace the current Common Agricultural Policy (CAP) once the UK leaves the EU, and analysed what this means for the local industry. Ultimately, farmers at the event were advised to focus on the areas they can influence. Farm management styles vary, and while there are many variable factors such as weather and Brexit to be aware of, businesses are better

placed for growth if they focus on controllable factors, including business efficiency, investigating other markets and products or strengthening the business by introducing a variety of projects. Mr Rowlands said: “Agriculture is vital to the Isle of Man’s economy. It’s encouraging to have an event where we can bring farmers together to learn from each other, explore the issues they face and discuss ways in which these can be overcome.” Mr McEntyre, added: “The agricultural sector is experiencing challenging times. We heard from remarkable young farmers who have overcome a range of challenges and are working hard toward a sustainable future for their businesses. “Brexit, the rise of different dietary trends and global markets will mean those businesses that are open to change and turn challenges into opportunities are the ones who will undoubtedly thrive into the future.”

64 PORTFOLIO People 60

New events, new management, same fantastic views Snaefell Café and Restaurant is due to open its door on the same day as Snaefell Mountain Railway commences its operation for the season - Tuesday 26th March. The difference this year is that the café is under new management, with Caterleisure taking over the operation. Stuart Peacock, Chairman for Caterleisure ‘We are delighted to have been appointed as Caterers for the Snaefell summit Café and Restaurant to commence for the forthcoming season on 26th March 2019. We look forward to providing an innovative and exciting range of menus for Café and Restaurant Services and will be actively promoting a range of evening functions such as a 007 theme night, summer solstice and a drinks festival to name but a few, so as to continue the very popular evenings which have occurred in the past. We intend to support the local economy by sourcing supplies locally where we can and we will employ local people in our new seven day a week service and welcome applications for employment from anyone suitably experienced. We look forward enormously to making new


friends from our customers and to making everyone welcome in this wonderfully unique location.’ The Café and Restaurant have teamed up with the Transport team to put on some fantastic, exclusive events throughout the year which is sure to appeal to all. These include a 007 Theme night, A drinks festival, A BBQ over the summer solstices, a jazz night as well as the signature weekly Seven Kingdom dinners. Ian Bates, Director for Isle of Man Transport, said: “Snaefell Mountain Railway had some record passenger numbers in 2018. This year we have teamed up with Caterleisure and we are sure this will further improve the exceptional customer experience.”

For more information and how to book the events please visit or call 662525

£33 per person includes supperr,, an ev ve ening of astronomy and d return tram ra trra av ve el.

Exp perience the night n g sky at the summit with the Isle of Man a Astronomical Society where the pie is as good as the sky. Following supper in the Sn naefe ell Summit Restaurant, membe ers of the IOMAS will give a briief presentation showing fea e turess of interest in the Manx night sk s y. Guests will then venture outsiide fo or an outdoor viewing se ession using telescopes provided by the Society. An explanatio on will be given of the many fea e turres visible through the tele escopes and with the naked eye.

The Autu umn night night sky

Dress to impress (Black Tie optional)

TH HE THEME H IS BOND D - JAMES BOND! G in on the action with Get our fun f Casino Tables a o ‘mon ney pennies’ required! No Fa abulou us p prizes to win if you y play the right 007 hand.



£39pp includin ng Welcome drink (shaken not stirred) 3 course mea al Return tram travel from Douglas or Laxey.

Join us allong with Seven Kingdoms Distillery, Fynoderee, Foraging Vinters, Okells e and Te ea Junction. £22pp including g tram travel and buffet. For tram times ple ease see website.

FRI 20 & SAT 21 SEPTEMBER R The spectacular Manx Autumn night sky will enable us to see the nearby Andromeda o Galaxy, a mere 2.5 million light years away and the e Moon will be rising in the east as we look at the lunar surface through our telescopes.

The Gib bbous Moon SAT 19 9 OCTO BER


The Gibbous Moon will w dominate the sky and we will be viewing the lun nar craters and seas though the telescope. We can also watch out fo or some early annual Orionid Meteors tha at peak in activity on the 21st. Outbound


Derby Castle






23:10 0




23:30 0

23:00 0



Derby Castle

00:05 5







If cloudyy,, supper will be followed by an illustrated lecture, an opportunity to look at some of the Society’’ss telescopes o and a question and answer session.

£39 £ £3 3 39 39p 39pp 9 9p 9pp pp iin pp inc ncluding nc n cllu llud uding u ud d din di in in ng g tram tra ttrrra ram am a m trav ttrrav ra avel a av vel ve el fr ffro from ro ro om m Doug D ou ugl ug gllas la ass o a orr La ax a xe x ey. L ey Live Li Liv iiv ve M ve Ma anx a an nx m nx mus mu usssic u usic usi iic c ffro rom om T om Th he P he Ped Peddyr Pe ed e dd d d dy yrr T y Trrra rad ad a dT Trio Tri rrio iio oa an nd n d BBQ B BB B BQ Qw with tth h some sso o ome om me m e local lo lo ocal oc c cal ca all delicac a delica d de elica elic e lli a ac cies ci c ies ess. e s.

SATURD T AY 18 MAY The be est of 90s music and cu urry - wha at more could you wan nt? £39p pp including tram trave el fro om Douglas or Laxey.

