Isle of Man Portfolio

Island’ s private sector r esponds to UK Budget

New legislation to reflect changes in global tax standards

Q&A: Nick Quayle, Lead Partner, KPMG in the Crown Dependencies

Compared: the cost of living in IOM, Jersey, Guernsey and Gibraltar

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SOPHI Outsourcing expands presence with new office space in Douglas

SOPHI Outsourcing, a leading provider of outsourcing services, has announced a ten-year lease on newly renovated office space at Scarlett House on Hill Street, Douglas. This strategic move aims to enhance service delivery to Isle of Man-based companies operating in key sectors, including Travel & Hospitality, Artificial Intelligence Support, On-Demand Services, Software as a Service (SaaS), eCommerce, eGaming, Crypto, and Dating.

With a robust 15 year track record in the outsourcing industry, SOPHI has established itself as a trusted partner for businesses seeking efficient and effective solutions. The company boasts a diverse workforce of over 500 dedicated professionals, each equipped with the expertise necessary to support clients across various sectors.

The newly acquired office space at Scarlett House is designed to enable SOPHI to better serve its growing clientele outside their existing successful industries focus such as the travel market. The new office location allows the company to easily connect with local businesses and streamline operations, solidifying its commitment to assisting companies in the Isle of Man.

A key feature of SOPHI’s service offering is the ability to provide white-label solutions, allowing Isle of Man companies to incorporate outsourcing services as a seamless add-on to their existing offerings. This approach enables businesses to enhance their service portfolio without the overhead of managing additional resources. By partnering with SOPHI, companies will be able to deliver high quality support to their clients while maintaining their own brand identity.

As a growing sector in the Isle of Man and a key focus of the economy, artificial intelligence presents unique opportunities. While AI technologies continue

to advance, they often lack the functionality of real human interaction, SOPHI already provides services to emerging AI companies that seek to integrate that critical human element, ensuring their offerings remain effective and responsive, bridging the gap between AI capabilities and the essential human touch that many companies still require.

SOPHI also aims to reduce business HR risk through outsourcing, allowing companies to scale up and down as necessary during busy and quiet periods of work. This flexibility enables businesses to respond to market demands without the burdens of fixed overhead costs or lengthy recruitment processes.

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WITH OUR TALENTED TEAM AND A FOCUS ON TECH INNOVATION SUPPORT, WE ARE POISED TO HELP OUR CLIENTS SUCCEED IN A COMPETITIVE LANDSCAPE

In response to opinion of anticipated changes in the economic landscape following the upcoming UK budget announcement, SOPHI plans to expand its team by adding three new positions in January 2025; an eGaming Business Development Executive, a Core Business Manager, and an Executive Assistant. These roles are aimed at helping businesses become more efficient in the year ahead, ensuring they are well equipped to navigate potential challenges.

SOPHI's decision to expand its footprint reflects the increasing demand for outsourcing services in the current economic climate. As companies in the specified sectors continue to evolve and adapt to market challenges, SOPHI is well prepared to offer scalable tailored solutions that drive efficiency and growth.

"We are excited about this new chapter in SOPHI's journey," said Chloe Franken-Ututalum, CEO of SOPHI Outsourcing. "Our investment in this new office space underscores our commitment to providing cost effective, professional and scalable outsourcing services by establishing a local operations office in Douglas. With our talented team and a focus on tech innovation support, we are poised to help our clients succeed in a competitive landscape."

As SOPHI continues to expand its services and capabilities, the company remains dedicated to its core values of excellence, collaboration, and customer satisfaction. The move to Scarlett House is an exciting chapter in SOPHI's ongoing expansion and commitment to empowering businesses in the Isle of Man and beyond.

CHLOE FRANKEN-UTUTALUM

Expansion plans for estate agent following acquisition

Well-known Isle of Man estate agent Property Wise has been acquired by the Partners Real Estate group.

There will be no immediate changes at Property Wise, although there are exciting plans for expansion and business development in 2025 under the new ownership.

This is the first Isle of Man addition to the Partners portfolio, which includes estate and property agencies in the Isle of Man, UK and United Arab Emirates.

Partners Chairman Brendan Beeken said: “We are delighted to have concluded an agreement to acquire Property Wise. Over the past 13 years, the business has established a well-deserved reputation as one of the Isle of Man’s leading estate agents, with exceptional customer service and trust in the Island community.

“Partners is a rapidly expanding international real estate group which delivers high quality service in both the residential and commercial property markets. Property Wise aligns perfectly with our values and vision for a fullservice real estate business with a global network of offices.”

He added: “There will be a seamless transition and it will be very much ‘business as usual’ for the Property Wise team and clients as Partners takes ownership. However, we have exciting plans to expand the business and help Property Wise to increase and strengthen its presence within the Isle of Man property market.”

Plans for 2025 include recruitment to grow the Property Wise team and the opening of a new Island office.

Property Wise, which has branches in Douglas and Ramsey, was established in 2011 by Lorna Fairclough and Tony Weston.

Lorna said: “This agreement marks a significant milestone for Property Wise, enabling us to plan further growth, enhance the services we offer to Island buyers and sellers, and access the resources of an international property group for the benefit of all our clients and our entire team.”

Tony added: “We’re thrilled about the next chapter in our business’s story. I’d like to thank the clients and team members past and present who have contributed so much over the last 13 years and look forward to welcoming many new people to Property Wise in the coming years.”

To celebrate the acquisition, Partners Real Estate group has made a donation to the Curraghs Wildlife Park to support the care of the Park’s owl residents. The selection was made in recognition of the longstanding inclusion of an owl in the Property Wise logo seen around the Island.

IFGL wins Company of the Year award

CIsle of Man based International Financial Group Limited (IFGL) has won Company of the Year at the prestigious Investment International Awards

IFGL, which employs approximately 500 staff across its offices in Braddan and Castletown, also won Best International Life Group (non-UK) and IFGL CEO David Kneeshaw won Personality of the Year. It makes him the first person ever to have won this award three times.

David said: “It was an honour to represent IFGL at the Awards, which are a mainstay of the industry calendar. International Investment is an important hub which binds the cross-border sector together.

“I’m delighted of course to have won Personality of the Year and particularly to be the first person to have done so three times but I’m also proud that IFGL and its brands were so well recognised across many of the categories.

“IFGL has made huge strides in the past year in what is a challenging world and we plan to keep doing so into 2025 and beyond.”

Other IFGL brands, IFGL Pensions, Friends Provident International Limited (FPIL) and Ardan, enjoyed success too: IFGL Pensions won Best Pension Provider, FPIL’s IPME+ won Best Protection Plan and Ardan took Excellence in Client Service for both the Middle East and Rest of World.

IFGL is a finalist in the Business of the Year category at this year’s Media Isle of Man Awards for Excellence.

Honoured with the Deemster Kerruish Endeavour Award

Maria Bridson, Senior Advocate at BridsonHalsall Advocates, has been awarded the 2024 Deemster Kerruish Endeavour Award in recognition of her work with victims of modern slavery and support for vulnerable individuals.

Her expertise in complex immigration cases has had a significant impact, helping many people rebuild their lives.

The Directors at BridsonHalsall congratulated Maria, stating: “Maria embodies the principles of persistence and dedication that Deemster Kerruish valued. We are proud of her tireless efforts and her welldeserved recognition.”

The award, in memory of His Honour First Deemster Michael Kerruish, was presented to Maria by the President of the Isle of Man Law Society Vicki Unsworth and Mrs Marianne Kerruish.

Simcocks ranks highly in Legal 500

Simcocks Advocates has, for the sixteenth consecutive year, earned Top Tier status by independent directory the Legal 500 in its 2025 rankings, published on 2 October.

Led by CEO Phil Games, the Private Client department at Simcocks’ is ranked in Tier 1 by the group, placing it among the best on the Island and globally. Other departments highly ranked are Commercial Property, Dispute Resolution, Corporate & Commercial and Banking & Finance.

Testimonials include: ‘Excellent responsive service, commercially focused. Very client-focused.’

‘The team’s commercial acumen and attention to key areas while keeping the overall objectives of the projects at the forefront have been invaluable.’

Directors Irini Newby, Phil Games and David Spencer have been placed in the Legal 500 Hall of Fame UK, a sought-after commendation that indicates “exceptional legal talent”. Director Alex Spencer, advocates Caroline Jennings and Kevin O’Loughlin are all ranked as “Leading Partners”. Several other advocates have been named “Recommended Lawyers”, including Elizabeth Simpson; Head of Litigation, Chris Brooks and Family Law advocate Louise Byrne.

CEO Phil Games commented on the Legal 500 rankings: “As ever, I am extremely proud of the team, who consistently work hard to maintain an exemplary level of service, as well as keeping at the forefront of skills and legal knowledge. At Simcocks we are keen to nurture talent, which in turn creates the perfect environment for first class customer service.”

DAVID KNEESHAW

TONY WESTON AND LORNA FAIRCLOUGH, PROPERTY WISE WITH BRENDAN BEEKEN OF PARTNERS REAL ESTATE AT THE CURRAGHS WILDLIFE PARK.

MARIA BRIDSON WITH ANDY BRIDSON AND CLAIRE CLAMPTON, DIRECTORS OF BRIDSONHALSALL

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Strix in their element

MARK BARTLETT

Strix Group Plc (AIM: KETL), the global leader in the design, manufacture and supply of kettle safety controls and other complementary water temperature management components, has announced that it has achieved a major milestone, having surpassed the manufacture of 3 billion products worldwide.

Strix estimates that its controls are used approximately 1.2 billion times per day, in more than 100 countries, by over 10% of the world’s population. The Company has successfully cultivated a leading market value share of the global kettle control industry and occupies the number one position in the manufacturing of controls. A truly international business, Strix has c. 1000 employees and partners all over the world.

Strix announced this milestone in conjunction with its attendance at the Canton Fair, the oldest, largest, and most representative trade fair in China. Strix’s team of 25 attending the fair includes members from various functions, consisting of engineering and industrial design, technical support, customer relations, sales and applications, all supported by senior management.

The team will be meeting with many of Strix’s key customers and partners to discuss new projects, showcase new appliances and importantly, the fair provides significant market intelligence, allowing Strix to gain insight into consumer demand trends in the small domestic appliance market.

Mark Bartlett, Chief Executive Officer of Strix Group Plc, commented: “We are very pleased to have reached another significant milestone for the Company, achieving 3 billion products manufactured is a clear demonstration of the ongoing demand within our core business. We continue to invest in our kettle control division, bringing to market innovative products for our customers around the world.

“Attending the Canton Fair is a major event in our annual calendar, providing us with the opportunity to meet with existing and new customers, as well as gaining important market insight as we move further into our peak season.”

Canaccord Wealth reports 56% jump in wealthy individuals looking for financial planning outside of the UK mainland

Since the general election this year, Canaccord Wealth (Canaccord) - a top ten UK integrated wealth manager based on assets under management - has seen a significant increase in interest from wealthy individuals considering moving their assets to lower tax regimes.

Canaccord reports a 56% increase in people specifically searching for its services in Guernsey, the Isle of Man, and Jersey.

The number of page visits from web searches specifically for Canaccord’s services in the UK’s Crown Dependencies has grown steadily month-on-month following Labour’s landslide victory, from 332 in May 2024 to 518 in September 2024 – an increase of 56%.*

Matt Philips, Director, Wealth Planning for Canaccord in the UK said: “The messaging from the UK government has been clear over the past few weeks and this has caused concern for our clients. We have welcomed the chance to have conversations and provide reassurance, but we are seeing high net-worth individuals starting to explore other locations for their wealth.

“It’s our role to help our clients navigate the complexities of the macroeconomic environment and achieve their long-term financial goals. However, the data backs up what we are hearing face-to-face. The number of enquiries we are receiving - so called ‘intent searches’ online - demonstrates people are worried and are exploring their options.”

Andy Finch, CEO of Canaccord Wealth’s International business, covering the UK Crown Dependencies, said: “It’s clear from the data that people are concerned. We are also hearing this in the conversations we are having with professional partners and referrers who say there has been a spike in activity among those on the UK mainland considering becoming a tax resident in the Crown Dependencies.”

“At Canaccord Wealth, we serve clients across the UK and Crown Dependencies, so we have the capability to support, whatever happens in Wednesday’s budget. Our team of experts based in Guernsey, the Isle of Man and Jersey have the local knowledge and wealth management expertise to react to whatever specific ambitions our clients have.”

Douglas hosts action packed civic visit

The municipal links between the Isle of Man and Liverpool have been strengthened with a civic visit, hosted by Douglas City Council.

Lord Mayor of Liverpool, Councillor Richard Kemp CBE, and Lord-Lieutenant, Mark Blundell - His Majesty's representative for Merseyside - paid a three day visit to the Island.

Amidst a busy itinerary, they were official guests at the annual Douglas Civic Sunday.

Accompanied by the Worshipful the Mayor of Douglas, Councillor Mrs Natalie Byron-Teare, JP, the delegation also met Lieutenant Governor Sir John and Lady Lorimer and Douglas Councillors, while the Lord Mayor visited Noble’s Hospital, met representatives of ‘Visit Isle of Man’ and had a tour of the Isle of Man Post

Office headquarters. There he received a presentation sheet of stamps to commemorate his visit, the ‘Our Gateway to the World’ collection which showcases Manx Links with Liverpool.

Mayor, Natalie Byron Teare, says retaining close links with our UK counterparts can be hugely beneficial: “It was a pleasure to welcome our guests from Merseyside and show them different aspects of our community, including a number of those which make Douglas such a vibrant and attractive place to live, work and visit.

“While different in size, the challenges and opportunities local authorities face are often comparable so to have the opportunity to exchange ideas and best practice with some of our opposite numbers was of great value.”

ANDY FINCH

2024 Director of the Year awards winners

The winners of the 2024 IoD Isle of Man Director of the Year Awards, sponsored by Lloyds Bank International, were announced at the Comis Hotel & Golf Resort recently. The awards recognise the broad spectrum of leadership talent, success, and excellence in the Isle of Man.

The award winners across the categories were as follows:

Large Business (Sponsored by Sure Business)

Werner Alberts, Managing Director, Capital International Bank Limited

Young and Start-Up (sponsored by Appleby)

Louise Wheeler, Owner/ Director, L C Consultancy Non Executive (sponsored by Deloitte LLP)

Chris Hall, Non-Executive Chair, Hospice Isle of Man Sustainability (sponsored by Lloyds Bank Int’l)

Mark Emmington, Director, Comis Hotel & Golf Resort Innovation (sponsored by KPMG in the Crown Dependencies)

Shelley Langan-Newton, CEO, SQR Small to Medium Enterprise (sponsored by Crowe Isle of Man LLC)

Sacha Horsthuis, Operations Director, Cycle 360 Public & Third Sector (sponsored by ECAP) Chris Gregory, Chief Executive Officer, Isle of Play

Highly Commended Awards

Steve Douglas, Managing Director, Synapse360 Elaine Higgins, Council Member (Director) and Company Secretary, Housing Matters (Isle of Man)

Thea Ozenturk, Chief Executive Officer, Motiv8 Addiction Services

Charlotte Paige Smith, Co-owner/COO, Hawkins BBQ Chair of IoD Isle of Man, Steve Billinghurst, said: “I would like to congratulate all our winners and finalists on their excellent achievements. Business of all kinds continue to operate under challenging circumstances and yet their leaders remain focused on making significant societal and economic contributions to the Island.

“The nominees showcased exemplary standards of governance, innovation and leadership across our business and third sector communities. The awards recognise support for employees and other attributes, such as accountability and the ability to inspire a team. I also would like to extend my gratitude to all our sponsors for their support in making this event a resounding success.”

Nigel Cheesley, Country Head (Isle of Man) of sponsors Lloyds Bank International said: “The awards are a celebration of the outstanding leadership within our community and on behalf of Lloyds Bank International, I offer huge congratulations to all the winners for their achievements.”

Capital International Group’s transaction to acquire Martello Asset Management Limited completes

Capital International Group Limited is pleased to announce that regulatory approval has now been granted for its acquisition of Martello Asset Management Limited (Martello), a boutique investment firm headquartered in Jersey. As a result, the acquisition completed on 1st November 2024.

This strategic acquisition aims to enhance the jurisdictional footprint of the Capital International Group (the Group) of companies beyond their current locations in the Isle of Man and South Africa. The acquisition will increase the Group’s market presence and broaden its portfolio of services across Jersey and beyond.

The integration of Martello’s extensive expertise and established client base will significantly bolster the position of Capital International Group in the investment management sector. This acquisition aligns with the Group’s long-term growth strategy to expand its reach and deliver exceptional value to its clients through diversified investment solutions.

“We are thrilled to receive regulatory consent for the acquisition” said Head of Investment Management, Antony Kelsey, who has been leading the transaction. “We have been working closely with the Martello team over the last few months to ensure the completion of the acquisition was as smooth a process as possible and we are delighted to welcome a team of dedicated and highly qualified colleagues to the Group. This acquisition represents a significant milestone in our growth journey. By combining our respective service offerings, we are well-positioned to expand the distribution of the Martello Global Equity Fund, and the wider Martello proposition into Capital International Group’s extensive relationships with intermediaries and advisers.

