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A BALANCED BUDGET? Leading private sector figures give their verdict




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A BALANCED BUDGET? Leading private sector figures give their verdict


Isle of Man Portfolio magazine is published monthly and is delivered to every private and public sector business in the Isle of Man by the Isle of Man Post Office. The magazine is freely available from a dispenser situated in the Departure Lounge of Isle of Man Airport, and in the Rendezvous Executive Lounge. Financial institutions and Government Departments take copies for circulation among their clients. The magazine is also taken by several leading Isle of Man hotels for their guests. Isle of Man Portfolio is also individually mailed to senior professionals retained on the magazine’s database.

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Mike Dee, CEO, Manx Telecom Delegates from Manx Telecom and other world leading operators recently attended the Congress expo in Barcelona along with representatives from major product manufacturers and suppliers. Juan Watterson presenting a Tynwald plaque to Keith Biles, Speaker of the Falklands Islands Assembly A delegation from Tynwald has returned from the Falkland Islands after participating in the 43rd Commonwealth Parliamentary Association (CPA) British Isles and Mediterranean Region conference.

The congress is an annual international gathering for the mobile communications industry, and the future of superfast 4G mobile broadband was one of the most talked about subjects this year. Mike Dee, Manx Telecom CEO, said the feedback about 4G from the Congress added even more impetus to the company’s commitment to

CPA Isle of Man branch chairman Juan Watterson MHK and Tony

introduce the new technology as soon as possible. He said: “4G

Wild MLC, accompanied by the Clerk of Tynwald Roger Phillips, attended

represents a massive leap forward in technology which can bring

the four-day conference, the theme for which was ‘Self-determination

significant benefits for businesses and consumers. Our commitment to

and its role in self-governance and devolution’, where the two

4G began in November 2011 when we held successful trials here on

members also acted as rapporteurs for two working party groups

the Island. The trials were very impressive and it’s no surprise to us

which will report to the CPA plenary later this year. Mr Watterson’s

that 4G was high on the agenda at this year’s Congress. It continues

session explored the challenges of governance in smaller territories

to be high on Manx Telecom’s agenda too, and with our long history

and regions, Mr Wild’s the theories of and trends in self-determination.

of innovation and investment we’re determined to do everything we

Guest speakers addressing the three plenary sessions were The

can to bring the benefits of 4G here as soon as possible.”

Rt Hon The Baroness Scotland of Asthal PC, QC and political scientist

He added that the success of Manx Telecom’s Ultima broadband

Professor Michael Keating, while Samantha Sacramento MP delivered

service - which provides the fastest fixed line speeds available on

the speech for the Gibraltar Chief Minister, Fabian Picardo.

the Island - showed there was a huge demand among consumers for

In addition to workshop and plenary sessions the conference

the latest broadband technology. Currently, there are around 1,500

programme included a day spent observing the wildlife and

customers using Ultima which is available to 70% of homes on the

environment of the Falklands and considering the effects climate


change and human activity might have on their survival.

4G offers the potential to provide super-fast mobile broadband with

Mr Watterson said: ‘The Falklands are a unique place where

speeds comparable to those currently only available on fixed line

sovereignty and self-determination, the theme of the conference, are

broadband. An example of the advantages that 4G will offer businesses

defining issues and it was useful for delegates to explore their relative

is the ability to run video conferencing on location and being able to

positions with the UK and EU. It is fair to say that Tony and I found

upload massive files in a fraction of the time it takes at present. For

it a moving journey and it seemed appropriate to commemorate those

consumers, 4G would enable HD video streaming to mobiles and tablets,

who fought and died defending those rights by laying a wreath at the

an enhanced experience for interactive gaming and for any application

Stanley War Memorial on the Thursday. We also used the occasion

that users currently experience at home or in the office. Manx Telecom

of the conference to meet with government officials from the Falklands

says that technical preparations for 4G are already well advanced and,

to discuss the challenges and opportunities that will come with the

depending upon the allocation of radio frequencies, plans to launch a

significant oil finds in those islands’ waters.’

4G network later this year.




in the UK - conducted by Intelligent Energy - shows that more than 70 per-cent of users find themselves with a flat or near-flat battery on their mobile device at least once a week. Mobile operators across the world are keen to find a solution to the problem of battery power not keeping up with customer usage, so that they can deliver the best user experience, earn the loyalty of their customers and also




revenue per user. “Fuel cell technology presents an




powering our devices off-grid, which in turn provides a much longer operating life than a conventional battery. This would enable




connected and use their devices for longer, unshackled by the constraints of battery life,” said Mike Fawkner Corbett, the Head of Mobile at Sure. Mike added: “We are delighted that Andy Bridson, Sure Cable and Wireless Communications' Chief Commercial Officer and Intelligent Energy CFO - John Maguire


technology company - to trial a hydrogen fuel cell portable energy device.


edge technology and we will be working

SURE has been selected by Intelligent Energy - a global power


chosen Sure to trial this cuttingwith


customers to provide valuable feedback.” John Maguire, Chief Financial Officer at Intelligent Energy, said: “The constant need to monitor and recharge batteries can mean a

Intelligent Energy has asked Sure to assess the suitability of its fuel cell technology to power various mobile devices. Over the next few months, Sure will ask selected customers to trial the device and provide feedback.

loss of productivity, a decreased sense of security and an inability to stay connected when it’s most needed”. John added: “The consumer electronics industry tells us that neither future battery improvements nor power reduction strategies

The device - which generates clean energy - has been designed

will develop as quickly as needed. Intelligent Energy's portable fuel

to meet a growing demand for portable power driven by an ever-

cell systems offer a durable and cost-effective solution that can

increasing need for greater amounts of power for ‘on-the-go’

be integrated into a wide range of consumer applications and we

electronic devices, such as smartphones. A study of mobile users

hope this trial with Sure will be a success.”

Software Develop

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Unit 28-30 Spring Valley Industrial Estate, Braddan.




On Tuesday 19th February, Senior Account Executive David Wilkinson and his team opened the doors to the new NFU Mutual office in South Quay in Douglas.