SATURD AY 14 4 SEPTEMBER A fabulous evening g of of blues music with local duo ‘Th he Whiskey Boys’. 3 course american meal included. £39pp includin ng tram travel from Dougla as or Laxey.

(BB (B BBQ BB BQ subj subject su ssub ubje u bje bj b bject jject je e ect ec ct to c to we wea w eatth ea the ther he h err cond e co con c ondi ond o nditio ditio diti di d dit ittio tio ons) o on n ) ns ns)


Timetable for all Themed Events (e except Drinks Festival) - Outbound Derby Castle







Timetable for all Themed Events (except Drinks Festival) - Return 19:45


Book online o at or ca all the Welcome Centre 01624





2 23:30

Derby Castle

662525. All themed events forr over 18’s only




Arts Festival set to inspire The Creative Network has announced that the Isle of Man Art Festival is set to take place over the May Day Bank Holiday weekend, 4th - 6th May. The annual three-day celebration of visual art is approaching its eighth year and will continue to provide an inspiring opportunity to discover the artists working on the Isle of Man.

Celine Appleyard

Frances Boyd

Graham Hall Formerly known as the Western Open Studio Art Trail (WOSAT), the Art Festival will encompass open access to artist studios, exhibitions, workshops and demonstrations right across the Island. This year the Festival will hold its informal festival launch and major exhibition preview event at their latest new exhibition venue, The Laxey Glen, on 25th April at 6pm, ahead of the festival weekend. The 2018 festival attracted 2,500 visitors, and it is expected that this figure will increase this year following very positive feedback from both visitors and participating artists. Over 50 of the Island’s artists are participating, covering a wide range of disciplines, they include painters, illustrators, poets, sculptors, potters, jewellers, embroiderers, textile artists, print-makers and photographers. Festival venues so far include: The Laxey Glen, the Hodgson Loom Gallery and Mother T’s in Laxey The Old Police Station, the Engine House and Craftworks in Castletown, and nearby, Grenaby Studios The House of Manannan, the Pilates Studio, and the Centenary Centre in Peel Isle Contemporary, St Johns Glen Mooar Cottage Retreat at Sulby Glen

Grenaby Shop The Courthouse in Ramsey Ballajora Studio in Maughold and further individual studios in Port Erin, Kirk Michael and Ballaugh. The Festival is organised by The Creative Network, an artists’ cooperative with over 60 members who share the aim of promoting art and artists on the island and beyond. Valuable support is provided by the Isle of Man Arts Council, Manx National Heritage, local town Commissioners and partner galleries. Entrance to studios, demonstrations and exhibition venues over all three days will be completely free, as will our printed Festival Guides and Creative Network Artists Directories. These will be available three weeks before the Festival at The Laxey Glen, Noa Bakehouse in Douglas, the Welcome Centre at the Sea Terminal, the House of Manannan in Peel and all major art galleries, as well as all venues during the event. All venues will normally be open 11am - 5pm over the three day weekend, but you are advised to check online in case of last minute amendments. You will also see that there are plans afoot for various exhibition preview events by festival partners before opening to the public. Visit or follow on Facebook for festival updates.

66 PORTFOLIO People MUSIC Quincy Jones presents: Off The Wall, Thriller, Bad (London 23 June)





Shawn Mendes 13-14 April

Disney on Ice 17-21 Apr

Shawn Mendes 07 Apr

Drake 01-11 Apr

Take That 29-30 April

The Vamps 05 May

Take That 22-23,25-27 Apr

Shawn Mendes 16-19 Apr

WWE Live 09 May

WWE Live 12 May

Daryl Hall & John Oates 28 Apr

Take That 02-10 May

Ollie Murs 13 May

Rita Ora 27 May

Bill Bailey 10 May

Olly Murs 16-17 May

Mariah Carey 22 May

Olly Murs 30 May

Hugh Jackman 24-25 May

Rita Ora 24 May

Mark Knopfler 24 May

Mumford & Sons 02 Jun

Michael Buble 26-27 May

The Vamps 25 May

The Vamps 29 May

Sean Paul 05 Jun

Mumford & Sons 06 Jun

Mark Knopfler 28 May

Hugh Jackman 30-31 May

Westlife 25-26 Jun

Backstreet Boys 10 Jun

Michael Buble 30 May-01 Jun

Anne-Marie 01 June

Il Divo 27 Jun

Eagles 26 Jun

Hugh Jackman 02-07 Jun

Michael Buble 06-07 Jun

Eagles 30 Jun

Lynyrd Skynyrd 27 Jun

Lenny Kravitz 11 Jun

Backstreet Boys 11 Jun

Gladys Knight 03 July

Westlife 10 Jun

Westlife 13-15 Jun

Elton John 12-13 Jun

Little Mix 21-22 Oct

Eagles 28-29 Jun

Backstreet Boys 17-18 Jun

Eagles 06-08 Jul

Aussie Pink Floyd 17 Nov

KISS 12 Jul

Quincy Jones 23 Jun

Ariana Grande 22-23 Sep

Rod Stewart 10 Dec

Alice Cooper 04 Oct

KISS 11 Jul


M&S Bank Arena MEN Arena

O2 Arena

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