“Martello has built a strong reputation for delivering exceptional investment management services and maintaining robust, good quality client relationships.

The performance track record of the Martello Global Equity Fund speaks for itself and we are looking forward to working with the Martello team to distribute it more widely through the Capital International Group. The seamless integration of both companies will ensure continuity of service and a smooth transition for all clients and employees.”

“With the transaction now complete, we are looking forward to being part of the Capital International Group team” said Gary Hill, Director of Martello. “Joining forces will enable us to leverage their extensive resources and expertise, ultimately benefiting our clients with enhanced investment options and services.

“We have been impressed with the Capital International team throughout the acquisition and we are confident that our team of professional employees and our clients will be well looked after in the future.”

David Long, Capital International Group’s Chief Investment Officer, said: “From start to finish, any acquisition involves a huge amount of due diligence, legal work and administration and I am very pleased with how our two companies have been able to align so seamlessly. We have been looking to establish a strategic link to Jersey for some time and Martello’s African client base is a great fit for us as we have 40+ staff across Cape Town, Johannesburg and Durban who are well placed to support and strengthen the relationships Martello have built.”

Capital International Group is an Isle of Man based Financial Services Group, providing Investment Management, Investment Platform and Corporate Banking Services to a global client-base in over 100 countries.

Over the past 28 years, the Group’s investment business, has expanded to manage over $4.5bn in client assets, the group employs 240+ people, and operates from offices in the Isle of Man, Johannesburg, and Cape Town.

ANTONY KELSEY, HEAD OF INVEST MENT MANAGEMENT, CAPITAL INTERNATIONAL GROUP; DAVID LONG, CHIEF INVESTMENT OFFICER, CAPITAL INTERNATIO NAL GROUP; PETER BOURNE, COO MARTELLO ASSET MANAGEMENT LIMITED; GARY HILL, INVESTMENT DIRECTOR, MARTELLO ASSET MANAGEMENT LIMITED

Canaccord marks 20 years supporting Isle of Man charities and announces new charity partner

Canaccord Wealth recently celebrated 20 years of supporting worthy causes in the Isle of Man at a special event with their new charity partner.

The Canaccord Genuity Wealth Charitable Trust (the Charitable Trust) was launched in 2004 and is managed by current and former staff. It supports locally registered charities across the Isle of Man, Guernsey and Jersey.

Over the past two decades, the Charitable Trust has made over 350 donations to 200 different charities, amounting to more than £462,000. These donations have come from staff contributions and odd lot shares donated by clients.

Last week’s event was one of many celebrations taking place across the Crown Dependencies this year. In the Isle of Man, a tree will also be planted in Nobles Park, Douglas, as a permanent symbol of the longevity of the Charitable Trust and Canaccord Wealth’s longterm commitment to charitable causes.

The anniversary year has provided the perfect opportunity to reinvigorate the way the Charitable Trust fundraises and to boost its profile among colleagues, clients, and the wider island community. It has also been used to create new charity partnerships, with staff

in the Isle of Man choosing to provide the Mannin Cancers Support Group with financial and volunteer support over the next two years. Any funds raised will be used to improve services for cancer patients on the island.

Head of Wealth Management in the Isle of Man, Tom Richards, said: “We are very proud of the achievements of the Charitable Trust over the past twenty years. Our colleagues are committed to supporting worthy causes and I am excited to see what we can achieve with Mannin Cancers Support Group.”

Julie Stokes, Chairman of Mannin Cancers Support Group, said: “Partnerships like this are crucial for us and it is great to join forces with the Charitable Trust with its strong track record.”

Alex Toohey, Investment Director and Charity Trust Trustee, says: “Our colleagues are already engaging more with the Trust’s work, raising money and coming up with ideas for other charities to help in the future. We know the many smaller charities we’ve supported have really benefitted, so this milestone is definitely something to celebrate. The Charitable Trust is a huge force for good and it’s really important that we raise awareness of it.”

Launch of Sustainable Finance Roadmap

Finance Isle of Man, an Executive Agency of the Department for Enterprise, has developed a comprehensive roadmap which will underpin their Sustainable Finance initiative.

The Isle of Man’s Sustainable Finance Roadmap (the Roadmap) is the first output of the strategic Sustainable Finance initiative which launched earlier this year. The initiative is designed to bolster the Island's position as a leading International Finance Centre by directing capital and finance flows toward climate-related, sociallypositive and nature-based sustainable solutions.

The Roadmap is a strategic document outlining areas of significant opportunity for financial services businesses in the Isle of Man to develop new product and service lines to meet rapidly increasing global demand for sustainable investments. Supported by plans to develop a new regulatory framework and upskilling programme, the Roadmap sets out an implementation framework of two years through 2025 and 2026.

The document presents 10 targeted actions spread across four development pillars and was developed in collaboration with the Ireland-based International Sustainable Finance Centre of Excellence (ISFCOE), supported by extensive research and stakeholder engagement.

Tim Johnston MHK, Minister for Enterprise, commented: “This document sets out a way forward for the Island to become a global leader in Sustainable Finance. It has a core focus on talent development and channelling investment toward net-zero and naturepositive goals, and has been created in collaboration with industry leaders. I hope the Roadmap will be received by the sector and wider business community as a useful tool to help them navigate this rapidly evolving global market.

“The Economic Strategy identified that financial services forms one of the core key areas of the economy which needs to be protected. The Sustainable Finance initiative not only supports the Island’s economy by retaining and supporting a highly skilled workforce, but also has the clear potential to support progress towards the environmental and social sustainability goals of many businesses, and indeed the entire Island.”

Paul Blake, Head of Banking & Fiduciaries at Finance Isle of Man, added: “We are taking a critical step toward defining the Isle of Man’s role in the global Sustainable Finance landscape. This initiative is a commitment to aligning with global sustainability goals and the Roadmap is a testament to our collaborative and a forward-thinking approach to securing a prosperous, resilient future for our Financial and Professional services sector and our Island.”

The Sustainable Finance initiative aims to support the long-term economic ambitions of the Island by leveraging its strong financial services sector, which accounts for approximately 48% of the Island’s economy, alongside its unique standing as the world’s only entirenation UNESCO Biosphere.

It also responds to global opportunities in Financial and Professional services which have emerged in recent years, with Sustainable Finance expected to play an important role in reshaping financial markets globally, ensuring they support long-term environmental and social goals.

TOM RICHARDS WITH STAFF AND, RIGHT, THE CELEBRATION CAKE

DEREK PETERS, TOM RICHARDS, KIMBERLEY MOUGHTIN

PORTFOLIO

GOVERNMENT

Report highlights options for future of Manx National Insurance Fund

The Treasury Minister intends to start a national conversation to guarantee the long-term future and sustainability of the Manx National Insurance Fund.

The Fund is topped up each year by the amount that is left over after National Insurance (NI) contributions from working people have paid for the majority of benefits and state pensions. It has been in place since 1948, but in the subsequent decades life expectancy has increased and people are claiming their state pensions for longer.

Over the coming years, forecasts show that there will no longer be a surplus available to pay into the Fund. Instead, the situation is set to reverse with money needing to be withdrawn from the Fund to make up a shortfall in NI contributions.

Unless changes are made, the Fund, which currently stands at £1.07 billion, will be exhausted in just over 20 years’ time, by 2047/48 – a situation highlighted in a report compiled by the UK Government’s Actuary Department and published in February 2023.

Among the proposals is replacing the ‘triple lock’ policy – which increases pensions each year by whichever is the highest figure: 2.5%, CPI inflation or average earnings growth – with another way to increase pensions each year in line with inflation. Any change would only affect those who reached state pension age after 5 April 2019.

Treasury Minister Dr Alex Allinson MHK covered the topic in his Budget speech this year, saying: ‘In my view [the triple lock] is not sustainable in the long-term

without putting increased pressure on those who pay National Insurance and I don’t think that this is fair.

“I will be coming back to this Honourable Court for a full debate on our review of the National Insurance Fund, and how we protect it and the livelihoods of those

depending on it whilst ensuring we promote intergenerational fairness.”

The Treasury is in the process of exploring the paths available to address the future funding issues and a document highlighting the situation and options available has been published on the Isle of Man Government website.

The Manx National Insurance Fund: Addressing the long-term sustainability of the Island’s Social Security Benefits and National Insurance Scheme aims to prompt discussions to both ensure the financial stability of the social security scheme as well as fairness across the generations. A further consideration is that the Isle of Man should have NI rates which remain competitive with other jurisdictions.

Introducing the document, Treasury Minister Dr Alex Allinson MHK said in his foreword: ‘This sets out some of the options that Treasury has been considering to address the long-term funding issues that the Scheme is facing.

“I believe we need a national conversation about how we preserve the long-term future of our state pension system both for the pensioners of today, and of tomorrow.

“Over the coming months I will be engaging with Tynwald Members to develop a plan that will ensure the long-term sustainability of the current scheme. A further report will be provided prior to next year’s Budget.”

Delivering a National Insurance Review is a planned action within Our Island Plan under the theme ‘A strong and diverse economy’.

New legislation to reflect changes in global tax standards

Implementing rules around a new global tax regime will enable the Isle of Man to broaden its tax base and could raise a forecast £35m each year from 2027.

Measures are being introduced in response to the Organisation for Economic Co-operation and Development’s Pillar Two initiative, which aims to ensure that businesses that operate across international boundaries pay a fair share of tax wherever they are based and generate profits.

Legislation will soon appear on the Tynwald Register of Business ahead of the November sitting to implement:

• A Qualified Domestic Minimum Top-up Tax (QDMTT), to be known as Domestic Top-up Tax. This will mean that multinational enterprises (MNEs) will pay a minimum of 15% taxation on the profits that they generate in the Isle of Man

• An Income Inclusion Rule, to be known as Multinational Top-up Tax. This will apply to the very small number of MNEs that have their ultimate parent entity in the Island or, in certain limited situations, their

intermediate parent entity in the Island. It will ensure that profits arising outside the Isle of Man are subject to at least 15% taxation

The changes were revealed by Treasury Minister Dr Alex Allinson MHK during his financial statement to the October sitting of Tynwald. He told Members: “In March I stood again in this honourable Court to discuss our tax strategy and our commitment to both widen the tax base and continue to comply with international tax standards. Next month I shall be introducing new legislation relating to the OECD Pillar 2 Global Minimum Tax rules and a 15% Domestic Top-up tax for large multinational groups. This will come into effect from 1 January 2025 with further primary tax legislation being introduced next year.

“Significant consultation has been carried out with the companies involved and we will continue to work with them to ensure that the Island remains a competitive and attractive base for business growth, innovation and entrepreneurship.”

He added: “We estimate that this policy will bring in approximately £35m each year from 2027, of which £25m will be additional revenue to the changes introduced in February in relation to banks and large retailers.

“This revenue is a welcome contribution and will assist us in continuing to invest in our economy, support all businesses based here both large and small, and maintain key frontline services.”

Pillar 2 global minimum tax measures only apply to MNE groups with annual combined revenues of €750m or more. The measures do not impact businesses whose annual revenues are below this threshold.

The Income Tax Division will be contacting all businesses that it understands may be in-scope of Domestic Top-up Tax and Multinational Top-up Tax. If you believe that your business may be in-scope and you have not heard from the Division by early November, email Pillars-Tax@gov.im

TREASURY MINISTER DR ALEX ALLINSON MHK

Government welcomes more affordable fares

The announcement of more affordable and transparent fares by the Isle of Man Steam Packet Company has been welcomed by the Isle of Man Government.

A package of measures, which will benefit residents, visitors and business, have been unveiled for the 2025/26 schedule, including:

• A 10% reduction in ‘Flexi’ fares

• Free travel for children

• Harmonisation of rates for driven and unaccompanied freight

• Online booking for private vans

• An extension of the published schedule, allowing bookings up to May 2026

The Chief Minister Alfred Cannan MHK said: “I believe these measures represent a significant step forward. They strike a balance between ensuring the Steam Packet remains profitable and able to run without Government subsidy, while recognising that the Steam Packet has a part to play in delivering broader benefits for our community and economy.”

Treasury update on Island Plan objectives

The Treasury Department Plan highlights progress towards meeting the aims of Our Island Plan while mapping targets for the next 12 months.

The document has been published on the Tynwald website, under Register of Business, prior to being debated at the October sitting.

Updates are provided on a range of objectives which support the Island Plan’s overarching vision of ‘Building a secure, vibrant and sustainable future’.

These include:

• overseeing Government’s financial governance and management, including preparation of the annual Budget for consideration by Tynwald;

• monitoring the Isle of Man’s economic performance and supporting the long-term Economic Strategy

• supporting and delivering services that demonstrate compliance with international tax and anti-money laundering standards;

• providing employment services that support and maximise workforce participation

• providing robust and reliable passport and immigration services

• maintaining robust processes around collecting tax and National Insurance

In his foreword, Treasury Minister Dr Alex Allinson MHK writes: “The last few years have presented a number of economic and social challenges to our Island and its people. The Council of Ministers and Treasury are demanding more focussed attention from Departments to ensure services are delivered within budget and achieve greater efficiency and productivity in the delivery of services.

“This document contains more detail of the key developments and improvements we will strive to implement in the coming year. They include ensuring that all Departments have a plan in place to manage their budget, deliver efficiencies and necessary cost reductions, and ensure they remain within their expenditure level agreed by Tynwald.”

Chief Minister opens Countering Financial Crime Conference

Chief Minister Alfred Cannan MHK highlighted the importance of public-private sector collaboration as he opened the flagship Countering Financial Crime Conference at the Villa Marina on 9th October.

Addressing an audience of almost 500 people, he called on everyone to play their part in maintaining the integrity of the Island’s financial services sector.

“Combatting the scourge of financial crime requires a robust and co-ordinated national response,” the Chief Minister said. “We must keep pace with developments, maintain high standards and work together to protect the Island from those who seek to exploit our financial systems.

“Maintaining the Island’s reputation as a first-class international finance centre is a political priority. I am determined to lead from the front to ensure the Isle of

Man can look forward to a vibrant, diverse and sustainable future.”

The conference brought together a diverse group of experts, practitioners, and policymakers to share their professional insight and highlight best practice.

The line-up of speakers included:

• Eric van der Schild of Europol, the European Union Agency for Law Enforcement Cooperation

• Donald Toon, Head of Financial Crime Threat Mitigation for the Natwest Group

• Kathryn Westmore, Senior Research Fellow at the Centre for Finance and Security at the Royal United Services Institute

• Ruth Dearnley OBE of Stop the Traffik, a campaign coalition which aims to bring an end to human trafficking

• Zoe Warren and John Tanagho of the International Justice Mission

• Scott Johnston, Head of Public Sector Operations at Chainalysis

• Cindy van Niekerk of IOM Fintech Innovation Challenge winners Umazi

The speakers explored a range of financial crime topics and challenges, including work aimed at countering money laundering, terrorist financing, proliferation financing, human trafficking and modern slavery.

Panel discussions focused on data and innovation, the importance of collaboration, and how the Isle of Man can make a positive difference as a small jurisdiction with a big financial footprint.

The conference also saw the official launch of the Financial Crime Partnership, a public-private sector initiative coordinated by the Isle of Man Financial Intelligence Unit.

Clean heat installations required in new builds from January 2025

People with active Building Control applications for new buildings, and those working in the heating and construction trades, are being urged to check that their heating system plans comply with new regulations.

This comes ahead of a ban on the installation of fossil fuel heating systems in newly buildings, including houses, extensions and commercial properties, from 1 January 2025.

The Isle of Man Government encourages anyone needing to adjust their building plans to a permitted clean heat alternative to do so and is offering fee-free amendments.

Anyone having a fossil fuel heating system installed in a new building prior to the ban, or who has already fully commissioned one, must obtain a dated certificate from their heating engineer to demonstrate compliance. This document will be necessary to obtain sign-off from Building Control.

To aid a smooth transition, Building Control has been able to reject all applications submitted since

January 2024 that include a fossil fuel boiler, oil tank, or gas supply—unless the plan stipulated a non-fossil fuel alternative in case the work was not completed this year.

Clare Barber MHK, Minister for Environment, Food and Agriculture, said: “By moving towards cleaner, low carbon heating systems in new builds, we are taking decisive action to prevent and reduce embedding new carbon emissions, promoting sustainable development across the Island.

“I encourage all residents, businesses, and industry professionals to stay informed and support this transition to a greener future, in line with Our Island Plan.”

A comprehensive flowchart is available on the Net Zero website to help people determine if their development is affected, along with detailed guidance. Anyone with further queries can contact the Climate Change Transformation Team at climatechange@gov.im

Digital Isle of Man takes steps towards improving digital infrastructure access

Earlier this year, Digital Isle of Man (DIOM) engaged with stakeholders across the digital sector to gather input for the development of a new Infrastructure Strategy.

One of the significant challenges highlighted was the limited accessibility of certain global platforms, such as Google, for businesses and residents based in the Isle of Man. This creates hurdles for doing business locally and diminishes the Isle of Man’s attractiveness to digital enterprises.