The opening was performed by the leading rural insurer’s Group



independent financial advisers and trust companies in the

Chief Executive, Lindsay Sinclair, in celebration of the new premises and the branch’s continued success. Guests included Agriculture Minister Phil Gawne MHK as well as members of the Manx National Farmers Union.

wealth management sector. “We are absolutely delighted

David Wilkinson, recently appointed Senior Account Executive, said:

to have been included for the

“Our open day has marked the continued success of the team and the

first time this year in Private

work that has been put in, in order to sustain a new, more centralised

Client Practitioner’s ‘Top 25 Most


Admired Companies 2013’. This

“NFU Mutual has been present on the Isle of Man for over 60 years.

recognition, which is extremely

My team has strong attachments to the Island and its people and we


rewarding to receive, is a true

hope the office move will encourage more existing and potential


reflection of the quality of

members to visit us.”

Corporate Service Provider with

service provided by our highly

offices in Jersey, Cyprus and


Malta is pleased to announce

client focused teams.” said

that it has been named in

Sheila Dean, Equiom’s Managing

Private Client Practitioner’s ‘Top


Sheila Dean Equiom,






25 Most Admired Companies 2013’.



To mark the new office opening and in support of the local community, the NFU Mutual South Quay branch made a significant donation of £3,720 to the Naseem’s Manx Brain Tumour Charity. Prior to working for NFU Mutual, David worked for 20 years in the finance sector on the Island. He now heads up the NFU Mutual South

The prestigious list of the Top 25 Most Admired Companies

Quay branch with his colleagues Danielle Bradley and Justine GaisfordMartin.

Private Client Practitioner, a

is the elite of Private Client

The branch has made a number of new appointments over the last

publication for leading private

Practitioner’s Top 25 Series,

few years growing from a team of four to a well established team of

client professionals, introduced



11. The team put the success of the agency down to their local







commends the biggest and most

knowledge and therefore their ability to meet the insurance needs of

celebrate the largest and most

successful private client-centric

those who live and work on the Island.

successful private client-centric

advisory businesses. The series

advisory businesses. The list,

includes lists of the Top 25 trust

which is published annually,

companies, accountancy firms,

includes leading law firms,

law firms, and IFAs.


Royal London 360° (“RL360°”) has recorded an increase of 52% in

CI Newsagents (IOM) Ltd, which

In the short term the store

regular premium business in 2012. This follows the decision by the

operates the Spar brand on the

will continue to trade in its

Isle of Man based offshore life company, announced in January 2012,



to switch its focus to the more profitable regular premium market.


has at

acquired the






additional ranges introduced

Spearheaded by RL360°’s regular premium savings product

service station on Peel Road


Quantum, £113.4 million of regular premium business was written

Douglas that consists of a fuel

operation in the near future.

in 2012, compared with £74.7 million during the same period in 2011.

forecourt operation, car wash

RL360°'s decision to sell only Wrap business in the UK market led to overall new business being slightly down from 2011. However

The acquisition is one of the

The store will be extended

an increase of just under 10%.

Newsagents’ retail estate of 15

modern retail enhancements

sites and swells the number of

and facilities that distinguish the

its forecourt businesses to four.

Spar brand.



and will be re-branded a Spar


Regions recording a successful 2012 included the Far East and



new business in the company's key markets outside of the UK saw

the Middle East.



subject to planning approval

and convenience store. to







a prominent high street frontage. He said:“The relocation highlights the tenant’s vision regarding the Island’s significance in enhancing its international profile and we were delighted to assist with the move to Hillary House.” Carlton Freegard, Managing Director of Permanent Bank International Ltd, thanked Chrystals Commercial for finding such superb premises. He added: “We selected new premises right in the heart of Douglas to make it easy and convenient for our customers to call in. Hillary House is the perfect environment for our business and it represents a statement of our long-term intentions.




grateful to Chrystals Commercial for their assistance in moving to such an ideal location.” Chrystals Commercial also acted recently as letting agents for Quay Properties Plc in the new purposebuilt Quay House office building situated on South Quay, Douglas. The four storey office block overlooks the marina and was only completed Chrystals Commercial has let the prestigious ground floor banking hall of

last August and fully let before Christmas. Lettings included those to NFU

Hillary House, Prospect Hill, Douglas, to Permanent Bank International Ltd.

Mutual Insurance, and two expanding e-commerce businesses -

Chrystals acted as letting agent for Rose Estates Ltd and the bank moved

Intelligence Ltd and Digital Blue - which occupy the upper floors in this

into its new premises last week after relocating from Britannia House,

landmark building. Each floor is approximately 2,500 square feet. Mr

Athol Street. The banking hall at Hillary House, which is on the corner of

Watson commented: “The fact that we have secured such early lettings

Prospect Hill and Finch Road, covers 2,500 square feet.

for what was a speculative office scheme amplifies the confidence that

David Watson, Director of Chrystals Commercial, said he was pleased to see the relocation of the bank to the high profile building which has


businesses have in the Isle of Man. The Island desperately needs office space and we hope that this example leads to more being created.” president and operations director at Franklin Templeton Investments, commented, “This transition from our legacy system is a

2013 was off to a great start for Isle of Man based software

remarkable achievement for both organisations. As our global

company, Riva Financial Systems, who announced the global

business continues to expand, this solution will allow us to move

deployment of its Riva Transfer Agent (“Riva TA”) software solution

quickly to be ready to support our clients’ needs in any new

across the entire international transfer agency operations of world

markets we enter.”







Investments.have gone on to achieve career success. “We are very pleased to announce that Franklin Templeton has

Riva Transfer Agent is the flagship global investor record keeping product of Riva Financial Systems Limited, built for asset managers,






successfully converted its international transfer agency operations

administrators, and specifically designed to support the entire

to Riva’s software, marking the culmination of a project that is

investor record keeping process across multiple investment

unprecedented in terms of scale and complexity,” said Ghassan

products, jurisdictions and currencies with low total cost of

Hakim, CEO of Riva Financial Systems.