A specific issue that surfaced was the difficulty faced by Isle of Man developers when attempting to publish their apps on Google. Google’s verification process recognises the UK and the Isle of Man as separate countries. While this is technically accurate, it has led to the rejection of applications from businesses based on the island. Without a UK subsidiary to submit company details, developers were previously unable to create a Google Developer Account.

As part of its strategy, DIOM will introduce a pillar focused on Compatibility - ensuring that people and businesses in the Isle of Man have the same access to digital products, services and commercialisation opportunities as those in the UK and globally.

While this is a significant undertaking, DIOM has already made progress. They have collaborated with the Isle of Man Cabinet Office and External Affairs to bring the issue to the attention of the UK Department for Science, Innovation and Technology and the Ministry of Justice, which holds responsibility for Crown Dependencies and Overseas Territories.

DIOM reports that Google has been receptive and a resolution has been reached for app developers. Isle of Man developers can now successfully submit their apps to Google by selecting the UK as their country during the verification process.

Looking forward, DIOM remains committed to addressing other Google-related challenges, including access to commercial features such as YouTube monetisation, AdSense, Google TV and paid UK apps. Ongoing work will ensure Isle of Man businesses can fully utilise these platforms, enhancing the island’s digital landscape and global competitiveness.

Visit Isle of Man partners with Monty Halls to launch the ‘Big Blue Bag’ initiative

Visit Isle of Man has today announced a new partnership with renowned TV broadcaster and marine biologist Monty Halls to pilot a new conservation project, the ‘Big Blue Bag’.

Monty Halls, best known for his work in highlighting the importance of marine conservation and the wonders of the ocean, has become an official ambassador for Visit Isle of Man and will work closely with the Visit Agency to champion the Island’s natural beauty, rich marine ecosystems and UNESCO Biosphere status through his new initiative which is focused on marine conservation.

This partnership marks a significant step in furthering the Isle of Man’s reputation as a destination that values sustainability and environmental stewardship and aligns with the principles outlined in the Visit Agency’s ten-year visitor economy strategy, ‘Our Island, Our Future’, which aims to position the Island as a leading eco-tourism destination in the British Isles.

the collected data can be uploaded to a digital app (currently in development), contributing to citizen science to help inform conservation efforts around the world.

Monty Halls, founder of the ‘Big Blue Bag’, commented: “I am thrilled to become an ambassador for Visit Isle of Man. The Isle of Man holds a special place in my heart with its extraordinary coastlines and deep-rooted connection to the sea. As the world’s first entire nation UNESCO Biosphere, the Island’s commitment to balancing the needs of its communities, economy and environment aligns perfectly with my own values. It’s a place where conservation and sustainability are at the forefront, and I’m proud to be working alongside such a forward-thinking destination to promote the protection of our natural world.

“The support of Visit Isle of Man, Biosphere Isle of Man and Manx Wildlife Trust has been instrumental in bringing this concept to life. The ‘Big Blue Bag’ initiative is about empowering individuals to engage with the marine environment and take simple yet effective steps to help protect it. We hope that through this partnership we can encourage other coastal communities around the UK to take ownership of their marine environment.”

Deborah Heather, CEO of Visit Isle of Man, added: “We must do everything in our power to ensure that the development of our visitor economy is environmentally sustainable and respects and enhances our seascape and landscape.

“Monty’s passion and hands-on approach to conservation and sustainability aligns perfectly with our ambition to become a leading British eco-tourism destination, and the existing marine conservation work being carried out in the Island. Partnerships like this allow us to provide opportunities for our visitors and locals alike to better connect with our unique nature, wildlife and marine life.

“Manx Wildlife Trust is the Isle of Man’s largest nature conservation charity, and they will be testing the very first bags within their existing engagement activities. MWT aim to ensure that the sampling protocols are applicable to all ages and experience, using their unique understanding of the environmental challenges facing the Isle of Man, and the wider world, to shape the system.”

The new initiative, the ‘Big Blue Bag’, has been designed to encourage individuals of all ages to directly engage with and contribute in a meaningful way to the conservation of the UK’s coasts and shallow seas. The concept, which is going to be tested on the Isle of Man in conjunction with Manx Wildlife Trust (MWT), is a bag containing easy-to-follow sampling protocols that will enable users to collect vital data on marine health, including microplastic pollution, species biodiversity, water temperature and coastal debris. The plan is that

The ‘Big Blue Bag’ will officially launch in Spring

MONTY HALLS

FEATURES PORTFOLIO

A COMPASS FOR FUTURE GROWTH THAT SHOULD RESONATE WITH FIRMS IN THE CROWN DEPENDENCIES

THE FINDINGS OF HSBC’S LATEST GLOBAL CORPORATE RISK MANAGEMENT SURVEY, OF 300 CHIEF FINANCIAL OFFICERS AND MORE THAN 500 SENIOR TREASURY PROFESSIONALS FROM MULTINATIONAL CORPORATES ACROSS A RANGE OF SECTORS, SHOULD RESONATE WITH ISLAND BUSINESSES, ACCORDING TO ALINE AYOTTE, HEAD OF COMMERCIAL BANKING AT HSBC CHANNEL ISLANDS AND ISLE OF MAN.

The survey reveals that Chief Financial Officers and Corporate Treasurers face more complexity compared to just three years ago, amid changing trade and economic corridors, ongoing macroeconomic headwinds and geopolitical risk. While managing an international business is not always a straight line, many firms remain optimistic about their organisation’s growth prospects as new technologies enable them to unearth and map opportunity from uncertainty.

Almost half (47%) of survey respondents say managing currency risk is an area where they feel their business is least well equipped. They also say the impact of inflation, and economic policies to help manage it, have made their projected revenue and costs in some cases inaccurate, with disruptions to supply chains delaying cash flow.

Nonetheless, many businesses are optimistic about revenue growth prospects in the near future. Key factors for achieving that include rising customer demand and quicker adoption of new technologies (both 75%), as well as a reduction in geopolitical tensions (52%). Some challenges are likely to remain, however, with 58% of respondents concerned about inflation and 55% worried about a prolonged economic downturn.

The HSBC survey also finds that ESG risk in supply chains is increasing in importance for treasurers. A growing number of respondents also expect to work with banks or other financial partners to support suppliers in their ESG efforts, but 27% also anticipate cancelling supplier contracts because of ESG issues over the next three years.

Tailwinds for businesses and their treasury function are expected to come from the emergence of artificial intelligence (AI). Some 61% believe AI will positively benefit their company’s profitability over the next three years, while another 61% believe it will become very useful for risk management decisions over that time frame.

Commenting on the findings, Aline Ayotte, Head of Commercial Banking, HSBC Channel Islands and Isle of Man, said: “As jurisdictions that are fully immersed in supporting the growth ambitions of globally-focused businesses, these results should resonate with firms across the islands. The key themes of AI, ESG, market complexity and geopolitics will be familiar to those working in corporate, treasury and risk roles locally and this research helps shine a light on those themes and provide some useful context as we continue to help businesses navigate the landscape.”

Rahul Badhwar, Global Head of Corporates Sales for Markets & Securities Services at HSBC, commented: “Companies continue to face multiple challenges that can impact their finances. Navigating interest rates, inflation and volatile FX markets, while also deploying risk management strategies to address them, has increasingly become an essential role of the corporate treasury function. In a world of uncertainty, we see companies wanting to mitigate risk and benefit from it, too.”

ALINE AYOTTE

“THE MORE THINGS CHANGE, THE MORE THINGS STAY THE SAME”

n IBM RELEASED THE SIMON PERSONAL COMMUNICATOR – ARGUABLY THE FIRST SMART PHONE, THE SIZE OF A BRICK WITH A ONE-HOUR BATTERY LIFE

n CHINA GETS ITS FIRST INTERNET CONNECTION

n THE DOW JONES PASSES 3,900

n THE CONSERVATIVE PARTY SUFFER THEIR WORST ELECTION RESULT IN THE 20TH CENTURY, WINNING ONLY 18 OUT OF 87 SEATS IN THE EUROPEAN PARLIAMENT ELECTIONS (PRE-CURSOR TO TONY BLAIR’S 1997 LANDSLIDE GENERAL ELECTION VICTORY).

n THE FORTRESS GROUP, AN ISLE OF MAN CORPORATE AND TRUST SERVICE PROVIDER WAS FOUNDED BY ROGER BENNETT.

2024

n THE REVENUE IN THE SMARTPHONES MARKET WORLDWIDE IS PROJECTED TO REACH US$0.5TRN ( $60.34 PER PERSON OF THE WORLD’S POPULATION)

n CHINA LEADS THE WAY GENERATING US$105.5BN OF SMARTPHONE REVENUE, IT HAS THE LARGEST POPULATION ON THE INTERNET WITH 1.09 BILLION USERS

n THE DOW JONES PASSES 39,357

n THE CONSERVATIVE PARTY SUFFERED ITS WORST ELECTION RESULT (SO FAR IN THE 21ST CENTURY) LOSING 251 SEATS, THE LABOUR PARTY WAS ELECTED WITH 33.7% OF THE VOTE BUT WITH HALF A MILLION FEWER VOTES THAN WHEN IT LOST IN 2019.

n THE FORTRESS GROUP CELEBRATES ITS 30TH YEAR WITH ROGER’S SON, EDWARD BENNETT, AS MANAGING DIRECTOR.

With a Bachelor of Law degree (LLB) Roger started his career in company and trust administration with Lloyds Bank in 1974, subsequently working overseas with Canada Permanent Trust Company and then in the Bahamas with Canadian Imperial Bank of Commerce (CIBC). He moved to the Isle of Man in 1988 and utilising his experience founded the Fortress Group to assist clients in nurturing and protecting their wealth in an uncertain world.

People do business with people

Wealth protection, transmission and succession have always been key issues for international private clients and their families and always will be. Clients are not just entrusting the management of their assets to their trust and corporate services provider to be handled on a professional and efficient basis, but more often they need their trustee to be involved in the handling with sensitivity the family’s business, disposition and succession arrangements across the generations and across borders. It is a personal relationship of Trust between the client, the company and also importantly, the staff.

Roger believes that success is in fiduciary industry is based on building long lasting client relationships not just with the owners of Fortress but also on a day-to-day basis between the staff and the clients. Maintaining a long-term stable team is a key factor in providing a service valued by clients and over the last 30 years this had been demonstrated with long term clients referring friends and acquaintances resulting in structures becoming truly inter-generational with Roger’s son

ROGER BENNETT

Edward now working with the sons and daughters of clients Roger has met over the last 30 years.

In recent times, an industry trend towards acquisition of client books of business has often seen the client become a number, dealt with by a faceless bureaucracy with high staff turnover and higher fees. Clients regularly struggle with constantly changing relationship managers and as a result a lack of in-depth and detailed involvement in the family’s needs and requirements.

The Fortress Group is family run, with the service covenant between clients, staff and company central to all the Fortress Group do. “People do business with people”.

Edward Bennett, like Roger, also attained an LLB law degree and practiced in law before succeeding Roger as Managing Director of The Fortress Group in 2018 after working in the business for a number of years. Like his father, Edward recognises that building good long term client relationships based on stable, high quality personalised service is the key to success in the Fiduciary industry.

Edward has built upon the core Fortress team and he and his fellow directors are closely involved in the running of the business whilst always being accessible to clients and staff. It is true to say that regulations both locally and internationally have never been more challenging, but Edward has maintained and built a team of experienced professionals to ensure that company is able to serve clients efficiently and effectively.

“Increasingly, our clients are internationally based and are especially interested in risk diversification and cross border succession. With the fear of conflict in various parts of the globe the Isle of Man and the Fortress Group provides a discrete and stable option for such clients and their families. This of course brings its own challenges as we start to understand distinct client situations and cultures involved. To do so results in travelling to meet international clients, as well raising awareness of what the Isle of Man and the Fortress Group can uniquely offer to assist them. Linked with

EDWARD BENNETT

this is the core aim of developing the long-term intergenerational client relationships that are central to our company’s ethos.”

Recognising that a stable and professional team is vital Ed, and his fellow directors have always sought to recognise and reward the team’s client dedication and professionalism and earlier this year to celebrate the company’s 30th anniversary he arranged a staff training trip in Rome!

So, what for the next 30 years? Certainly, the world is going through a volatile period with economic and political changes affecting international clients and their families. The Isle of Man and the Fortress Group will continue to provide a stable and relevant option for clients who are looking for a trusted personal and professional service across the generations.

‘‘

WITH

THE FEAR OF CONFLICT IN VARIOUS PARTS OF THE GLOBE THE ISLE OF MAN AND THE FORTRESS GROUP PROVIDES A DISCRETE AND STABLE OPTION FOR SUCH CLIENTS AND THEIR FAMILIES.

&

QA

NAVIGATING THE FUTURE OF FINANCE: AN INTERVIEW WITH NICK QUAYLE, LEAD PARTNER, KPMG IN THE CROWN DEPENDENCIES

THE NATURE OF OUR BUSINESS IS SUCH THAT THE MOST IMPORTANT ASSETS WE HAVE ARE THE SKILLS AND TALENTS OF OUR PEOPLE

Nick, can you tell us a bit about your background and how you came to join KPMG?

I was born and brought up in the Isle of Man, attending Ramsey Grammar School. After graduating from Lancaster University in 1997 with a degree in Accounting & Finance I commenced my chartered accountancy training with KPMG in the Isle of Man.

Aside from my experience here in the Island, I have also undertaken a period of secondment to the Financial Services practice of KPMG Ireland. My financial services experience spans banking, insurance, pensions and investment management.

Beyond financial services, I also have experience in multiple other sectors including real estate, telecommunications, gaming, professional services, and manufacturing.

What do you do day-to-day? Talk us through a typical day

It may sound like a cliché, but no two days are quite the same.

A typical day will start with reviewing emails early in the morning from home. After making sure my son has everything he needs for school, I will head to the office. Once there, I typically spend a lot of the day in meetings or calls with clients and colleagues. In between those, I will be dealing with emails and reviewing engagement work.

Outside of work, I have a very active son who loves sport. With a flexible working environment, some days I will leave the office a little earlier so I can accompany him to some of his sporting activities. After that I may then catch up on reviewing more emails and engagement work before taking our two dogs for a walk.

What do you find most rewarding about your work at KPMG?

After over 27 years with the firm, people often ask me what has kept me there for so long. There are two factors that always come to the fore:

1. The people - I have had the pleasure of working with many great colleagues and clients over the years. The people I work with are typically like-minded, share the same values, and are great fun.

2. Variety - as mentioned above, no two days are the same. Working with KPMG gives me a great variety in the work that I do, both in terms of industry sector and scale of operations. This keeps the job interesting.

The financial industry is constantly changing. How do you stay ahead of the curve?

We are also fortunate in KPMG in that we have access to a great number of internal specialists and Thought Leadership material to draw upon. Speaking to clients and other contacts is also a great way to keep informed on what they are seeing in the industry, and helps to identify wider trends and issues.

What are some of the biggest challenges you face in your role?

The nature of our business is such that the most important assets we have are the skills and talents of our people. Attracting and retaining talented individuals across multiple disciplines in what is a competitive environment is a key challenge, and remains a strategic priority for myself and the wider leadership of our firm.

Looking ahead, what are your goals for the future at KPMG?

It is an incredibly exciting time for our firm, in that we have recently completed a formal merger across the KPMG Islands Group (‘KIG’) sub-region.

Whilst we have worked very closely with our KIG colleagues for over 20 years, the formal merger opens up even greater opportunities to grow the firm and improve the experience of our staff, whilst also retaining a local identity. A key goal is continuing to capitalise on the benefits of this merger to ensure we are the leading professional services firm in our region, and an employer of choice for our people.

It is also an exciting time as we continue to expand the use of technology in what we do. For example, we are currently implementing AI tools to undertake certain functions.

Finally, what advice would you give to young professionals aspiring to enter the financial industry?

There have been many changes and challenges in the financial industry since I joined as a young graduate in 1997, but the financial services sector remains hugely relevant and offers great opportunities. The constantly changing nature of the industry keeps it interesting.

Gaining a professional qualification, together with financial services experience, opens up so many doors to work in different industries and in different jurisdictions, for those who wish to spread their wings at some stage.

VERIFY BY TILLER TOOL COULD HELP ISLE OF MAN BUSINESSES KEEP PACE WITH COMPETITORS IN JERSEY AND GUERNSEY

BUSINESS LEADERS ATTENDED THE LAUNCH OF AN ELECTRONIC ID AND KYC VERIFICATION TOOL WHICH COULD HELP COMPANIES IN REGULATED AND SUPERVISED SECTORS HERE ON THE ISLAND. AT THE VERIFY BY TILLER ISLE OF MAN LAUNCH ARE TILLER TECHNOLOGIES CEO

The Verify by Tiller solution was developed by Jerseybased Tiller Technologies Ltd to help businesses streamline the customer onboarding process, and it is already being used successfully by many leading offshore financial services, accountancy and legal firms. The E-ID solution has also been praised by the government in Jersey for helping to improve the Crown Dependency’s operational and regulatory practices

The Isle of Man launch event, held at the Santander Work Café, Douglas, was attended by representatives from firms in sectors that can benefit from E-ID tech. Tiller Technologies CEO Jonathan Wauton and the company’s Growth Officer Julia Cowan led presentations and answered questions from guests.

Jonathan commented: “We specifically built this platform to work in both the Crown Dependencies and international markets, so we’re delighted with the response to the launch and must say a big thank you to everyone who attended. Based on the launch event, and the success of Verify by Tiller in Jersey and Guernsey where there are similar challenges and opportunities, we’re very encouraged by the initial feedback here on the island. It’s clear that business leaders and regulators are interested in finding out more about what we have to offer because we have a proven technology and product that’s already delivering advantages in other jurisdictions where EID technology is helping to ensure efficient, cost-effective AML and KYC compliance. We’re looking forward to continuing the conversations which began at the launch as we look at how we can help Isle of Man regulated and supervised businesses to keep pace with competitors, and with a rapidly evolving local and international regulatory landscape.”

The Verify by Tiller launch presentation included an explanation of how digital E-ID technology works,

why it’s being adopted globally as a preferred approach to managing KYC, and an overview of the regulatory and operational benefits that E-ID can deliver for international offshore businesses. Jonathan Wauton gave a practical demonstration of Verify’s functions which include core ID verification, geolocation and a one-time PEP (politically exposed persons) and sanctions check. He explained how additional add-ons such as UK, Isle of Man and international address verifications and adverse media checks can be added to provide a customisable service that’s tailored to meet specific business needs.

Verify’s E-ID solution has been praised by Jersey Senator Ian Gorst, Minister for Financial Services, for the role it is playing in helping the island’s financial institutions and regulated businesses to adopt cuttingedge technology. Earlier this year Tiller announced that it was collaborating with HSBC Expat to support its ambition to deliver digital frictionless onboarding for customers across multiple jurisdictions worldwide, while at the same time ensuring compliance with the highest global regulatory standards. Nicola Gardner, Head of Digital at HSBC Expat, commented: “Incorporating an automated address check solution into our onboarding process reflects our commitment as a Bank to provide a fully customer-centric approach. Our aim is to enhance the speed and efficiency of onboarding for our customers, wherever they are in the world. It also underlines our ambition to drive our own growth safely through the adoption of digital solutions that align to cross-border regulation.”

Tiller Technologies specialises in providing customer onboarding technology to regulated and supervised businesses in sectors such as trust and fiduciary, professional services, banking, and other financial services.

‘‘

WE HAVE A PROVEN TECHNOLOGY AND PRODUCT THAT’S ALREADY DELIVERING ADVANTAGES IN OTHER JURISDICTIONS WHERE E-ID TECHNOLOGY IS HELPING TO ENSURE EFFICIENT, COSTEFFECTIVE AML AND KYC COMPLIANCE

JONATHAN WAUTON AND GROWTH OFFICER JULIA COWAN

HOW FAR CAN WE GO, IF THERE’S NOTHING IN THE WAY?

On average, women need to invest for an additional 19 years compared to men to retire with the same level of pension. And, whilst they are owning more wealth than ever before, they currently face a gender investment gap of £1.65 trillion, with 3.3 million fewer women holding investments in the UK than men. Despite these challenges, HSBC research has shown that women are more motivated to achieve a better quality of life than men and are prioritising financial resilience.

Breaking down the barriers to financial resilience

Given that half of all pensioners are single women, and 67% of pensioners in poverty are women, it’s clear that the unique life events women face create a need to make informed pension planning decisions. However, with only around one in three women feeling confident about investing compared to men , how can banks raise confidence levels and share the knowledge needed to help empower them? This is where financial education is crucial.

“HSBC Channel Islands and Isle of Man has a long history of connecting our customers with opportunities, helping people fulfil their hopes and dreams and realise their ambitions,” says Adam Belfield, Head of Wealth and Personal Banking Isle of Man, HSBC. “That’s why we are committed to empowering more women to make sustainable financial decisions and unlock their full potential through financial education.”

A changing picture of women’s wealth

Women currently own one-third of global wealth and are growing their wealth faster than men. This reflects, in part, changing attitudes towards investment. Where once investing seemed like an exclusive topic that people rarely discussed in their daily lives, things are changing, providing opportunity to build financial resilience.

Financial security is now a top priority across all generations, with millennials increasingly embracing investing – starting earlier and investing more than other groups, as revealed in HSBC’s 2024 Quality of Life Report. This is also breaking down barriers to financial education, and helping women go even further than they’ve already come.

“When it comes to helping women build their wealth, HSBC is committed to empowering women to invest while boosting representation for women within the bank,” says Lauren Taylor, Head of Segments and Propositions HSBC Channel Islands and the Isle of Man. “We are a leading retail wealth bank on the Island with financial advisors in-branch, offering regular and lump-sum investment products to our customers. We have started running events to help boost financial literacy among women, unlocking their financial potential and supporting them on their investment journey,” she says.

Finding the tools to unlock your potential

Our recent in-person event, ‘Empowering women: financial freedom and beyond’, featured Karen Olney, Global Investment Strategist, HSBC Asset Management; a highly accomplished investment strategist with over 20 years’ experience at top-ranking European investment banks.

The event offered attendees exclusive insights into today’s ever-changing financial environment, helping women gain the knowledge, and attain the tools, needed to make more informed decisions about their financial futures.

“These events give attendees an opportunity to meet and pose questions to leading investment professionals,” says Lauren Taylor. “Everyone can benefit from this crucial financial information, from beginners just starting out in investing, to seasoned investors.”

HSBC is working hard to empower its customers to help close the investment gap by focusing on what matters most to female investors. Whether gaining a better understanding of the economy or insights into the world of AI and tech, we help women build a solid financial plan with stable foundations. Giving them the insights they need to plan for the future and helping guide them on their investment journey.

Visit us in branch or book an appointment online: ciiom.hsbc.com/investments/financial-planning

1. www.bbc.co.uk/news/business-68222807

2. www.about.hsbc.co.uk/news-and-media/women-falling-into-financialconfidence-gap

3. www.hsbc.co.uk/wealth/insights/learn-to-invest/meet-lifegoals/protection/women/

4. www.about.hsbc.co.uk/news-and-media/women-falling-into-financialconfidence-gap

5. BCG Global Wealth Report 2020, 2021

ADAM BELFIELD, HEAD OF WEALTH AND PERSONAL BANKING ISLE OF MAN, HSBC

LAUREN TAYLOR, HEAD OF SEGMENTS AND PROPOSITIONS HSBC CHANNEL ISLANDS AND THE ISLE OF MAN

KAREN OLNEY, GLOBAL INVESTMENT STRATEGIST, HSBC ASSET MANAGEMENT

FIM CAPITAL: A MATTER OF PERSPECTIVE

HOW INDEPENDENCE, OBJECTIVITY AND BEING ABLE TO SEE THE BIG PICTURE HELPS FIM CAPITAL MEETS THE NEEDS OF PRIVATE AND INSTITUTIONAL CLIENTS

HEAD OF BUSINESS DEVELOPMENT

What makes a successful fund administration and investment management company? Experience, knowledge and understanding client objectives would be three of the key criteria for any business in this space. But for FIM Capital (pronounced “fim” rather than f-i-m), a keen sense of perspective and the independence to make the best decisions are also top of the list.

First founded in 2006, FIM Capital has always trodden its own path. Led today by David Bushe (Chief Executive Officer), it has always had a clear focus on delivering a quality bespoke but comprehensive range of services to meet the goals of their worldwide private and institutional clients.

On the fund administration side of the business, this includes a full range of outsourced services to a variety of closed-ended funds and collective investment schemes. Best summarised as the specialist provision of all ‘non-investment’ functions to investment companies, this outsourcing model can stretch to management of all day-to-day operations, or a more limited range of functions.

The investment management arm of the business, meanwhile, supports private clients, family offices, trusts, pensions, and institutions, through a range of discretionary investment management services.

Quietly but consistently, this client-centred approach has seen FIM Capital’s business expand over time with some US$3bn assets now under management and administration, with US$1bn of this under discretionary management.

For Head of Business Development Paul Keen, this success is all the more remarkable given it was built initially through word-of-mouth referrals and now encompasses close engagement and interaction with the wider business community.

“It’s a great accolade to the level of service our staff have consistently delivered over the years and a

testament to the impressive track record they have achieved,” he says. “Our clients know that we have the capability and experience to meet changing needs and changing markets.”

With four Chartered Wealth Managers – each with three decades of service in the financial industry – and other highly qualified investment and fund administration professionals in the team, FIM Capital’s expertise is not in question.

“Our staff are well qualified to guide client portfolios through all sorts of economic situations,” says Paul. “They have been through the dot.com crash, the financial crisis, the outbreak of wars and more recently the impact of COVID.

“Having navigated investments and portfolios through those many uncertain times, they have naturally developed a valuable sense of perspective and are well placed to use that experience to get through whatever the future may bring.”

Another major advantage for clients is FIM Capital’s independence and freedom to invest where it sees the best potential.

“Unlike some other businesses, we have the autonomy to do whatever we think is appropriate for our clients – we have no requirement to defer to a head office in another jurisdiction, or choose from a predefined list of options,” says Paul.

This doesn’t mean the decision-making process is any less rigorous and, as signatories to the UN Principles for Responsible Investment, the company is committed to considering its choices from every angle.

“As a business, our aim is to actively manage investments to generate the best outcome for clients,” says Paul. “This means we take into account a wide range of factors including long-term quality, liquidity and alignment with client objectives and priorities as well as broader factors like ESG.

“Every holding or equity is assessed on its merits

PAUL KEEN

and we take a view from there. It’s that sense of perspective again – seeing the big picture - and making sure we take everything into account. At the end of the day, it’s why our clients rely on us.”

In addition to the flexibility and agility independent decision-making allows, a further crucial benefit for FIM Capital clients is access to those decision-makers.

“With all our key decisions being made right here in our office in Douglas, it means our clients can talk directly to the decision-makers rather than through a relationship manager,” says Paul. “If a concern arises, say an escalating war, or some other bad news, our clients can talk over their worries with us and we can discuss their options.

“It’s this accessibility and personal contact that our clients value and that helps us to build lasting relationships. We are only ever a phone call away.”

For more information on FIM Capital’s investment management and fund administration services contact Paul at pkeen@fim.co.im

FIM CAPITAL IN THE COMMUNITY

Perhaps best known for as the long-term sponsors of Beach Buddies, FIM Capital staff have an amazing record of supporting local charities and working together to help good causes.

From cake sales to camping at the top of Snaefell, the plucky FIM team regularly step up to raise money for charities such as Hospice and Cancer Research as well as supporting awareness of issues such as mental health. Nicknamed Feet in Motion, the team have taken part in Relay for Life and the FIM-sponsored Harbour to Harbour Walk – and, of course, they can often be found out beach cleaning too!

WITH ALL OUR KEY DECISIONS BEING MADE RIGHT HERE IN OUR OFFICE IN DOUGLAS, IT MEANS OUR CLIENTS CAN TALK DIRECTLY TO THE DECISION-MAKERS RATHER THAN THROUGH A RELATIONSHIP MANAGER

THE ISLANDS CONNECTION: WE MEET THE NEW CHIEF COMMERCIAL OFFICER AT SKIPTON INTERNATIONAL

CHARLOTTE DUNSTERVILLE, SKIPTON INTERNATIONAL’S CHIEF COMMERCIAL OFFICER

DISCUSSES HER RECENT APPOINTMENT, THE BANK’S TIE S TO THE ISLE OF MAN, GROWTH, AND WHAT IT MEANS FOR THE FUTURE.

CHARLOTTE

DUNSTERVILLE, CHIEF COMMERCIAL OFFICER, SKIPTON INTERNATIONAL’

IT’S AN EXCITING TIME FOR ME TO JOIN, AS THE COMPANY HAS RECENTLY EXPANDED IN SEVERAL AREAS, SO THERE IS LOTS OF OPPORTUNITY TO SHAPE AND REDEFINE OUR WAYS OF WORKING

You recently joined Skipton International’s Executive Committee as Chief Commercial Officer, what attracted you to the role?

I am very customer focused and throughout my career have always most enjoyed roles that put the customer first, so Skipton International, with its reputation for aligning amazing customer service with great products is a perfect fit. It’s an exciting time for me to join, as the company has recently expanded in several areas, so there is lots of opportunity to shape and redefine our ways of working.

Tell us a bit about your background and your career journey so far.

I grew up in Bristol and after completing my studies in London I started my professional career in customer service ‘on the phones’ with BT. As such I adopted a customer first approach right from the start of my career, which has also included a variety of commercial and operational roles in marketing, product management, and sales.

I originally moved to Guernsey in 2013 along with my family to take up a role with Sure and haven’t looked back. We love the lifestyle and are privileged to live on such a beautiful island, something I know many Manx residents will identify with.

Skipton International has bases in both Guernsey and Jersey, but what links does the bank have with the Isle of Man?

Whilst Skipton International is licensed in Guernsey and have an office in Jersey, we have a strong portfolio of savings customers in the Isle of Man, both personal and corporate.

I’m not surprised that we have a good presence here; the islands have so much in common, particularly economically. The financial services sector, of course, accounts for a significant portion of the GDP for each of the Crown Dependencies as we’ve all been very successful in carving out niches in the global financial services industry in our different ways, whether that be for fund management, insurance services, or offshore banking.

In addition to financial services, both the Channel Islands and the Isle of Man share strong tourism sectors, bolstered by their scenic landscapes, rich histories, and cultural heritage. In my previous role I visited the Isle of Man often and really appreciated the friendly people, open space and spectacular scenery of the mountain and coast. I was lucky enough to attend the TT a few years ago so that took me to all corners of the island to watch the racing and it really is a beautiful part of the world, although I’ve seen my fair share of foggy mornings in Douglas! As a seafood lover, the Manx food

is excellent as well and I always try and have a plate of queenies at some point in my visit.

We’ve all experienced a lot of change over the last few years, how has Skipton International adapted?

We’re fortunate in that Skipton International has experienced a period of significant growth over the last few years. On top of the success of our savings products, we have also enjoyed a growing UK Buy-To-Let mortgage book, and last year surpassed £2 billion of mortgage lending making us one of the largest providers of UK Buy-To-Let mortgages for expats and non-UK residents.

As a reflection of this success, our colleague numbers have expanded considerably over a relatively short time period from a team of around 80 people to near 200 talented individuals.

As we’ve grown, we’ve changed with the times, some of which are a result of our success and some of which have been brought about by external forces, such as the pandemic. Like most businesses, we encourage flexible working where possible and sensible to do so, aiming to strike the right balance between delivering excellent service to our customers and meeting individual needs.

We’ve also continued to cultivate a culture that encourages our staff to give back to the communities in which we are based, either through sponsoring and supporting charitable events or by providing incentives through our Charity Volunteering Programme, which encourages staff to contribute time to local charitable causes.

What does the future hold for Skipton International

I think our competitive rates, combined with our superb customer service, make us a very attractive proposition and the potential growth trajectory for Skipton International is tremendous. The Isle of Man are certainly part of our plans, and we’re looking at ways to expand our business here and encourage more customers to come onboard with us. But we are also working extremely hard to continue to offer excellent service to our current customers too.

The organisation has very clear vision, with many exciting projects coming my way in the near future that will enable us to grow the business with effective propositions that keep Skipton International at the forefront.

I am thrilled to be part of that future, and I am excited to be a part of shaping the business for the benefit of all our customers and stakeholders.

To learn more about Skipton International visit: www.skiptoninternational.com

JOIN THE FESTIVE SPIRIT AT THE CARS & COFFEE

SANTA DASH FOR REBECCA HOUSE CHILDREN'S HOSPICE

THIS HOLIDAY SEASON, THE ISLE OF MAN IS SET TO HOST A HEARTWARMING EVENT THAT COMBINES COMMUNITY SPIRIT, FESTIVE CHEER, AND A GOOD CAUSE. CARS & COFFEE, A BELOVED GATHERING FOR CAR ENTHUSIASTS, WILL BE ORGANISING A SANTA DASH ON SUNDAY 15 DECEMBER 2024 TO BENEFIT REBECCA HOUSE CHILDRE N'S HOSPICE. THIS EVENT PROMISES TO BRING TOGETHER FAMILIES, FRIENDS , AND CAR LOVERS FOR A MEMORABLE MORNING WHILE RAISING VITAL FUNDS FOR CHILDREN IN NEED.

Participants are invited to meet at the TT Grandstand at 09:30 AM. From there, attendees will embark on a spirited convoy to Rebecca House, escorted by a special motorcade, adding an extra touch of excitement to the day. This event is not just about the journey; it's about celebrating the festive season together while supporting a worthy cause.

One of the highlights of the Santa Dash is the encouragement for attendees to embrace the festive spirit. Whether you’re donning your favourite Christmas sweater, sporting a Santa hat, or going all out with a full costume, everyone is welcome to dress to their best. Moreover, car enthusiasts are invited to decorate their vehicles with festive flair—think tinsel, wreaths, and festive lights—to create a cheerful parade of cars that embodies the joy of the season.

A TRACK DAY EXPERIENCE DRIVING A FERRARI 488

All proceeds from the event will go directly to Rebecca House, to support children with life-limiting conditions and their families. Your participation in the Santa Dash will not only provide a fun day out but will also make a real difference in the lives of these children and their families during the holiday season.