The deployment of the Riva TA solution marks the realisation of

Headquartered in the Isle of Man with offices in Luxembourg

Franklin Templeton’s long-term goal of having a flexible, portable

and employees in Canada and India, Riva Financial Systems Limited

and scalable solution wherever its funds are sold and supported,

was founded in 2002 by industry professionals Tony Parker, Tim

and reducing overall development costs. Paul Brady, senior vice

Leeming, Paul Reilly and Laurence New.



Navigating the economic and financial market landscape a

major source of downside risk. In the

prominent source of downside risk to the

Euro-zone, as we saw recently with the




outlook for the global economy and financial markets.

Equity and government bond markets Spurred on by a reduction in tail risks, (in particular, the partial resolution of US fiscal cliff, easing of concerns about the Euro-zone crisis and signs that China will avoid a hard landing) investors increased allocation to equity mutual funds at the fastest rate recorded since

Abi Oladimeji Head of Investment Strategy, Thomas Miller Investment

2000.That helped equity markets to their best January for over a decade. In broad terms, equity valuations are not particularly stretched and corporate earnings continue to hold up well. The

Economic Backdrop

In the US, the potential for gridlock and a government shut down in the face of political intransigence could undermine investor confidence.

elections in Italy, the election in Germany later in the year will be a key test of political stability in the region. Likewise, in the US, the potential for gridlock and a government shut down in the face of political intransigence could undermine investor confidence.

TMI’s current investment strategy Our current investment strategy reflects our concerns about the short term risks facing financial markets. While it is clear that equities offer better value than government bonds, the rising levels of bullish sentiment and overstretched momentum indicators make us reluctant

backdrop of improving economic growth,

to stray too far ahead of benchmark


weightings. However, our positive longer



valuations, resilient corporate earnings

conditions that may result in a temporary

term views mean we will consider a

Key leading economic indicators

and ample liquidity favours risk assets.

correction or a period of range bound

correction in equity markets as an

show that the broad trend of improving

Nevertheless, prudent investors will do

trading in equity markets. In particular,

opportunity to increase our positions. In

global economic activity continues. For

well to note a number of factors that

measures of short term market

terms of regional allocation within

the US a more optimistic outlook for

suggest some caution in the short term.

momentum indicate that equity markets

equities, we favour US and Emerging

economic growth is justified by the

Following the recent rallies, equity

are approaching ‘overbought’ technical

markets over other regions.

ongoing recovery in the housing market,

markets on both sides of the Atlantic are

conditions while government bond

Within the fixed interest asset class,

improvements in the growth rate of

currently trading around multi-year

markets are at ‘oversold’ technical levels.

we continue to favour corporate bonds



highs. Conversely, government bond

over government bonds. We also prefer

strengthening of the banking system

markets have seen a mild sell off as

Political uncertainty breeds market risks

and related easing in credit conditions,

yields have picked up in recent weeks.

Beyond the short term technical

developed market counterparts. In the

the increasingly buoyant business

These movements have led to technical

concerns, political uncertainty remains a



emerging market sovereign debt to their currency




investment climate and ongoing

implication of the change in leadership

monetary policy support.

at the Bank of England will be a greater

Across the globe, leading indicators

tolerance for higher inflation. Combined

show firmer growth in the UK, Japan and

with the relative weakness of the UK

Brazil. However growth in Russia, India

economy, the anticipated tilt in policy

and China remain below trend. In the

focus should mean that Sterling remains





under pressure. We also expect the Yen






to resume its downtrend after a brief

competitiveness persist, there are

period of counter trend rally. Finally, as

tentative signs of improvement in

the unresolved underlying issues

economic activity. Nevertheless, the

afflicting the Euro-zone return to the

Euro-zone, with its structural flaws and

fore, the Euro should weaken.


THE MANX BUDGET Eddie Teare’s ‘Steady As She Goes’ Budget was revealed on 19 February. Isle of Man Portfolio presents reaction to the Treasury Minister’s measures from some of the Island’s leading private sector figures.


Government on course to rebalance finances by 2015/16. Further real terms savings of £17m on top of £62m saved since 2010/11. Net spending up 1.6% to £547.9m, including £31m from reserves. Gross spending on benefits up £13m (5%), net spending on Health up £3.2m (2.5%). Capital programme of £97m includes £35m to repay MEA loan and £44m for construction schemes including £19m for local authority housing. Use of reserves in current year expected to be £47m instead of £55m. National Insurance ‘holiday’ scheme for employers has created 340 new jobs and will continue. 10% corporate income tax rate to be extended to include major retailers with annual profits of at least £500,000. New target set for £10m annual efficiency savings. Government headcount to reduce by 300 posts over the next three years, adding to the 400 posts and 300 staff lost since 2010. Initiative on long-term unemployed will aim to halve numbers to under 100 over next two years. Key business decision makers to be targeted by new financial support packages and marketing. Legislation will tackle avoidance of Manx income tax through ‘personal service companies.’ Nursing Care Contribution payment increased from £100 to £110 per week. No change to income tax rates, personal allowances or thresholds. Maximum income tax liability, the ‘tax cap’, remains at £120,000. Personal Allowance Credit remains at £500 per person.

• • • • • • • • • • • •

The first of this year’s quarterly Lloyds

potential threats to the Island’s

relations followed after which Mr Kirk

finances, progress on Government’s

TSB Business Breakfasts met with

significant insurance sector.



rebalancing plan, an overview of tax




significant success last week as a

Head of Corporate Banking for

sustaining the Island’s economic

and NI, and a summary of impacts

record number of delegates joined

Lloyds TSB, Mr Trevor Kirk, opened the

stability lies in maintaining both

upon services.

Treasury Minister, the Hon. Eddie Teare

morning’s proceedings with a welcome

internal and external confidence whilst

Minister Teare took over with

MHK, to discuss the finer points of the

address which outlined his support of

identifying deficiencies in spending,

allusion to overall development within

2013 Budget Report.

Government’s plans for the next few



the Island’s economy over the current

Close to 100 key representatives of

years. Having expressed his thanks to

overseas, and aiding the growth and

year, noting in particular a 3% rate of

Lloyds TSB, Government figures and

the Minister for his attendance, Mr Kirk

traction of new businesses locally. Mr

growth in real terms as well as

local business leaders gathered

first expressed his approval of

Kirk also welcomed confirmation that

ongoing stability in banking deposits

together at The Claremont’s Sanderson

Government’s plans to introduce an

the Island is well on track in terms of

and the rate of inflation, at 2.5%. He

Suite to enjoy an opening presentation

additional tax upon larger retailers


continued with reference to domestic

by Minister Teare followed by an open-

before emphasising the need to

surrounding international information


forum question and answer session

consider the Island’s relatively small

sharing agreements such as FATCA

currently at a record level of 48,000

which tackled issues as diverse as

population when facing issues such as

and the UK equivalent, after which he

persons (up 1,000 in the past two

corporate taxation, the public sector

subsidisation and privatisation. A brief

introduced the morning’s presentation


deficit, scope of Government and

allusion to the Island’s international

as consisting of an update on public

significant increase in the number of







figures, which





self employed persons over the past 2



and Minister Teare confirmed to the

and Lloyds TSB for reflecting the

years, at an additional 300 individuals.

unemployment rate at 2.6% in

floor that negotiations with the US are

solidarity of the Island’s business

Similarly, a 35% increase in VAT

comparison to Jersey (3.3%), the UK


community in meeting the challenges

registrations signifies a marked

(4.7%) and the Republic of Ireland

agreement is expected to be signed

increase in economic activity, a figure


soon. Similarly, a package of measures

A short word from Mr Kirk closed

which is particularly pertinent given the







faced thus far.

This year’s Budget was also the first

has now been agreed which includes

the morning proceedings, during which


in which Government has presented a

an Isle of Man disclosure facility with

Mr Kirk thanked the Minister and

Development’s recent emphasis upon

three, rather than one, year strategy,

the UK, which is akin to the UK’s

attendees and confirmed Lloyds TSB’s

economic diversification over recent

enabling Minister Teare to provide an

Lichtenstein Facility and which extends

commitment to continuing to help with


insight into the future year forecasts up

the Island’s double taxation agreement

the Isle of Man’s growth story. “The



Minister Teare then went on to

to 2015-16. Domestic income was

to include the automatic exchange of

message I would really like you all to

provide a brief outline of Government’s


taxation information.

go home with today”, he continued, “is

medium-term strategy, which includes



Moving towards a conclusion,

that not only will we remain very

measures to rebalance budgets by

2013/14, to £537milion in 2014/15,

Minister Teare referred the floor to a

attentive from a personal and corporate

2015/16 and use £89 million of

and to £560million in 2015/16; while

series what he termed potential ‘clouds

service perspective but we have also

reserves (previous estimate £92

expenditure rates are expected to

on the horizon’. The rebuilding of

experienced the same tribulations as

million), before providing delegates

remain at £548million in 2013/14,

capital transfers and the removal of

many here today. But not only are we

with a detailed insight into past and

and £548million in 2014/15, and to a

current reliance upon internal funds

seeing significantly improved figures

present measures to cut staffing

balanced £560million in 2015/16.





featured heavily while continued

for lending, we are also seeing

numbers from just over 8,000 persons

An overview of departmental

uncertainty in the global economy was

improvements in personal savings and

in 2010 to fewer than 7,400 persons

spending and capital expenditure

described as being irrevocably linked to

stability. We have always been a

by 2016. Despite decreasing staff

followed coupled with a reiteration on

the Island’s future growth, post

community bank and very much

numbers, Mr Teare demonstrated that

behalf of Minister Teare that taxation

2015/16. Overall, the outlook for the

understand our role in helping

Government cuts have been achieved

and NI frameworks remain largely

Island remains relatively positive,

economic growth throughout the UK



unchanged. The issue of FATCA, or the

significantly so given a context of

and British Isles and in repairing of the

unemployment levels or domestic

US’s Foreign Account Tax Compliance

ongoing economic uncertainty, and

situation in which we all find

growth, noting that the Island

Act, was an item of particular interest

Minister Teare congratulated the floor




SPECIAL FEATURE 'Where Are We Now?', poses a similar

agreement. With the signing of the US

question for the Isle of Man at this


present moment. The Chief Minister, Allan Bell, announced before the Budget that it would be 'steady as we go' and generally that appears to be the case with no changes to personal tax rates, allowances or thresholds coupled with a freezing of the tax cap. There was a ‘surprise’ measure introduced with the 10% corporate income tax rate being extended to include ‘large retailers’. It will be

Philip Knop, Director, Boston Ltd

interesting to see the reaction to what is already being dubbed the ‘Tesco Tax’! I also noted further developments

Following a long spell out of the limelight, David Bowie's new single ‘Where Are We Now?’, poses a similar question for the Isle of Man at this present moment.

impacting on the wider picture for the Following a long spell out of the

Island. An Isle of Man disclosure facility

limelight, David Bowie's new single

with the UK was announced which will

changes to income tax rates, thresholds or personal allowances and the National Insurance rates remain at their current levels as well with just small increases to

tax transparency and international cooperation with our global ‘trading’ partners. So, what of Bowie's question, Where Are We Now? Well, we are in a time of transition and the Isle of Man Government




acknowledge this is no time for complacency.The Government issued a news release on Budget Day referring to the budget laying ‘firm foundations’ for the future. Our business is built on the same principles but at the same

the Island will continue to prosper.