In addition to the festive fun, there will be a silent auction at the event. One of the standout items up for bid is an incredible track day experience at Jurby Motordrome, featuring the chance to drive a Ferrari 488 or an Aston Martin F1 Vantage. The package includes two exhilarating sessions as a passenger and one controlled session as a driver, offering a a great opportunity for motorsport enthusiasts. Bidding on this unique experience will add an exciting element to the day while raising further funds for Rebecca House.

Corporate donations are warmly welcome in all forms, and sponsors are actively encouraged to attend and support the event.

As the festive season approaches, the Cars & Coffee Santa Dash presents a wonderful opportunity to come together as a community, enjoy the company of fellow car lovers, and contribute to a meaningful cause. Whether you’re a driver, a passenger, or simply a supporter cheering from the sidelines, your presence will help make a positive impact.

Mark your calendars for 15 December 2024, and prepare for a morning filled with joy, camaraderie, and goodwill. Spread the word, gather your friends and family, and let’s make this Santa Dash a day to remember, all while helping Rebecca House bring comfort and care to those who need it most. Together, we can drive change and share the true spirit of the season!

SANTA DASH

IN AID OF . . .

IS YOUR BUSINESS KEEPING UP? HOW TO NAVIGATE THE RAPID ADVANCEMENTS IN AI TECHNOLOGY

AI HAS BEEN IN EXISTENCE NOW FOR DECADES, DATING BACK TO THE TURING TEST –ORIGINALLY CALLED THE IMITATION GAME – AN INQUIRY INTO WHETHER A COMPUTER CAN THINK LIKE A HUMAN BEING. AI HAS SINCE TAKEN THE FORM OF FACIAL RECOGNITION TECHNOLOGY, OR SMART DEVICES, BUT IT IS IN THE LAST 10 YEARS THAT WE HAVE SEEN IT TRULY TAKE OFF AS A VITAL BUSINE SS TOOL USED TO MAXIMISE PRODUCTIVITY.

At Sure Business, we have a team of AI experts with their finger on the pulse of these technological advancements. They are well versed in how to keep our customers up to date with all the latest developments in machine intelligence and equipped to advise on how to utilise this new technology to make your business run more efficiently.

We caught up with Malcolm Mason, our Professional Services Consultant and resident AI expert, for his insight on the importance of using AI in today’s business landscape and what business leaders should be aware of when choosing a model.

“AI allows people to work smarter, faster and more efficiently. It’s like having your own PHD student in a specific area who you can call on whenever you need questions answered.

should, if they have not already, establish an AI roadmap. Your team will be aware of how AI could benefit the business and their workstreams, so use this as a baseline for developing this AI plan."

How are businesses currently using AI?

“How you use AI depends largely on the size of your business.

“Smaller businesses mostly use off-the-shelf models such as Microsoft CoPilot 365, which are usually integrated into the eco system of your business. CoPilot automates tasks that would otherwise be timeconsuming, such as email management or document creation, allowing the team to focus on other strategic activities. It also significantly helps smaller companies meet the capabilities of larger organisations as it contributes to increased productivity.

“Businesses on the larger end of the scale will often use more bespoke tools and models that can be tailored to their needs, which smaller companies often do not have the resources to do. This does mean there is more complexity within these businesses, as they will start to consider individual data teams instead of off-the-shelf packages. With a larger company, there is also a need for greater data security, so a data governance team will likely be implemented to keep the business protected. It is also not uncommon for these companies to be subject to lawsuits, as they will often be using models that are not suited to them, and they, therefore, do not know where certain data has come from.”

What do businesses need to be aware of when using AI?

‘‘

IF YOU HAVEN’T ALREADY, OUR ADVICE WOULD BE THAT THE TIME IS NOW TO IMPLEMENT AN AI STRATEGY AND STAY AHEAD OF YOUR COMPETITORS

“It still feels like a very futuristic concept to many, but it has in fact become an integral part of day to life and a vital tool for large and small businesses, if harnessed correctly.

“In 2024, it’s no longer a question of whether or not businesses should be using AI, but a question of how they are using it. The fact of the matter is that if your business doesn’t have a robust AI strategy in place, competitors will have the advantage.

“However, even if your business is yet to integrate AI into its processes, by using large-language AI model’s such as Microsoft CoPilot 365, it’s an inevitability that AI will work its way into your processes.

“We are now seeing services such as ChatGPT being used by millions of people around the world as a research or content creating tool, allowing access to an infinite number of topics, all with a basic prompt. However, businesses should take caution, as the uneducated are at risk of being subject to corporate reprimands for not adhering to AI governance laws. Organisations based in the UK should be prepared for these laws to become stricter over the next few years, meaning business leaders

“While in previous centuries we – humans – have been the smart ones. However, we have now been outsmarted by machine intelligence. The latest ChatGPT model has smashed nearly all exams at a far higher level than any human is capable of due to employed reasoning.

“Even though the advancements are coming in thick and fast, we are still at the very early stages of AI. Businesses can no longer ignore the presence of machine intelligence and must embrace the advantages it brings. If you haven’t already, our advice would be that the time is now to implement an AI strategy and stay ahead of your competitors.”

Want to learn more how to safely implement AI into your business? Contact our expert team via our website at: https://business.sure.com/contact/

MALCOLM MASON, PROFESSIONAL SERVICES CONSULTANT, SURE BUSINESS

DQ ADVOCATES CELEBRATES ANOTHER SUCCESSFUL YEAR IN LEGAL 500

DQ ADVOCATES HAS ONCE AGAIN CEMENTED ITSELF ONE OF THE UK’S LEADING LAW FIRMS. THE DOUGLAS-BASED PRACTICE HAS GAINED TO P TIER RANKINGS ACROSS A NUMBER OF KEY BUSINESS AREAS IN THE NEWLY-RELEASED LEGAL 500 UK DIRECTORY - THE ESTEEMED BENCHMARK WITHIN THE LEGAL PROFESSION.

Considered an important reference guide to the legal sector, the acclaimed analysis is based on a combination of feedback from a quarter of a million in-house peers, clients and independent assessment of a variety of factors. ‘Employment’ and ‘Private Client, Trusts and Tax’ were two areas where DQ received ringing endorsements in tier one.

THIS IS TEAM DQ AT ITS VERY BEST AND DEMONSTRATES THE STRENGTH AND DEDICATION OF OUR ENTIRE STAFF.

The firm’s multi-faceted Employment team is spearheaded by director Leanne McKeown who is named a Leading Partner, while there are also acknowledgements for Mark Emery (Head of Insolvency and Restructuring), who is active in employment litigation, Joshua Quinn (Associate Director), who frequently handles unfair dismissal and discrimination claims, and Jessica McManus (Senior Associate) who manages various contentious and non-contentious matters.

DQ’s Employment division is described as one which has an excellent reputation with a track record for delivering results which makes them ‘highly desirable partners for businesses seeking legal representation’.

DQ‘s dedicated Private Client and Trusts team also retained its tier one status, praised for its ’wide and varied’ workload on behalf of leading banks, law firms, trustee providers and accounting practices.

Among the testimonials received, DQ is commended for its wide and varied advisory service covering a range of legal, tax and regulatory matters -

bringing ‘a unique perspective on matters’ and providing ‘practical, workable solutions'.

There was once again a first-class endorsement for Annemarie Hughes (Senior Counsel), again named in The Legal 500 Hall of Fame - reserved for law firm partners who are at the pinnacle of the profession - with colleague Donna Matthews (Senior Counsel) again ranked as a ‘Next Generation’ partner.

Annemarie Hughes once more received a second entry in the Hall of Fame in the Insurance and Pensions category.

Tier two status was also earned in five other categories - ‘Banking, Finance & Capital Markets’, ‘Corporate & Commercial’, ‘Dispute Resolution’, ‘Insurance & Pensions’ and ‘Shipping and Aviation’.

Among the responsive and skilled team individually acknowledged in Banking, Finance & Capital Markets were Managing Director Mark Dougherty and Donna Matthews - both active in the ship financing space, acting for some of the largest maritime lenders.

Donna, Mark and department head Andrew Harding also feature as leading associates and partners respectively in the firm’s Corporate and Commercial division.

With the company regularly acting for clients on a range of issues across all levels of the Isle of Man judiciary system, the DQ Dispute Resolution team was praised for its outstanding levels of expertise and exemplary service with Mark Emery named as a ‘Next Generation’ partner.

MARK DOUGHERTY

The accolades continue in Shipping and Aviation where very strong industry knowledge was endorsed by peers and clients with Donna Matthews and Mark Dougherty both featured.

In total, there are 15 individual honours comprising eight members of the team included in the prestigious industry directory, with impressive client feedback and recommendations.

Managing Director Mark Dougherty said: “This is Team DQ at its very best and demonstrates the strength and dedication of our entire staff.

“It is not only the individuals who have been named and personally recommended in their own specialist areas, but also their colleagues who play their own part in ensuring DQ collectively delivers a full spectrum of work and can handle the most complex and innovative issues.

“It is that strength and depth of the practice that makes a law firm stand out from the crowd and I congratulate the team individually and collectively for what they have achieved which is down to sheer hard work.”

THE LIST OF DQ’S ENDORSEMENTS ARE:

EMPLOYMENT - LEADING PARTNER: LEANNE MCKEOWN

EMPLOYMENT - NEXT GENERATION PARTNER: MARK EMERY

EMPLOYMENT - LEADING ASSOCIATE: JESSICA MCMANUS AND JOSHUA QUINN

PRIVATE CLIENT, TRUSTS AND TAX - HALL OF FAME: ANNEMARIE HUGHES

PRIVATE CLIENT, TRUSTS AND TAXNEXT GENERATION PARTNER: DONNA MATTHEWS

BANKING, FINANCE AND CAPITAL MARKETSLEADING PARTNER: MARK DOUGHERTY

BANKING, FINANCE AND CAPITAL MARKETSLEADING ASSOCIATE: DONNA MATTHEWS

CORPORATE AND COMMERCIAL - LEADING PARTNER: ANDREW HARDING AND MARK DOUGHERTY

CORPORATE AND COMMERCIAL - LEADING ASSOCIATE DONNA MATTHEWS

DISPUTE RESOLUTION - NEXT GENERATION PARTNER MARK EMERY

INSURANCE AND PENSIONS - HALL OF FAME ANNEMARIE HUGHES

SHIPPING AND AVIATION - LEADING PARTNER MARK DOUGHERTY

SHIPPING AND AVIATION - LEADING ASSOCIATE DONNA MATTHEWS

Speak to our team of experts

No matter what your speci昀c legal or business needs may be, DQ is the premier choice. Our team of esteemed advisors can provide assistance with a wide variety of matters. For comprehensive and tailored service from industry-leading experts in their 昀elds, get in touch.

ANNEMARIE HUGHES

DONNA MATTHEWS

COMPARED: THE COST OF ISLAND LIVING

ISLAND GLOBAL RESEARCH CONDUCTED AN ONLINE SURVEY ABOUT THE COST OF LIVING IN THE ISLE OF MAN, JERSEY, GUERNSEY AND GIBRALTAR. THE SURVEY WAS COMPLETED BY 2660 RESIDENTS – 672 FROM JERSEY, 744 FROM GUERNSEY, 1013 FROM THE ISLE OF MAN AND 231 FROM GIBRALTAR. DATA COLLECTION TOOK PLACE BETWEEN 12 TH APRIL AND 7TH MAY 2024.

The survey was undertaken to gain high-level insights into experiences and perceptions of the cost of living in each island. It asked about respondents’ financial position, recent changes to their cost of living,

and their opinion more generally on inequality in living standards today and in the future. This is a survey we first conducted in 2022, and results from this survey have been benchmarked to our 2022 findings.

CANNOT AFFORD COSTS AND OFTEN HAVE TO GO WITHOUT ESSENTIALS

CANNOT AFFORD COSTS RENT THEIR PROPERTY

COULD NOT AFFORD AN UNEXPECTED BUT NECESSARY EXPENSE OF £100

WOULD STRUGGLE TO AFFORD A £100 PER MONTH INCREASE IN LIVING EXPENSES

ISLEofMAN JERSEY GUERNSEY

HAVE FOUND IT DIFFICULT TO MEET LIVING COSTS IN THE LAST 12 MONTHS HAVE FOUND IT DIFFICULT TO MEET THE COST OF FOOD, TRANSPORT OR HOUSEHOLD MAINENTANCE

HAVE RECEIVED SUPPORT TO FINANCE THEIR EVERYDAY LIVING EXPENSES IN THE LAST 6 MONTHS

AGREE THAT THE RISING COST OF LIVING WAS IMPACTING THEIR HOUSEHOLD

ARE EXTREMELY CONCERNED ABOUT THE FUTURE IMPACT CHANGES TO COST OF LIVING WILL HAVE

ARE VERY CONCERNED ABOUT POVERTY AND INEQUALITY IN LIVING STANDARDS TODAY

THINK INEQUALITY IN LIVING STANDARDS WILL GET A LOT BIGGER IN THE FUTURE

AI: FRIEND OR FOE?

ASHGROVE MARKETING’S TERRY VAN RHYN RETURNS TO THE SUBJECT OF AI IN ADVERTISING AND MARKETING – AND ITS VALU E IN AN INDUSTRY WHERE THE HUMAN TOUCH IS STILL IRREPLACEABLE.

‘‘

AD AGENCIES BRING CREATIVITY, CULTURAL UNDERSTANDING, AND EMOTIONAL INTELLIGENCE - QUALITIES THAT AI SIMPLY CANNOT REPLICATE. NOT YET, ANYWAY…

TERRY VAN RHYN MANAGING DIRECTOR AND FOUNDER, ASHGROVE MARKETING

A while back I wrote a relatively critical piece on whether AI will help or hinder the creative environment of advertising and marketing. Now, over a year later, I have more information and it has moderated my initial impression (which may have been a touch defensive!).

As the digital landscape continues to evolve, AI in marketing and advertising has become ever more prevalent. For advertising agencies, this is not just another trend; it’s a pivotal moment that requires adaptation and innovative thinking.

For AI offers a cornucopia of advantages for advertising agencies. First and foremost, it enables data-driven decision-making. With algorithms that analyse consumer behaviour and preferences at lightning speed, agencies can more easily craft campaigns that resonate with target audiences, enabling advertisers to truly engage in a meaningful way with their tribe.

Furthermore, AI can streamline processes, reducing time spent on mundane tasks like data entry and report generation. By automating these repetitive functions, agencies can redirect their creativity toward what they do best - developing ground-breaking and compelling creative concepts and impactful campaigns.

Additionally, AI tools like chatbots and predictive analytics can enhance customer experience, ensuring that clients feel supported and informed.

On the flipside, though, it is important to acknowledge the potential pitfalls. The most glaring concern is that reliance on AI can stifle creativity. If agencies lean too heavily on data-driven decisions, there’s a risk of producing “cookie-cutter content” devoid of personality.

The essence of storytelling, which is the backbone of effective advertising, is at risk of getting lost in the pursuit of algorithmically optimised ads.

Another consideration is the ethical implication of using AI. This will be an ongoing debate until regulated properly. From data privacy concerns to the risk of reinforcing biases in advertising content, these are issues that agencies must navigate carefully.

Moreover, there is the fear of job displacement. AI can certainly enhance productivity, but in a creative sphere like advertising, it’s crucial to remember that it should serve as an ally, not an alternative.

It’s also vital to understand that this technology is

not a remedy for clients looking to navigate the marketing landscape on their own. While AI can generate insights and streamline processes, clients still require the guidance and strategic vision that only seasoned professionals can provide.

Ad agencies bring creativity, cultural understanding, and emotional intelligence - qualities that AI simply cannot replicate. Not yet, anyway…

When I think back to the pre-Apple advertising agency landscape, we thrived on crafting presentations with concept pencil scamps and colour markers, refining final artwork with Rotring pens and Letraset. We used typesetting and repro studios to set type and create film for Litho printing presses. We shot all our TV commercials on 35mm film with large film crews and long hours in editing suites and sound studios to create the soundtracks.

At the time, photographers were seen much in the same way as rockstars – an exclusive domain of a small group of professionals practising their dark arts. Although improvements in technology now allow anyone to take decent enough images, the magical ingredients such as composition, lighting and styling, will sadly (or luckily) always be difficult to teach without that innate creative talent.

Fast forward to today, and while technology has transformed our tools so we can create an entire TV commercial on our phone, the core principles of effective marketing remain unchanged. The introduction of AI is comparable to the dawn of the internet - an enhancement, not a replacement.

Over the next 10 years, the integration of AI into advertising is set to deepen. We may see the rise of hyper-personalised marketing campaigns, where ads are tailored to individual consumers in real time, based on their behaviour and preferences. Imagine a world where your favourite brands anticipate your needs before you do!

This level of personalisation could redefine customer engagement and align with consumer tribal behavioural patterns.

Advancements in AI will also likely foster more innovative creative tools. We may witness the emergence of AI-generated content that retains a human touch, allowing creatives to focus on higherlevel conceptual strategies.

Collaborative efforts between AI and human creatives could lead to ground-breaking campaigns that are both imaginative and data informed.

As the landscape shifts, ad agencies will need to embrace a culture of continuous learning and adaptation. This means investing in training and upskilling teams to work effectively alongside AI technologies.

Agencies that successfully blend the analytical power of AI with the intuitive brilliance of human creativity will not only survive but thrive.

So, my take now is that while the role of AI in marketing and advertising is undeniably transformative, it is not a threat to the relevance of ad agencies. Instead, it presents an opportunity to innovate and enhance the ways we connect with audiences.

As we embrace this technology, let’s remember that, at its heart, advertising is about understanding people, crafting stories, and creating emotional connections.

If, in the future, we can harmoniously blend the brilliance of human creativity with the power of AI, we will ensure that we continue to inspire and engage in this exciting new era.

‘‘

AI CAN CERTAINLY ENHANCE PRODUCTIVITY, BUT IN A CREATIVE SPHERE LIKE ADVERTISING, IT’S CRUCIAL TO REMEMBER THAT IT SHOULD SERVE AS AN ALLY, NOT AN ALTERNATIVE

ISLE OF MAN FINANCIAL SERVICES AUTHORITY SETS OUT ITS STRATEGIC PLANS

THE ISLE OF MAN FINANCIAL SERVICES AUTHORITY HAS SET OUT ITS INTENTIONS TO DRIVE CONTINUOUS IMPROVEMENT IN THE ISLAND’S REGULATORY ENVIRONMENT.

‘‘

WE BELIEVE THAT ARTICULATING OUR PRIORITIES SERVES TO EXPLAIN THE AUTHORITY’S DIRECTION OF TRAVEL, SUPPORTS A COLLABORATIVE APPROACH WITH INDUSTRY AND ENABLES ISLAND FIRMS TO PLAN FOR THE FUTURE WITH CONFIDENCE

The Strategic Plan 2024-2027, published online on 24 October, highlights the priority initiatives that will be progressed over the next three years.

Following a period of significant development, the Authority’s focus is on embedding its updated approach to supervision, maximising its use of data and developing its people.

he theme is one of evolution, with the strategic plan identifying workstreams that support the objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation. Officers will also continue to make an important contribution towards preparations for the Isle of Man’s next MONEYVAL evaluation.

Where internal efficiencies and greater automation create additional capacity, projects will be progressed that the Authority believes will add real purpose and value for its stakeholders.

The strategy, which has been shaped by feedback from Island firms to the 2023 industry survey, outlines high-level plans under the three strategic pillars of Infrastructure, Frameworks and People. The proposals will:

• Strengthen organisational resilience and maximise the benefits of technology

• Improve stakeholder engagement, and support a thriving, innovative and sustainable finance sector

• Encourage a culture of excellence at the Authority Lillian Boyle, Chair of the Authority’s Board, said: “The Strategic Plan 2024-2027 aims to be both realistic and ambitious, setting out our immediate priorities and the matters we intend to address in the next three years. We believe that articulating our priorities serves to explain the Authority’s direction of travel, supports a collaborative approach with industry and enables Island firms to plan for the future with confidence.”

The implementation of the strategy will be overseen at executive level by Bettina Roth whose position as Chief Executive of the Authority has been extended by the Board until the autumn of 2027. This will enhance the stability of the Authority’s leadership team to support the delivery of key initiatives.

Mrs Roth added: “The world is changing at a relentless pace so it is essential to have the flexibility to deal with fresh challenges. Being nimble and having the ability to adapt our plans where necessary is critical if we are to seize opportunities for economic growth, while mitigating potential threats. We will provide periodic updates and statistics to outline the progress of our stated commitments and highlight any emerging areas of focus.”

The Strategic Plan 2024-2027 is available to view on the publications section of the Authority’s website

HOW STUDYING A DEGREE AT UCM SET ME UP FOR SUCCESS

ADAM DRUMMOND RECENTLY RECEIVED THE ‘LIAM ARROWSMITH STUDENT OF THE YEAR’ AWARD AT THE 2024 UNIVERISTY COLLEGE ISLE OF MAN (UCM) GRADUATES’ CEREMONY. HERE, HE TELLS ISLE OF MAN PORTFOLIO OF HIS JOURNEY CULMINATING WITH UCM’S CELEBRATORY AWARDS EVENING.

Picture the scene. It’s the end of my A Levels, and I’ve just received top grades. Many of my classmates are off confirming their UCAS applications and preparing to leave the island – but that didn’t quite take my fancy. Especially with the pandemic rife throughout the UK, I had no desire to ‘run away’ at the time. I had a passion for computer science, but lacked onward plans.

Thanks to this passion, I decided to embark on an educational career at UCM, studying on their Computer Science Degree pathway. A fantastic idea: get the benefits of studying a degree, all without the fears of student debt, moving away and being alone, and a global pandemic!

Studying on-island enabled me to continue with everything I was passionate about on the Isle of Man –and to do more. Across the three years of my degree, I tackled volunteering with four different tech charities, worked with UCM as a Student Ambassador, and even collaborated with the educational division of GitHub, a global developer platform.

By staying at home, I received a plethora of opportunities, some of which I just wouldn’t have received studying at a university across. I was able to, and encouraged to, take time out to attend conferences such as CyberIsle and Digital Isle. I was enabled to attend these events in varying capacities from being a delegate, to a volunteer (thanks to UCM) and even speaking on two panels, one to a group of about forty adults, and one to over 1000 (yes, one thousand) 1618-year-old students. Can you guess which was more scary?! (hint – it wasn’t the students…)

Through all this, I was supported by an excellent team of lecturers that knew me as an individual. When I took time out to attend conferences and other events, I knew they would always be there to speak to directly

to catch up on what I missed, or to help me understand content from any lecture.

Earlier this year, as the conclusion of my degree crept ever closer in April, I found that I had gained the confidence and desire to study a higher degree offisland, something I just didn’t have when I started my first degree. This confidence, alongside my First-class Honours, enabled me to apply to, and receive an offer from, the University of Sheffield!

And so, just a few short weeks ago, as I walked along the beach after spending the day networking with CEOs and Ministers (what a Manx privilege), I felt a sense of pride and composure, preparing to imminently jet off to the University of Sheffield.

Which now brings us to the present day. Having recently returned to university after a brief trip to the island for the Graduates’ Ceremony, I truly must share my thanks to those who’ve helped me along the way to get to where I am today. Who knows what will come as I look to the future. I’ve already started working with multiple organisations in Sheffield, and I look forward to hosting events and getting even more stuck into university life.

All that’s left to say is: Student Ambassador Adam: over and out.

‘‘

BY STAYING AT HOME, I RECEIVED A PLETHORA OF OPPORTUNITIES, SOME OF WHICH I JUST WOULDN’T HAVE RECEIVED STUDYING AT A UNIVERSITY ACROSS. I WAS ABLE TO, AND ENCOURAGED TO, TAKE TIME OUT TO ATTEND CONFERENCES SUCH AS CYBERISLE AND DIGITAL ISLE.

GRAHAM KINRADE CEO OF DEPARTMENT FOR SPORT, EDUCATIO AND COLTURE, ADAM DRUMMOND STUDENT OF THE YEAR

UNITED KINGDOM BUDGET

CHANCELLOR DELIVERS ‘BUDGET FOR LONG TERM GROWTH’

The Chancellor of the Exchequer, Rachel Reeves, presented her 2024 Autumn Budget to Parliament on 30 October and published supporting documents on the gov.uk website. She is the first woman to deliver a UK Budget and this is the Labour Party’s first Budget for more than 14 years.

When the Chancellor finished her statement in the Commons, the Office for Budget Responsibility (OBR) published updated forecasts for the UK’s economic and fiscal outlook. The OBR is the independent public finances watchdog that produces the official forecasts for the economy and public finances used by the Chancellor.

The Chancellor has increased government spending by around 2% of GDP a year, on average, over the next five years. One-third of the additional spending will go on government’s investment spending on things such as transport, housing, and research and development (R&D). The remaining two-thirds will go on government’s dayto-day spending.

Half of the increase in spending is funded through an increase in taxes, mainly through higher employer National Insurance contributions (NICs) and capital taxes. The remaining half is funded largely through additional borrowing.

The Chancellor said the Budget is “restoring stability to our public finances and rebuilding our public services” and restoring “economic stability”.

SELECTED TAX ANNOUNCEMENTS

Employer NICs

The employer NICs rate will be increased from 13.8%

to 15% from April 2025, when the threshold above which employer NICs is paid will additionally be reduced from £9,100 a year to £5,000 a year. For some employers, increases will be at least partly mitigated by increases to the employment allowance. The employment allowance allows employers to reduce the total amount of National Insurance they pay per year.

Capital taxes

The main rates of capital gains tax will increase from 30 October 2024. The Business Asset Disposal Relief (BADR) and Investors’ Relief (IR) rates will increase in April 2025 and April 2026.

Inheritance tax will apply to pension wealth that is transferable at death (unused pension funds and death benefits) from 6 April 2027. There will be changes to how agricultural property relief (APR) and business property relief (BPR) work for inheritance tax.

Manifesto commitments

Various tax measures from Labour’s manifesto were confirmed, including applying VAT to private school fees, increasing the energy profits levy and changing the residence-based regime (which is already set to replace the ‘non-dom’ regime).

OTHER ANNOUNCEMENTS

The Budget includes compensation payments to victims of the Post Office Horizon IT and infected blood scandals. An additional £1.8 billion in total has been set aside for the Horizon scandal (for 2024/25 to 2026/27) and £11.8 billion in total for victims of the infected blood

scandal (for 2024/25 to 2029/30)

The Chancellor announced that the Carer’s Allowance weekly earnings limit will be increased from £151 per week in 2024/25 to £196 in 2025/26.

Various measures to tackle fraud and error in the welfare system were announced, including additional staff to work on fraud and error across the Department for Work and Pensions (DWP) and HMRC, and expanding the DWP’s debt recovery powers in cases of fraud and error.

The government also increased spending to help spot incorrect Universal Credit claims and to verify changes in Universal Credit claims.

There will be a reduction on discounts under the housing Right to Buy scheme and councils will be able to keep all receipts generated by sales. £500 million will be contributed to the Affordable Homes Programme for 2025/26.

The government will make investments in infrastructure including through the National Wealth Fund.

FISCAL RULES

The Chancellor has proposed two new fiscal rules. One focuses on balancing the day-to-day budget (or current budget), and the other says government’s net financial liabilities should be falling, relative to the size of the economy. Public sector net financial liabilities (PSNFL) measures the government’s debt and other financial liabilities minus its liquid financial assets (like foreign exchange reserves) and illiquid financial assets

(like loans and other financial derivatives). It is a measure of the government’s broader balance sheet.

Both rules initially apply to 2029/30, meaning that the current budget should be balanced in 2029/30 and PSNFL should be falling (as a percentage of the economy) in 2029/30. To balance the current budget, government revenues from taxes and other sources must cover dayto-day spending on areas such as public services and welfare. If the current budget is balanced (or in surplus), the government won’t be borrowing to fund day-to-day spending.

In 2026/27, when 2029/30 becomes the third year of the forecast period, the third year of the rolling forecast period becomes the target year. Once focusing on the third year of the forecast, the current budget will be deemed to be in balance if it is in surplus, or in deficit of no more than 0.5% of GDP.

Both the new rules are being met in the OBR’s October 2024 forecast.

SPENDING REVIEW AND PUBLIC SPENDING

This Budget included Phase 1 of a new Spending Review. These reviews fix departmental spending plans for the years ahead.

In Phase 1, the government has set departmental budgets for 2024/25 and 2025/26, with budgets for 2026/27 and 2027/28 expected to follow in Phase 2 in spring 2025.

DAY-TO-DAY SPENDING: 2024/25 AND 2025/26 Investment spending (officially, ‘capital DEL’) will

The increases in investment spending are spread more evenly between departments than increases in dayto-day spending.

LONGER-TERM SPENDING TOTALS

The Budget also set spending limits for government as a whole across the new Spending Review period, as well as giving long-term spending forecasts. The OBR forecasts that spending will rise slightly from 44.9% of GDP in 2023/24 to 45.3% in 2025/26, before falling back to 44.5% in 2029/30.

Spending as a proportion of GDP increased sharply during the covid-19 pandemic, and these forecasts suggest that it will now stay at around the same level as in the past few years. This level remains high by historical standards (having gone above 44% in only 11 years between 1948 and 2023/24).

THE OBR’S ECONOMY

FORECAST

Government

policy and growth

The broad themes of this Budget – large increases in spending, taxes and borrowing – impacted the OBR’s forecasts for economic growth.

In summary, the extra government spending temporarily boosts GDP in the next few years (mostly in 2025 and 2026) before fading to close to zero by the end of the OBR’s five-year forecast in 2029.

GDP growth

GDP growth is forecast to accelerate from 1.1% in

2024 to 2.0% in 2025, before slowing to 1.8% in 2026 and around 1.5% over 2027 to 2029.

OBR expectations for growth in 2025 and 2026 are higher than those from most other forecasters, including the Bank of England, which in August forecast GDP growth of 1.0% in 2025 and 1.3% in 2026.

Inflation

The OBR forecasts the annual rate of inflation, as measured by the Consumer Prices Index (CPI), to be higher over the next four years than it expected in March 2024.

The OBR’s public finances forecast

The Office for Budget Responsibility (OBR) forecasts that government borrowing will increase from £122 billion in 2023/24 to £127 billion in 2024/25. Borrowing is then forecast to fall each financial year before it gets to £71 billion in 2029/30, the final year of the OBR’s current forecast period.

The OBR forecasts that borrowing from 2024/25 will be £28 billion higher, on average, a year compared with the March 2024 forecast. This is largely because the Chancellor’s spending measures cost more (around £70 billion a year) than her net tax increases (around £36 billion a year) raise.

Government debt was equivalent to 97.8% of GDP at the end of 2023/24. On 30 October, the OBR forecast that it will increase to 98.4% at the end of 2024/25. It will then fall to around 97% in 2025/26 and remain around that level for the rest of the forecast period.

increase by £14.7 billion between 2024/25 and 2025/26.

UNITED KINGDOM BUDGET

JUSTINE HOWARD ASSOCIATE DIRECTOR

KPMG IN THE CROWN DEPENDENCIES

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INDIVIDUALS (WHETHER UK DOMICILED OR NOT UNDER THE EXISTING RULES) ARE KEEN TO START THE CLOCK RUNNING NOW ON THAT 10-YEAR TAIL AND TO DISPOSE OF UK SITUATED ASSETS TO ENSURE THAT THEY COMPLETELY FALL OUTSIDE OF THE UK INHERITANCE TAX NET ONCE THEY HAVE BEEN NON-UK RESIDENT FOR 10 CONSECUTIVE TAX YEARS.

Justine Howard, Associate Director at KPMG in the Crown Dependencies, considers some of the personal tax changes announced in the UK Autumn Budget 2024 and what this might mean for the Isle of Man.

The Autumn Budget at the end of October was an exciting one, not only because it was delivered by a Labour government for the first time since 2010 or that Rachel Reeves became the UK’s first female chancellor, but also from an Isle of Man perspective.

In the Chancellor’s speech, she made it clear that restoring economic stability, supporting growth, entrepreneurship and encouraging wealth creation is the UK Government’s focus; however, the UK Government do not appear to have listened to industry experts or considered in detail the potential detrimental financial impact to the UK if they pushed ahead with the abolition of the non-dom regime, particularly with no UK inheritance tax protections in place.

Although I cannot possibly predict what the actual financial impact of the non-dom changes might be once people have considered all of their options, what I do know is that the number of relocation enquiries and actual relocations we are seeing from the UK to the Isle of Man has increased exponentially since the previous government’s Spring Budget in March and these are not showing any signs of slowing. These enquiries and relocations are not just UK residents wanting to make the Isle of Man their home but also a jurisdiction from which they wish to operate their businesses. As such, the UK’s loss will perhaps be the Isle of Man’s gain particularly due to the Isle of Man’s close proximity to the UK and Ireland and therefore easy access to family, employers and businesses.

The UK inheritance tax changes and more specifically, the move from a domicile-based regime to a residence-based one appear to be the main cause for concern for individuals looking to relocate. The reason for this is that the new rules will not only bring long term UK residents within the charge to UK inheritance tax on their worldwide assets (which may currently be outside the scope for existing non-doms) but which also come with a 10-year “tail” for those

individuals who have been resident in the UK for 20 tax years or more. As such, individuals (whether UK domiciled or not under the existing rules) are keen to start the clock running now on that 10-year tail and to dispose of UK situated assets to ensure that they completely fall outside of the UK inheritance tax net once they have been non-UK resident for 10 consecutive tax years.

The increase in UK capital gains tax rates to 24%, although not as severe as many commentators thought might be the case, also appears to be a cause for concern as most believe there is the threat of further tax hikes in the future and frankly just don’t like the uncertainty that brings.

The final nail in the coffin for many is that inherited pension pots will be subject to UK inheritance tax from April 2027 which means that pensions that have been carefully maintained to pass onto loved ones will in some cases be significantly reduced by a potential “double tax” at an effective rate of 67%.