Following the UK negotiations,

It was all about fairness and laying firm foundations for the future

Minister Teare also confirmed that on 19 February 2013 a memorandum of understanding between the Isle of Man Government and HM Revenue & Customs is to be introduced in April of this year.This is essentially a bespoke Isle of Man disclosure facility for UK tax

tax cap has not been increased,

Tracey Meredith, Senior Manager, Moore Stephens Consulting Ltd

Government’s policy is clear in terms of

the Double Taxation Agreement.

limits and a new threshold. Similarly, the remaining at £120,000.


have to diversify and in return we and ‘complement’ the future UK FATCA

confidence while helping develop the So not surprisingly there are no


time we recognise that to grow we

tries to strike a fair balance and maintain Island's economy.


payers to regularise their tax affairs, Minister Teare announced that an

largely based on the Liechtenstein Mode

Minister Teare also announced that

IncomeTax Bill will be introduced to stop

enabling UK taxpayers (residents) to put

the successful Employer National

avoidance through the use of personal

their tax affairs on a correct footing.This

Insurance Holiday Scheme will be

service companies where individuals who

facility includes a guaranteed penalty

extended until 5 April 2015 to help

would otherwise be employed by their

rate and is restricted to disclosures post

maintain high employment levels. While

main client use these vehicles to reduce

1999 and closes in September 2016.

employees commencing employment

their tax liabilities along with their own

Summing up, these are indeed

It was all about fairness and laying

prior to 6 April 2013 now qualify under

and their employer's national insurance

changing times where international tax

firm foundations for the future according

this extension, it is worth noting that the


will open up and automatic exchange of

to Treasury Minister Eddie Teare MHK as

maximum qualifying period of 24

he presented to Tynwald. He also

months remains.

Keeping pace with international

tax information becomes common across

scrutiny, the Isle of Man continues to

Europe and beyond. To continue to be a


emphasised that the Isle of Man

Recent widespread media attention


highly regarded banking, insurance and

government is still on target with its plan

has focused on large retailers avoiding

agreements already signed such as the

wealth management centre, Minister

announced last year to rebalance the

tax on their local profits, so the budget

FATCA agreement with the USA. A

Teare believes that it is essential the Isle

budget by 2015-16.

contains measures extending the Island's

similar agreement with the UK will be

of Man competes on a level playing field

And from the outside looking in we

10% corporate income tax rate to all of

signed in the near future resulting in an

while adhering to international standards

can see the government’s preference for

the profits of major retailers with annual

automatic exchange of tax information

and the highest levels of compliance in

spending cuts over increased taxes as it

taxable profits greater than £500,000.

to both jurisdictions and an extension to






concerns our local employee base as

increasingly clear. The consequences

much as any other aspect. Indeed, I

of losing an owner or key employee,

believe this to be a pivotal point in any discussion surrounding our capacity to adapt to future economic change. Although it has now been established that we are to expect no increase in the rates of national insurance paid by both employees and employers, for example, it is interesting to note that much

Sandra Cardwell, Director, Edgewater Associates

parliamentary debate focused on the

The theme for the 2013 budget - Firm Foundations concerns our local employee base as much as any other aspect.

for example, could be extremely difficult to recover from, making the importance




business using the appropriate products all the more clear. The Isle of Man already fosters a supportive and responsive environment for private enterprise




congratulated for doing so. Perhaps then, given the drive towards increasing population levels and

subject of reviewing the reciprocal

creating a self-sustaining domestic

social security arrangement with the

economy, more consideration should

UK. It was quite rightly pointed out

information and the alignment of NI

be given to introducing a wider

by Minister Teare during his budget

thresholds with the UK’s new model,

framework whereby local employers



it would appear that closer scrutiny of

are given access to the increasingly

surrounding this year’s budget so far

significantly impacts areas such as

our position is warranted if we are to

diverse skills pool necessary to cater

has focused upon the implications of

our income from national insurance

continue to draw benefit from our

for our new SME economy. Issues


relationship in the future.

such as loan protection, tax and VAT

Much private sector discussion






and, subsequently, our spending on

expenditure, render public sector

certain social benefits. Perhaps most

managerial structures more efficient,

importantly from the perspective of





the financial services sector and



public/private relationship to support our growing small and medium

Similarly, as the Department of

treatment, and treatment of key


persons should also be considered as


avenues which could be taken and

Treasury, however, is the potential for

importance of diversification within

promoted as key determinants as to

any future developments to impact

the local economy, the imperative to

why the Isle of Man is the right place

enterprise base. However, it is my

upon state pensions levels. When

ensure that business owners are

to choose for businesses looking to

opinion that the theme for the 2013

coupled with proposed changes to the

offered specialist protection in

start-up or relocate.

budget – Firm Foundations –

posting requirements of employers’






The announcement getting the

residents with previously undeclared

most headlines was clearly the

IOM situs assets to regularise their tax

extension of the 10% corporate


income tax rate however, from an international perspective the outside world will be looking more at the intended




information agreement and the IOM disclosure facility which will be launched in April 2013. Whilst the exchange of information agreement is still at draft stage, details

Neil Chadwick, Technical Marketing Manager, Royal London 360°



have been published in respect of the disclosure facility. The UK Government

The outside world will be looking more at the intended IOM/UK exchange of information agreement

The ‘carrot’ is the promise of lower penalties and a reduced ‘ look back’ period for those who take part. How successful this will be is anyone’s guess.

are hopeful that following the success of a similar scheme in Lichtenstein, the IOM facility will ‘encourage‘ UK

What would you like to talk about? You set the Agenda. Suggestions for future Isle of Man Portfolio Special Features please to Keith Urem Email: 17

SPECIAL FEATURE seems this increase will be funded by an increase in tax revenues and also use of government’s reserves. The new tax on major retailers will contribute to this increased tax take. In addition, the freeze on personal allowances and the proposals




insurance on benefits in kind all point to an increasing tax burden. The use of reserves to fund revenue spending is forecast to end in 2016. If reserves need to be used we would like

Anthony Long, Chief Executive, Capital International Group The Budget message from the

to see spending directed more towards new capital schemes, infrastructure improvements, grants to attract new

to fund public sector infrastructure

The £35 million MEA ‘utility bond’ is innovative and likely to be of interest to investors seeking consistent lower-risk returns






businesses: the benefit in terms of long term economic growth could be significant. It would only be possible to use government’s reserves to create long term economic growth if the amount of reserves used to fund revenue spending is reduced. This brings the focus back to delivering an actual reduction in government spending. It is good to see targets for cost savings (£10 million per annum) and reductions in head count (100 a year for 3 years). The

businesses to the Island and a mix of

Scope of Government Report also sets

grants and loans to help Island

out other areas where the cost base of


fund could help businesses on the

Government could be reduced. It is

Treasury Minister was that the Island is

Government spending in these areas

Island to grow while the availability of

now important that these potential cost

on course to re-balance its budget by

would help local businesses grow and

bank lending remains restricted and is

savings are implemented quickly.