It’s not all doom and gloom for everyone though. For British expats, the new Labour government’s first budget has been a game changer. For those individuals who have been a non-UK tax resident for 10 years or more, they can now:

1. Get certainty on their UK inheritance tax exposure.

2. Create a trust to protect their global assets and manage their succession plans tax efficiently.

3. Potentially benefit from a 4-year period of UK tax residence without exposure to UK income or capital gains tax on their non-UK income and gains –irrespective of whether they are native to Britain.

This means no more uncertainty over whether HMRC will be challenging their status after they have passed away. The new regime also eradicates the problematic element of subjectivity, but it would be wise not to underestimate the complexity that can arise.

We are here to help whatever your situation. Making a move can be complex and I am certainly not suggesting that it is wholly driven by tax. Fortunately, the Isle of Man offers a lot more than that.

RT

FORMER MP AND MINISTER OF STATE AT THE FOREIGN AND COMMONWEALTH OFFICE, NON-EXECUTIVE CHAIRMAN AT CAPITAL INTERNATIONAL BANK

Ever since the Labour Party conference in late September there had been ominous rumblings that anything up to an additional £50 billion might be made available annually for infrastructure expenditure by the alchemy of 'freeing up the rules on Treasury borrowing'.

Whenever Chancellors claim - usually in the runup to a budget - that 'fiscal headroom' has miraculously been found for yet more public expenditure, it is time to count the spoons.

The UK collectively continues to live hugely beyond its means; for the first time since we were still paying down war loans, public sector net debt has topped 100% of GDP. There is no meaningful 'fiscal headroom' for yet more borrowing and in choosing to do so we pass on higher debt to future generations and run the real risk of higher long-term interest rates as we service it.

Prioritising growth lay at the heart of the economic 'change' promised by the new government. Yet a warning shot has already been fired by the politically neutral Office for Budget Responsibility (OBR) whose downgrading in growth projections highlights the incompatibility of that aspiration with much of the swathe of worker-friendly changes to employment law already announced, not to mention the Chancellor’s uplift to the minimum wage at three times the rate of inflation and unprecedented surge in rates of employers’ national insurance.

It is only fair to acknowledge that a considerable amount of intellectual underpinning has gone into the Labour government's determination to handle the fiscal pressures of an ageing society and the challenge of raising levels of both public and private investment.

In the months ahead, the Treasury narrative will hinge on the good that government can do leading with purpose and governing in partnership with business. I suspect this will be coupled by a more open acknowledgment of the UK economy's strengths and weaknesses. For better or worse over recent decades the UK has become a broad-based, generally high value added service economy. Harking back to the days of replicating German levels of manufacturing production, even of the highly automated-style now in vogue, are behind us - never to return.

I suspect it has been sobering experience for the new economic ministerial teams to realise that there are very few easy wins when it comes to boosting growth and productivity. The workings of global markets dictate that the UK tax code should never veer far from that of our closest international competitors. Labour's instinctive desire to equalise the fiscal burden between labour and capital is probably incompatible with the promotion of a culture of entrepreneurship.

Besides there are simply insufficient super rich on British soil to plug the existing holes in the public finances - and those who reside here are markedly more mobile than the rest of us if they are expected to pay vastly higher levels of tax on their wealth and assets. Many highly skilled professionals, including UK nationals, have voted with their feet as the uncertainty about taxation has swirled in recent months. In the aftermath of this budget, as its impact becomes clear in the cold light of day, others may well follow.

At first blush raising levels of Inheritance Tax may appear an equitable means of correcting unequal opportunity, but subjecting resident non-UK nationals and AIM shareholders to it will almost certainly result in both lower overall levels of tax paid and damage to the most growth-orientated of our public markets.

It is almost certain that more amelioration measures will quietly be made in the weeks and months ahead, but regrettably the reputational damage in the eyes of international wealth creators may have already been done. Despite frequent Ministerial protests to the contrary, the overriding impression in recent months is that the UK has become a relatively less welcome haven for international business and investors than it once was.

It is worth pointing out that the budget statement’s impact on the UK's economy and markets has now been overshadowed by the US Presidential election. The threatened tariffs make higher rates of inflation and prolonged higher interest rates here in the UK a more tangible risk but this is likely to be outweighed by the impact of the unleashing of entrepreneurial spirits that a second Trump term promises.

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WHENEVER CHANCELLORS CLAIMUSUALLY IN THE RUN-UP TO A BUDGET - THAT 'FISCAL HEADROOM' HAS MIRACULOUSLY BEEN FOUND FOR YET MORE PUBLIC EXPENDITURE, IT IS TIME TO COUNT THE SPOONS

THE

HON. MARK FIELD

UNITED KINGDOM BUDGET

RUSSELL KAMINSKI PARTNER

JMW SOLICITORS LLP

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INHERITANCE TAX IS DIVISIVE. NO MATTER WHICH SIDE YOU STAND ON, RACHEL REEVES’ OCTOBER BUDGET HAS CHANGED THE RULES AROUND IHT MORE THAN ANY WE HAVE SEEN FOR ALMOST 20 YEARS

Current figures show that fewer than one in 20 estates - just over 4% - pay inheritance tax, meaning the tax is paid on about 27,800 estates a year. Yet economists at the Institute for Fiscal Studies think tank predict that about 7% of estates could be liable for inheritance tax by 2032, under current rules. And in July 2023 a YouGov poll for The Times suggested one-third of those polled thought inheritance tax would need to be paid on their assets when they died.

Inheritance Tax is divisive. No matter which side you stand on, Rachel Reeves’ October Budget has changed the rules around IHT more than any we have seen for almost 20 years. The impact on estates cannot be understated.

Many estates that were previously exempt from paying IHT (due to the available relief and exemptions) will now be subject to this tax. This is not only due to the removal and limiting of certain reliefs (such as Business Property and Agricultural Relief) but also due to “fiscal drag” with the extension of the fixing of the Nil Rate Band by a further two years than under the previous government (until at least 2030). This means that the Nil Rate Band will have stayed the same for over 20 years –we all know that the rate of inflation has not, (in contrast)!

Careful estate planning and appropriately structured Wills and lifetime trusts are more important than ever to ensure that the passage of wealth is handled in the most tax efficient way.

We also learned that pensions are to form part of the estate for IHT purposes from April 2027. Perhaps this was Labour’s most clear message that they are firmly against the intergenerational passage of wealth?

Capital Gains Tax

Another increase in the tax on “wealth” has been introduced by Reeves by way of the increase in the rate of Capital Gains Tax at both the lower and the higher rate. Raising from 10% to 18% and from 20% to 24% respectively.

Reeves did leave one aspect of CGT (that it had been considered she may target) untouched in the form of the CGT uplift that is afforded to estates on death. As was the case before, this means that anything left in an estate gets a CGT uplift in the base cost to the value as of the date of death (rather than the value that the

deceased acquired it for originally). This is an area that could easily be attacked in any future tax hikes given the tone of the most recent budget. We will be keeping a close eye on this.

There is also a high likelihood that many clients will choose to retain assets pregnant with a large gain and simply wait until they pass away before a disposal is made (to benefit from the CGT uplift mentioned above). However, given the rate of IHT is currently higher than CGT, more sensible planning would involve gifting the asset (with the aim of surviving seven years so as to remove the value from the estate for IHT purposes). Nevertheless, this approach can be risky and could result in double tax being paid.

Changes to non-dom rules

Until the Budget, the concept of “domicile” had to be considered when assessing the application of IHT to an individual’s estate. Many will be familiar with the “old” domicile rules (those pre-Budget), which were at best, vague and at worst unclear and misleading.

From 6 April 2025, an individual is classed as a long-term resident (and in scope for Inheritance Tax on their non-UK assets) once they have been resident in the UK for at least 10 out of the previous 20 tax years. They then remain in scope for between 3 and 10 years after leaving the UK. Any non-UK assets a person put into a settlement will be subject to Inheritance Tax charges at times when the settlor is a long-term resident (subject to transitional points).

For Income Tax and CGT, a removal of the non-dom regime will be seen as punitive to previously regarded non-doms as previously “excluded” trust structures will fall within the scope of IHT, and IHT levied on the death of resident but non-dom individuals will now likely to apply to worldwide assets.

The radical changes that have either been brought in immediately, or will be brought in over the coming years have fundamentally changed the way that individuals and their families need to structure their financial affairs. Failure to do so is likely to result in many pay more tax than they need to.

For those that had previously delayed getting their affairs in order, there has never been a more opportune time to take professional advice.

LEE

HEAD OF BUSINESS DEVELOPMENT THE FORTRESS GROUP

As would be expected after the recent UK general election, there is new leadership at the helm of the ship of state.

Keir Starmer’s Labour Government has control of the policy levers that are used to steer the country towards their chosen direction, guided by the Labour Party’s politics, economics and ideology.

Elected with a relatively small share of the popular vote it is arguable that the majority of UK voters didn’t support all of Labour’s ideological or political views. The Government could have considered that, given this, they had an opportunity to be a unity government bringing in gradual changes to stabilise the UK and then, in time, win over those sceptical voters to their policies thereby increasing their chances of remaining in Government for the long term.

Perhaps after years of frustration in opposition those now in government feel now is the time to make the radical changes, they feel are overdue.

Wealth redistribution, support for the workers, greater power to the unions, investment in the health and social services, green policies and societal change through greater inclusion, minority recognition and social change are laudable headings – easily put forward during an election – or a sixth form debate – but with far deeper issues and implications when fully scrutinised and considered against a real-world background.

The course of the ship of state and the country is set by the Government but it is affected by those choices as well as external factors. If a ship’s captain chooses to sail an unprepared ship in stormy waters, there will be consequences. Like all ships the ship of state is affected by the weather and tides (world events and the world economy), the engine room (the economy) needs to create the impetus to maintain its direction of travel and to look after and keep safe its crew and passengers (paying their salaries, whilst also providing for the wellbeing for those less able passengers). The ship of state needs to be efficient carrying its trade across the world (avoiding such inflationary high prices that could affect its ability to compete with other nations for its trade) and not so overburdened economically it could sink under the weight of national debt.

It needs to carry the fuel and resources to sustain the journey despite what the world can throw at it. The crew and passengers (the workers, investors and the population) need to have confidence in the direction they are travelling and especially in their captain, as mutiny with dissenters in their own self interests may seek to grab the helm to change course to their preferred direction.

I think the crew and passengers are understandably worried at this point of time. Whilst being told the ship was leaky from the last government, they can see the burden of national debt is now going rise (not just in this budget). With public sector pay rises and an increased public sector there is a question as to who is really steering the ship the unions or the elected Government? The burden of maintaining the ship will now fall even more on workers and wealth creators in higher taxes to pay for the increased expenditure.

Those who already invest and create wealth are not being welcomed and encouraged to stay on board.

It seems clear that the course steered by the UK Government with this budget is set by ideology more than economics. The aim is to bring about a shift of wealth from the private sector and individuals to the state and the public sector. Rather than seeking to create the right environment for businesses to flourish grow creating employment opportunities the Government instead seeks to achieve growth and employment by massive public spending paid for by increased taxation and borrowing.

Currently the growth expectations are not good when compared with the cost. Will they create an economic stimulus for long term growth or are they just preoccupied with shifting around the deck chairs (indeed buying more and more it can’t aford) on the Titanic whilst it slowly steams to its’ avoidable fate?

Wealth creation and employment will be adversely affected by this budget leading those that trade, invest and create wealth in the UK to consider moving elsewhere, the signs are that this exodus has already begun and will continue. If the ship becomes unstable, runs aground or starts to sink with the increased burden it is carrying and its lack of preparedness and competitiveness in the world economy, will the crew stay and passengers bail it out or leave? How does this affect the Isle of Man?

We share the same waters in the British Isles but also ply our trade internationally, and whilst we are affected by the waves created by our neighbour, we are also separate, small and stable. We can weather the choppy water ahead, and perhaps act as a potential nearby lifeboat if needed.

For those seeking to be in the British Isles with interests in the UK or looking to reach out and trade internationally the island is a stable and beautiful alternative to live and work, to protect and preserve wealth until our neighbour gets back on a successful course.

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A TRIP ON THE TITANIC OR A JOURNEY TO A BETTER PLACE? WHAT ARE THE IMPLICATIONS FOR THE ISLE OF MAN?

PENROSE

UNITED KINGDOM BUDGET

NATALIE BUSH DIRECTOR

THORNTON CHARTERED FINANCIAL PLANNERS

After months of speculation, it was a relief to finally hear what Rachel Reeves had planned in her first Budget.

Borrow, tax and spend seems to be the plan and I am, as I’m sure we all are, intrigued to see if it works.

For me, replacement of the inheritance tax (IHT) domicile-based system, with a statutory long-term non-UK residency rule is a big one for the Island. As is bringing UK pensions into scope for IHT on death.

Having greater clarity around the application of UK IHT is welcome. For a UK national relocating to the Isle of Man, knowing that non-UK assets are out of scope for IHT once deemed long-term non-resident should provide more certainty compared with the current regime. That said, monitoring activity to prevent accidentally finding yourself UK resident will be vital. Many of us will become even more familiar with the UK’s statutory residency test!

There are some potential consequences for existing estate planning arrangements using trusts. It will be very important for those with trusts in place to seek a review of their arrangements as soon as possible.

Conversely there are significant changes for those heading the other way, to the UK, particularly to income tax, capital gains tax and IHT.

The pension changes are interesting, subjecting UK schemes to IHT from 2027 is a bold move. We expect to see such schemes reviewed, particularly those held by Isle of Man residents. This change encourages a pension to be used as a source of income in retirement and not as a succession planning tool. This could generate increased spending habits and the passing of wealth down the generations brought forward. We are big believers in giving with a warm hand, not a cold one and maybe now we’ll see more of this.

HOWEVER, THERE WOULD APPEAR TO BE AN OPPORTUNITY FOR ISLE OF MAN RESIDENTS TO POTENTIALLY REMOVE A UK PENSION FROM THE IHT NET, BY TRANSFERRING IT TO AN ISLE OF MAN QROPS

This shines a light on the potential benefits of Isle of Man Qualifying Recognised Overseas Pensions Scheme (QROPS). There are many considerations to make here and advice is essential. However, there would appear to be an opportunity for Isle of Man residents to potentially remove a UK pension from the IHT net, by transferring it to an Isle of Man QROPS.

There’s also opportunity for the island’s life offices. It will be interesting to see if the appetite for offshore bonds increases due to the ability to defer tax and control when and where it is paid.

Labour have been vocal in their stance on owed taxes and increased scrutiny of offshore arrangements is to be expected. In general, we think there’s a lot of positives for the Island as a result of the budget. We have seen an increase in enquiries from people overseas interested in moving here. Speaking with other professionals, this seems to be the case across the board. This is good news, however, we retain our opinion that there are many, many great reasons to move to the Isle of Man before considering tax.

ARTHUR MOLLOY INVESTMENT DIRECTOR CANACCORD WEALTH

As we reflect on the recent UK Budget, it’s clear that high-net-worth individuals (HNWIs) are increasingly concerned about the Government's fiscal direction. This sentiment is backed up by hard numbers; between May and September this year, we experienced a significant 56% increase in web traffic from UK residents, concerned about the potential impact of the new government’s policies on their financial security.

In the lead-up to the Budget, the Labour government employed a striking strategy: suggest lots of alarming ‘proposals’, make the wealthy think you’re ‘after them’, do nothing to quell rumour and conjecture and then pull your punches at the last minute.

Come the day, the Chancellor Rachel Reeves tempered her plan and, while the budget was far from positive for HNWIs, it wasn’t a death knell.

The increases in capital gains tax and carried interest were significant, but not completely disincentivising. Perhaps more troubling for the wealthy: pensions will be included in inheritance tax calculations for the first time, and the elimination of non-domicile status (Non-Doms) will impact approximately 74,000 individuals across mainland UK.

The panic caused by the Chancellor’s tactics had real impact. We took many calls from anxious clients uncertain about how to prepare. Similarly, there have been many examples in the media of people taking quite extreme actions to shield their assets from a tax raid that never happened; actions that were not appropriate at the time and are now irreversible.

It seems the tone has been set and the interest we saw pre-budget from people considering moving their assets away from the UK has continued since last week’s announcement.

The non-dom population has historically been a key demographic for our business in the Isle of Man, thanks to our strategic location and well-developed advisory capabilities; however we are also seeing increased interest from domiciled UK residents in hopping across the water to our shores.

The relocation bug is also something being experienced by our professional partners and referrers, demonstrating a strong underlying trend of a ‘flight to safety’ for wealthy UK residents looking to escape the budget fallout, with many political and economic commentators suggesting the Chancellor may need to take further strong measures next year to achieve her fiscal objectives.

It is no surprise that our island remains a top choice for families and individuals looking to secure their financial future. I have been pleasantly surprised by the new business opportunities that have arisen from this evolving yet uncertain landscape.

The Isle of Man offers a vibrant lifestyle and a welcoming community, making it an attractive place to live. Its breathtaking natural scenery and excellent travel connections are drawing more individuals to explore what we have to offer. Personally, I made the move here 26 years ago and have never looked back.

Canaccord Wealth can help those who choose to bring their wealth to the Isle of Man. With a nonrestrictive housing market, ample land for purchase, and proximity to the UK, our jurisdiction is wellpositioned to cater to the needs of HNWIs. At Canaccord Wealth, we are prepared to connect clients with tax advisors, local estate agents, and trust practitioners as needed.