2016. This is certainly good news,


effectively controlled off Island.

especially when viewed in the context

foundations for future economic growth.

The announcement in the Budget of

Isle of Man will continue to face a

of economic growth of 3% per annum

Despite the fact that Manx GDP

a £35 million MEA ‘utility bond’ is

difficult trading environment in the

in real terms and a forecast of continued

continues to grow, we are aware that

innovative and likely to be of interest to

coming year.

growth in 2013: the only potential dark

some Island businesses are struggling:

investors seeking consistent lower-risk

Government going forward is to

cloud being the recent increase in

this is evidenced by the recent increase

returns. If this approach is combined

rebalance the budget without an


in unemployment. It may be that now

with the idea of an economic

adverse impact on economic growth.











There can be little doubt that the

The challenge for


is the right time to use government

development fund then this could bring

The 2013 budget sets out a good

Government spending increasing by

reserves to create an IOM long term

together a mixture of government

starting point but it is clear that much

£8.4 million compared to last year. It

economic development fund. Such a

funding and private investment in order

still needs to be delivered.


Available to Test Drive now at C A L E D O N I A N


Isle of Man Business Park, Douglas. Tel 613603 18

to steer the Island economy back into

economy if we withdraw too much money


from it too fast”. This, in my view, is a

The news that the UK has lost its “AAA” status, at least with one rating agency, may have brought mixed emotions. Firstly, it puts the Island back on level terms with the UK with Moody’s as we are both “AA” rated by them but that’s not the best bit for Mr Teare. When Moody’s announced their downgrade, they cited the principal reason was the continued likelihood of slow and below forecast

by Stuart Cowan, Investment Director, Ramsey Crookall & Co Ltd

growth in the UK economy. The fourth

The inflationary aspect for imports may prove to be a significant cause for concern both for the UK and the Isle of Man.

realistic and pragmatic response to the loss of revenue from the Common Purse Agreement and the difficult global economic climate. Many European Governments have chosen, or been forced by necessity, to introduce deep cuts to public spending and investment, therefore imposing austerity regimes on their populations in order to reduce deficits. This approach can often lead to a further slowdown in

quarter GDP figure was -0.3% and the

economic growth and a sense of

annualised figure for 2012 as a whole was

frustration and resentment at the

0.2% (Office for National Statistics).

muted and the biggest difficulty for the UK

reduction in services, the higher taxes and

So whilst the Treasury Minister may

may prove to be the continued weakness

the loss of prospects, particularly for the

I have no doubt that when Treasury

have some sympathy for his counterpart

in sterling which has fallen sharply in

younger generation. The results can often

Minister Eddie Teare prepared his budget

at No.10 Downing Street, it must have

recent months. A weaker currency may

be seen in the ballot box and the

for 2013/2014, he may have occasionally

been tempered with the knowledge that

help UK exporters but the inflationary

consequences were clearly illustrated by

glanced up from his spreadsheet to

the Isle of Man economy is expected to

aspect for imports may prove to be a

the recent election in Italy.

ponder what was likely to happen in the

continue to grow at an estimated 3% in

significant cause for concern both for the

UK and beyond.

real terms and that he has a plan that

UK and the Isle of Man.

The budget for 2013 / 2014 has much to commend it but not least, in my

In an increasingly globalised economy

given a fair wind may reduce the deficit

My final point about the budget is to

opinion, is willingness of the Treasury

the Isle of Man does not sit in isolation.

within the timetable set by Government.

acknowledge the Treasury Minister’s

Minister to try and maintain the growth

The cold winds of economic austerity

The UK’s downgrade may prove

approach to our current problems. In his

that may just see the Isle of Man retain its

within our immediate neighbours cannot

politically uncomfortable for Mr Osborne

budget statement Mr Teare stated “we

membership of what is increasingly

fail to impact on his plan and aspirations

but the verdict of the the markets was

simply won’t achieve our aim to grow the

becoming a rather exclusive “AAA” club.


SPECIAL FEATURE retailers had been expected as the non-


taxing of large businesses which trade on

negatively impact the local economy.

the Island had become controversial. Treasury Minister Mr Teare proposed that retailers with profits of over £500,000 should be taxed at 10%. Politically this is a winner as most voters will welcome the contribution from businesses that trade on the Island and Mr Teare expects to receive an extra £3.5m in tax revenues. Whilst at a policy level the proposal has been welcomed, the actual legislation does raise some questions. It is not clear from the legislation which has

Phillip Dearden, Director, PKF (Isle of Man) LLC

been passed exactly what profits are taxable and some discussion between tax advisors andTreasury officials will now be required to determine the effect of changes which are already law.

Whilst the Island’s Public Sector does employ an inordinately large proportion of the workforce, any cuts to Government expenditure will negatively impact the local economy.




The local construction sector has already been affected by reduced Government capital expenditure. £35m is transferred into the capital account from reserves to enable expenditure to be held at approximately £60m per annum to 2015/16.This level of expenditure will be hard to maintain as the balance on the capital account is budgeted to be almost fully exhausted by April 2016. Possibly the most controversial aspect of the budget is the decision to enter into arrangements to share information regarding taxable income with the United Kingdom and the USA. Associated with these agreements is a Memorandum



For a long time Isle of Man Budgets

As a result of a re-negotiation of VAT

were rather unexciting affairs with little in

revenue-sharing the IOM Government

the way of significant change.That period

has lost almost £200m per annum in

should have been implemented more

undisclosed income to regularise their tax

of calm has been swept aside in recent

revenue and has had to carefully re-

urgently but Mr Teare has always

affairs with some degree of certainty and

years as the IOM Government’s finances

balance its finances. A deficit of £47m is

maintained that he will not “slash and

a reduced level of penalties. The

and tax strategy came under pressure.

expected for 12/13 but by holding costs

burn” but will try to make savings in a

alternative for these taxpayers is the

Although rates and allowances were

relatively constant the Minister hopes to

considered manner and to cause a

likelihood of being forced to regularise

largely unchanged the 2013 Budget kept

break even by 15/16 – by then £89m

minimum of disruption to the local

their tax affairs as and when automatic

up the excitement with a number of

will have been drawn from reserves to

economy. Whilst the IOM Public Sector

exchange of information with the UK is

significant changes being announced.



does employ an inordinately large


commentators have suggested that costs

proportion of the IOM workforce, any cuts

Some change to the taxation of IOM



really a facility for taxpayers with

It was pleasing to see the positive progress made on rebalancing the Government finances by 2015/16. Although, with the world’s economy unlikely to recover materially between now and then, and the inevitable impact of FATCA and the Manx Disclosure Facility, it is vital to ensure that the Treasury maintains a strong hold on Government expenditure.

We must push ahead with securing a greater number of Double Taxation Agreements

I share the view of a number of my


All in all, a very interesting budget!

closest trading partners in the UK and Europe remain in firm austerity mode, making the necessity to target emerging economies greater. In this regard, we must push ahead with securing a greater number of Double Taxation Agreements, get better value for money in terms of our marketing activities, and follow the lead of other jurisdictions in opening representative offices in these emerging markets.

colleagues in the finance sector – that

Stewart Davies, Managing Director, BW Oakfield Group

regarding a Tax Disclosure Facility.This is

Whilst this has a short term cost, I

FATCA and the Disclosure Facility will not

and tax proceeds could be impacted,

believe that some of the savings already

produce a treasure chest of new revenue

rather than the current business base of

earmarked in this budget could be better

for HMRC, but will impact on the

the Manx finance sector.

allocated to these areas to secure the

perception of the Isle of Man, as a place

The Isle of Man is not immune from

to do business. To this end, future income

the wider world economy, where our

long term future of the finance sector and wider economy.

SPECIAL FEATURE And finally...

However, this change will require

The Personal Allowance Credit

the IoM to make a report to the EU’s Code of Conduct taxation group.This is the body who put the IoM’s taxation system under the microscope a couple of years ago causing huge uncertainty to the local financial services industry. Indeed, in his Budget speech, Mr Teare referred to the IoM’s zero ten regime as ‘an attractive feature of the IoM’s economic offering’. Who’s to say that this change won’t lead to further review?

by Kevin Cowley, Tax Partner, PwC (Isle of Man)

It’s about risk and reward. The additional tax that will be collected is around £3.5 million p.a. Times are

The additional (Retail) tax that will be collected is around £3.5 million p.a. Times are hard, but is this really enough tax to risk the ire of the EU?

The 2012 IoM Budget was all Budget 2013 was about building ‘Firm Foundations’. What tax changes would be needed to lay those foundations?

low incomes. The PAC has been through several iterations and is largely regarded as a clumsy means of effectively distributing benefits. After all, that’s what the benefit system is for. Isn’t the tax system better kept for collecting tax? Well not in this case. The PAC remains, unaltered. On the theme of collecting more tax, many commentators expected the withdrawal of tax relief for those lenders. That would have collected

risk the ire of the EU?

Manx Disclosure Facility and the UK information exchange Agreement

payments to those IoM residents on

IoM residents paying interest to Manx

hard, but is this really enough tax to about “Striking a fair balance”.

(PAC) is a mechanism for making tax

assets elsewhere but instead will take

more tax and simplified the IoM tax

the opportunity to put things right.This

system at a stroke. The amount of

makes sense for everyone; the

available interest relief has already

interested IoM financial service

been capped and then subsequently

Mr Teare had already issued a pre-

In the international arena, FATCA

providers will not lose business, HMRC

reduced in prior budgets. It seemed a

Budget statement indicating that no

is the latest news. Or at least it was

will not encourage tax payers to move

prime target. However, it lives to fight

significant tax changes should be

until at the end of last year, the Chief

their assets further afield and will

another day. Perhaps the current

expected but despite this, the 2013

Minister announced that the IoM was

collect some tax and the tax payer has

fragility in the IoM’s housing market

budget still included some surprises.

negotiating a similar exchange of

a chance to sort out their historic

persuaded the Treasury to steer away

information agreement with the UK.

issues in a safe, reduced tax/penalty

from anything that might further


weaken house sales.

Retail tax

Budget 2013 confirmed that the

From 6 April 2013, all corporate taxpayers who carry out retail

IoM will enter into a package of measures including:

The IGA throws up a hugely significant issue; how will the regime


businesses in the Isle of Man will be

A bespoke disclosure facility (the

work to report on UK resident but non-

Budgets are about economics and

subject to IoM income tax at a rate of

Manx Disclosure Facility or MDF)

domiciled individuals (RNDs)? These

politics. In difficult financial times one

10% on their profits, but only where

designed to allow UK taxpayers with

individuals effectively have a separate

might expect the economics to come


IoM financial interests an opportunity

tax regime in the UK and are often not

to the fore: Building firm foundations.

to regularize their affairs; and

taxed on offshore income. It would be





£500,000. This change leads to two obvious questions: ‘Why?’ and ‘so what’? Mr Teare was clear on the first question; he considers that although




An agreement (the IGA) for the

hugely damaging to the IoM fiduciary

expectations and tackling difficult

automatic exchange of information

sector if any agreement resulted in the

international pressures are political

with the UK similar to the one with the

reporting of information to HMRC

matters which would seem to explain


which did not impact a taxpayer’s

why, from a tax perspective at least,


Budget 2013 was a mixture of bold

multinational companies operating in

The MDF is good news. It is aimed

the IoM already make a valuable

at UK resident individuals who have

Mr Teare confirmed that this

contribution to the economy via the

income generating assets in the IoM,

matter was being addressed by

tinkering (or not) with the local rules

provision of jobs and the services they

held either directly or indirectly, where

reference to an ‘alternative reporting

for seemingly little result.