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I HAVE BEEN PLEASANTLY SURPRISED BY THE NEW BUSINESS OPPORTUNITIES THAT HAVE ARISEN FROM THIS EVOLVING YET UNCERTAIN LANDSCAPE

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LK Accounting Limited ‘Ballabundu’, Chapel Lane, Baldrine, IM4 6DG Tel. +44 1624 664665 hello@lkaccounting.im

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

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

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

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

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

Enigma Accountancy and Bookkeeping Ltd. Willow House, 61-69 Main Rd, Onchan Tel: +44 7624 618322

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

Hotchkiss Group, Suite D, Champion House, Tromode. Tel. +44 1624 872140 tax@hotchkiss.im

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

Peter D. Lace, 17 Peel Road, Douglas. Tel. +44 1624 661640

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

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

Nicola Bowker & Co., Alexander Buildings, 37 New Road, Laxey. Tel. +44 1624 861271 nicola@nicolabowker.co.uk

UHY Crossleys LLC, P. O. Box 1, Portland House, Station Road, Ballasalla. Tel. +44 1624 822816 mail@crossleys.com

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

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

Greenwave Accountants, Awin Ruy, Lower Ballachrink Farm, St Marks Road, Ballasalla Tel: +44 1624 838434

Hunter Tax Consultants Ltd, First Floor, Milbourn House, 13a St George’s Street, Douglas. Tel. +44 1624 625765

K5 Tax & Accounts Ltd, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 833776 enquiries@k5ltd.im

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

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

Michael Turner & Co, Ballanorris Court, Douglas Road, Ballabeg. Tel. +44 1624 822534 mbturner@manx.net

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

Brooks Macdonald Asset Management (International) Ltd 3rd Floor, Exchange House, 54-62 Athol Street, Douglas. Tel. +44 1624 831320

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

Hockney Stevens Chartered Financial Planners Kerrowglass, Stockfield Road, Kirk Michael. Tel. +44 1624 877864

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

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

Resilience Asset Management (IOM) Ltd, St Georges Tower, Hope Street, Douglas. Tel: +44 1624 602020

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

Canaccord Genuity Wealth (International) Limited, 55 Athol Street, Douglas. Tel. +44 1624 690100

Creechurch Capital Ltd, Atlantic House, 4-8 Circular Road, Douglas. Tel: +44 (0) 653800 info@creechurchcapital.com

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

Knox D'arcy Asset Management Ltd, 3rd Floor, Analyst House, Douglas. Tel. +44 1624 623994

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

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

Insurance Managers

Aon Insurance Managers (Isle of Man) Ltd, St George's Court, Upper Church Street, Douglas. Tel +44 1624 692420

Isle of Man Insurance Management Ltd, IOMA House, Hope Street, Douglas. Tel +44 1624 681200 www.iomagroup.co.im

RL360 Services Ltd, International House, Isle of Man Business Park, Douglas, Tel. +44 1624 681681 csc@rl360.com

Canada Life International Ltd, Canada Life House, Isle of Man Business Park, Douglas. Tel. +44 1624 820200 info@canadalifeint.com

Marsh Management Services Isle of Man Ltd, Rose House, 51-59 Circular Road, Douglas. Tel +44 1624 630500

Thomas Miller Isle of Man Ltd, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel. +44 1624 645200

Blackford Financial Services Ltd, 34 Athol St, Douglas. Tel. +44 1624 627674

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

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

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

LMS Partners Limited, 14 Athol Street. Douglas. Tel +44 1624 666888 enquiries@lmspartners.co.im

Oceanic Investment Management Ltd, St George's Court, Upper Church Street, Douglas. Tel: +44 (0) 1624 663616

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

Capita Life and Pensions Services (Isle of Man) Ltd, 43-51 Athol Street, Douglas. Tel. +44 (0) 1624 691000

Monument International PO Box 391

Douglas Tel. +44 (0) 1624 683683 ask@monument.im

Thomas Miller Captive Management Ltd, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel. +44 1624 645200

Banks - Licenceholders

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

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

Capital International Bank Ltd, Capital House, Circular Road, Douglas. Tel. + 44 1624 654200 cib-bd@capital-iom.com

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

Blue Square Wealth Management Limited, 2nd Floor, Queen Victoria House, Victoria Street, Douglas. Tel: +44 1624 645313

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

Edgewater Associates Ltd, 1st Floor, Clarendon House, Victoria Street, Douglas. Tel. +44 1624 654000 enquiries@edgewater.co.im

Investasure Financial Services Ltd, Falcon House, 22-24 Ridgeway Street, Douglas. Tel. +44 1624 615751

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

Osborne Financial Services Ltd, Clearview, Shore Road, Ballaugh. Tel: +44 (0) 1624 898034

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

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

Quilter International Business Services Ltd, PO Box 159, King Edward Bay House, King Edward Road, Onchan, Tel. +44 (0) 1624 655555

Utmost Administration Ltd, Walpole Ave, Douglas. Tel. +44 1624 643345

Blythe Financial Limited, 11 Myrtle Street, Douglas. Tel: +44 1624 619180

Chartwell Financial Planners Ltd, Quayside House, 6 Hope Street, Castletown. Tel. +44 1624 801409

FIM Capital Ltd, 55 Athol Street, Douglas. Tel. +44 1624 681250 enquiries@fim.co.im

Investment Interest Management Ltd, Goldie House, Goldie Terrace, Douglas. Tel. +44 1624 863125

Marriott Isle of Man Ltd, 55 Athol Street, Douglas.

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

Thornton Associates Ltd, Top Floor, St John’s Mill, Mill Road, St John’s Tel. +44 1624 660220

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

SIGCo Management (IOM) Ltd, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel. +44 1624 664095

Zurich Financial Services (Isle of Man) Insurance Manager Ltd, Isle Of Man Business Park, Douglas. Tel. +44 1624 691111

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

Santander International PO Box 123 19/21 Prospect Hill, Douglas Tel 01624 641888 info@santanderinternational.co.uk

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

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

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

Standard Bank Isle of Man Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 sbiom@standardbank.com

Business Directory brought to you by

Big Red Building, Ronaldsway Industrial Estate, Ballasalla, IM9 2AA

Advocates

Advocate John Rimmer Ltd, Fort Anne, Douglas. Tel +44 1624 621466 mail@advocatejr.com

Athena Law Ltd, 3 Ballanard Woods, Ballanard Road, Douglas. Tel. +44 1624 622100

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

Coren Law Ltd, 3rd Floor, Queen Victoria House, Victoria Street, Douglas. enquiries@corenlaw.im

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

Humphrey and Helfrich, The Old Courthouse, Athol Street, Douglas. Tel: + 44 (0)1624 651951 info@humphreyandhelfrich.com

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

Long and Co Ltd, ‘Eyreton’ Quarterbridge Road, Douglas. Tel. +44 1624 319897

Myerscough & Clegg, 6 Hill Street, Douglas. Tel. +44 1624 616404

Pringle Law, Victoria Court, 16 Athol Street, Douglas. Tel. +44 1624 612200 mail@pringle-law.com

Travers Law Ltd, 4th Floor, Hillary House, Prospect Hill, Douglas. Tel. +44 1624 649321

Advocates Smith Taubitz Unsworth Ltd, 77-79 Bucks Rd, Douglas. Tel +44 1624 677888 reception@advocates.co.im

BridsonHalsall, Havelock Chambers, 16-18 Mount Havelock, Douglas. Tel. +44 1624 614422 reception@iomlaw.com

Carters, 9 Circular Road, Douglas. Tel. +44 1624 662809 reception@carters.co.im

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

FinLaw, Cameo House, 19 Duke Street, Douglas. Tel. +44 1624 855320

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

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

LVW Law, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 836757 barrister@manx.net

Nicolle Plumley Advocate, Bellevue House East, Belle Vue, Peel. Tel. +44 1624 844445

Quinn Legal Advocates Ltd, 30 Ridgeway Street, Douglas, +44 1624 665522 www.quinnlegal.im

Wood Law, 16 Peel Road, Douglas. Tel. +44 1624 625007 www.woodlaw.im

Alma Legal, 1 Athol Street, Douglas. Tel. +44 1624 652599 contact@almalegal.com

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

Chambers of Paul T Rodgers, 8 Finch Road, Douglas. Tel. +44 7624 232242 paul@manxadvocate.com

David Reynolds Advocate, 23 Circular Road, Douglas. Tel. +44 1624 610880

Gray Law Advocates, 87 Parliament Street, Ramsey. Tel. +44 1624 818058 reception@gla.co.im

Innova Law, Ground Floor, 16-18 Finch Rd, Douglas. Tel. +44 1624 654900 innovalaw.im

Kinley Legal 4 Albert Street Douglas. Tel: +44 1624 640366 contact@kinleylegal.com

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

Nigel Cordwell Advocate, The Old Vicarage, Princes Road, Douglas. Tel. +44 1624 677277

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

Weatherill Advocate & Solicitor, 20 Athol Street, Douglas. Tel. +44 1624 674994

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

Cains Gordon Bell, Auckland Chambers, Auckland Terrace, Ramsey. Tel. +44 1624 811311 law@cainsgb.co.im

Corbridges, Chancery House, 2 Albert Street, Douglas. Tel. +44 1624 690060 mail@corbridges.com

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

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

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

Kneale Advocates Ltd, 2nd Floor, Hillary House, Prospect Hill, Douglas. +44 7624 413712 www.knealeadvocates.com

Maher Law, Third Floor, 4 Athol Street, Douglas. +44 7768 134493MannBenham Advocates Ltd,

Paterson Property Law Ltd, 39 Ballagarey Road, Glen Vine, Douglas. Tel. +44 7624 315800

SW Legal, The Engine House, Castletown. Tel. +44 7624 479222 info@swlegal.im

John Wright, 16 Willowbrook Gardens, Douglas. Tel. +44 1624 611999 mail@johnwright.co.im

PORTFOLIO

Deloitte welcomes five

the Isle of Man office

Deloitte has welcomed two university graduates and three school leavers to its Isle of Man office this year. These five new team members bring a diverse range of skills to strengthen the Audit team.

Joining the Audit team are graduates Oliver Dean and Thomas Lothian. Oliver studied Geography at the University of Nottingham, with Thomas gaining a degree in Accounting & Finance at the University College Isle of Man.

Three of the recruits have joined Deloitte’s BrightStart programme in Audit. This scheme allows young people to start their professional careers straight after school and study towards their professional ACA qualification without attending university.

Joining as BrightStarts in Audit are school leavers Ariana Kerruish, who attended Ramsey Grammar School and completed A Levels in Maths, Biology and History; Ayrton Withington, who attended Ramsey Grammar School and studied Maths, Biology and Economics and Jasper Duggan, who completed A Levels in Business, History and Physical Education at St Ninian’s High School.

Laura O’Sullivan Spiers, Director in the Deloitte Isle of Man office, said: ‘We are pleased to welcome all of our Graduates and BrightStarts to Deloitte as they embark on their new careers with us.

‘At Deloitte, we believe in nurturing fresh perspectives and supporting professional growth. I encourage them to embrace all that Deloitte has to offer and I wish them well in their new roles.’

A total of 32 new Graduates and Brightstarts have joined Deloitte across its Crown Dependency offices.

Promotions, new joiners at Abacus

The Abacus Trust Group has strengthened its team with three promotions and three new appointments.

After several senior roles in the client services team, David Watling has been promoted to Associate Director. Samantha Sharman and Patrick Gough both take a step up, becoming Company and Trust Administrators.

Claire Whitelegg has been appointed a Director of Abacus Financial Services, the fund administration arm of the business.

Joanne O'Hagan joins as Assistant Manager HR/Operations to provide guidance and support throughout the employee life cycle and to lead a varied portfolio of operational projects.

Larisa Butterworth has been named Compliance Supervisor to ensure policies, procedures and governance meet robust company and regulatory demands.

Managing Director, Kevin Loundes said: “It is always a pleasure to recognise the efforts and dedication of team members with promotion. David, Samantha and Patrick should be congratulated for their hard work and commitment.

“We are also delighted to welcome Claire, Joanne and Larisa to the Abacus team. Their appointments will help us continue delivering the high-quality service our clients depend on.”

DAVID WATLING

SAMANTHA SHARMAN PATRICK GOUGH

CLAIRE WHITELEGG JOANNE O'HAGAN LARISA BUTTERWORTH

Promoted to Senior Group Risk Consultant

MAC Financial is pleased to announce the promotion of Mike Stringer to Senior Group Risk Consultant. This promotion is a testament to his unwavering commitment to our clients, as well as his dedication and expertise in group risk management.

In his new role as Senior Group Risk Consultant, Mike will oversee a broad portfolio of corporate insurance products and their associated features. He will continue managing key relationships with insurers and clients while also promoting access to wellbeing services.

Mike joined MAC Financial in 2020, bringing over a decade of experience in financial services. He holds a Diploma in Financial Planning (DipPFS) and Certificate in Insurance (Cert CII).

Rebecca Netten, Head of Corporate Advisory at MAC Financial, commented on Mike’s promotion:”We are thrilled to promote Mike to Senior Group Risk Consultant. This promotion reflects his hard work and dedication at MAC. He takes the time to understand each client and their company values, drawing on his extensive market knowledge to recommend solutions that balance support and cost-effectiveness.”

Mike Stringer added: “During my time at MAC, the risk market has evolved significantly, especially in the wake of COVID-19, leading many companies to rethink the benefits they offer their staff. My priority remains ensuring that our clients receive the best protection for their employees at the best possible price.”

DQ announces promotions across practice

Four senior promotions have been confirmed at a leading Island law firm. Douglas-based practice DQ Advocates has announced the elevation of Donna Matthews, Joshua Quinn, Jessica McManus and Kathryn Sharman.

Donna, who has been with the company since its inception in 2007, has been promoted from Associate Director to Senior Counsel. Her client base within the Corporate & Commercial department encompasses a broad range of international and local institutional clients in commercial, shipping and trust related matters.

Joshua Quinn, whose legal career has seen him work for several large legal and professional services businesses, was a Partner for a UK-based solicitors for five years, before returning to the Island to requalify as an Advocate. Promoted from Senior Associate to Associate Director in DQ’s Dispute Resolution department, Joshua has a wealth of expertise in employment, commercial, contentious trust and property disputes and related regulatory matters, with a growing reputation in discrimination cases and claims concerning unfair dismissal and contractual breaches.

Jessica McManus trained at DQ and has made her way to become a Senior Associate with the firm. Assisting and advising in a number of areas, including high-value corporate and commercial litigation, employment issues, trust and estate disputes, debt recovery, personal injury and clinical negligence, her commercial litigation practice has seen her act for a number of onshore and offshore clients.

Kathryn Sharman is another dedicated member of the team to be promoted and is now a Senior Regulatory and Compliance Advisor. Advising clients across the financial services industry on a wide range of compliance and regulatory fields, she works primarily with Isle of Man legislative regulation and compliance. A member of the DQ team since 2019, Kathryn also chairs the Isle of Man Chamber of Commerce Think Tank.

The company has been further boosted by the news that Paralegal, Karen Daly, is to commence a two-year period of Articles to fully qualify as a Manx Advocate.

Managing Director Mark Dougherty says the promotions showcase the experience and diversity of its team. Earlier this month, Donna received no fewer than four endorsements for her work across key business areas in the newly released Legal 500 rankings, a guide considered an esteemed benchmark within the legal profession. Meanwhile, both Jessica and Joshua were named as Leading Associates in the employment sector.

“Company culture is extremely important in any modern, forward thinking law firm and we are fortunate at DQ to have a team of talented individuals and an ethos where staff want to grow, develop and achieve their career goals,” outlined Mark.

“By providing a dynamic and challenging work environment, we nurture local talent whose specialist knowledge provides us with expertise which further enhance the services we offer.”

New BDM supports Elite Group IT’s IOM growth strategy

Leading IT solutions business, Elite Group IT, has appointed Martha Melling as Business Development Manager.

She joins the firm from 3 Oaks Gaming where she was Sales and Analytics Manager. This role, plus earlier career experience in the gaming industry, means that Martha has a solid background in developing strong, strategic business relationships. As Elite Group IT’s Business Development Manager she will report to the Head of Commercial Operations and her main aim will be to identify and secure new customers here on the Island.

Martha, who is a UCM graduate, commented: “Elite has a great team and an exciting product suite which offers opportunities to deliver competitive advantages to businesses in all sectors of the economy. I’m looking forward to using my commercial skills and sharing product knowledge to drive sales for our exciting range of new IT services.”

Jayne Hartley, CEO, Elite Group IT, welcomed Martha to the business, and added: “Martha is an excellent addition to the team and will play an important role in our growth ambitions for 2025 and beyond. As Business Development Manager she will help us to identify and engage new business customers to expand our customer base and form strategic partnerships within the Island’s business community.”

Elite Group IT – which has its head office in Cooil Road, Braddan – is a leading provider of connectivity, cloud, voice, software, IT, security and compliance solutions.

MIKE STRINGER

MARTHA MELLING