provide, they are benefitting from

UK tax has not been correctly paid in

regime’ for RNDs. Details of this

It will be fascinating to see how

taxpayer funded infrastructure and so

respect of income generated. It is

alternative regime are not yet

things now unfold for the IoM

should pay more tax. This is a populist

hoped that such individuals, faced with

available. Given the significance of this


view and will most likely be welcomed

the prospect of income being reported

point, let’s hope a workable position

foundations are as firm as we all hope

by IoM locals.

to HMRC, will not panic and move the

can be reached.

they are.








retention of the tax cap without any

although at the time of writing the

increase is also very welcome as it is

exact nature of this alternative regime

important to ensure that inward bound entrepreneurs are comfortable that if they are to make a long term move to the island that the tax position is stable. In relation to automatic exchange of information with the US (FATCA) and the UK, at the time of writing these have still not been fully signed although it is imminent. In relation to

Justin Scott Tax Director SMP Accounting & Tax

the US it is a simple fact of life and the island is not at any disadvantage compared to other jurisdictions who are subject to the same rules. In relation to

The disclosure facility for UK taxpayers which is tied in with the information exchange agreement will hopefully prove beneficial for the island.

is not yet known. The disclosure facility for UK taxpayers which is tied in with the information exchange agreement will hopefully prove beneficial for the island. One would hope that there is little or no non-compliant UK business on the island, but the facility will enable non-compliant UK tax payers to transfer funds and structures to the Isle of Man from elsewhere to benefit from the facility. Overall, by avoiding unnecessary tweaks and gimmicks, the Budget

the UK agreement the cost of

positions the Isle of Man as a stable low

For trust and corporate service

compliance will need to be absorbed by

tax jurisdiction both for existing

providers and their clients the Budget

the industry or passed on to clients

itself is very welcome. The retention of

which will put the island at a

not ultimately out of kilter with other

investors. It is hoped that such stability

zero/ten is of course essential for the

disadvantage to other competitor

competitor jurisdictions by the time

can be maintained in the long term and

industry and their clients.The extension

jurisdictions not subject to the UK

reporting has to be made under the UK

that when compared to the turmoil in

of the National Insurance holiday is

agreement. It is very likely that such

and other agreements. The alternative

many other jurisdictions this will be yet

good both for existing businesses

agreements will be EU wide and quite

regime for non-domiciles is a valuable

another reason for international

looking to grow and also to attract new

possibly global in a short period of time

concession and should assist in

businesses to be located in the Isle of

substance businesses to the island.The

so it must be hoped that the island is

minimising the compliance burden


businesses and future long term


SPECIAL FEATURE The ability of the Island to adapt

inevitably and inextricably linked to

to its changing environment has been

those of the wider global economy,






Diversification will play a key role in the growth of the Island’s economy. The success of new business sectors such as aircraft registration, cleantech and eGaming are examples of this. Recent emphasis upon striking a balance between the requirements of the public and private sectors has been key to our success within these industries. Our engagement and positioning

John Rimmer, Partner, Appleby (Isle of Man) LLC Perhaps



within the international community in

It is also reassuring that the Government continues to recognise the business opportunities that exist in overseas markets

matters such as international tax compliance,


making the need to engage with emerging nations increasingly clear. Concerns over the strength of, and ongoing uncertainty within, the EU and wider OECD economies will, of course, act as tempering factors in any decisions. The recent drive to diversify domestically should help to make more varied use of our increasingly significant resources and, in doing so, mitigate future risk to some extent. On the other hand, it is also apparent that some of our competitors have made greater strides into the


Government to inform global policy

developing markets and we need to

exchange of information has helped to

makers on the role of International

do more to have our place at the

sustain our reputation as a global

Financial Centres in the global



financial centre. Of course, where

economy in order to break down

community, so often out of sight of

initiatives such as compliance with the

dated and inaccurate stereotypes.


safety, has helped us to withstand

United States’ FATCA and its British

There is no doubt that the importance

public/private sector relations can see

stormy international waters. There is

equivalent are concerned, our haste to

of enhancing the Island’s profile

us through what look to be further

no doubt that external factors are

co-operate will always be criticised by

overseas played a significant role in

turbulent times ahead. As a business

making waves at the moment and

some.The critics, however, will need to

this year’s Budget announcements. As

actively involved in each of these

demand careful navigation.

Ultimately it is, of course, the of



look to the consequences of not co-

a jurisdiction that is subject to a great

areas, Appleby will continue to help

As far as budget expectations go,

operating and the bars to access

deal of scrutiny at present, it is vital

strengthen relationships both locally

the course was always going to be

international markets that would

that we remain proactive in the

and internationally to help secure the

difficult to steer and Treasury Minister

bring. We also have to recognise the

international market.

future, not just of its business but also

Eddie Teare certainly outlined a clear

changing expectations globally of

approach this year in his address on

financial centres.

It is also reassuring that the

for its valued employees and the Isle

Government continues to recognise

of Man. Our international presence

Budget Day. From it emerged three

Minister Teare reinforced his

the business opportunities that exist

will of course play a key role in this

clear aims: to grow the economy,

objective to position the Island at the

in overseas markets such as those of

but, as one of the longest established

protect the vulnerable and rebalance

forefront of developments in this area

China, Eastern Europe, Latin America

legal practices on the Island, our

public finances by 2015/16 – a tough

and it is important that we, in the

and the Middle East. As Minister Teare

commitment to the Isle of Man has

but necessary demand.

private sector, continue to work with

pointed out, the Island’s fortunes are

continued to grow.


In association with





Featuring a powerful 200PS turbocharged engine, the feisty newcomer lives up

Juke of Torque

to its motorsport pedigree with a top speed of 134mph and the ability to hit 62mph from a standing start in just 7.8 seconds. It also benefits from a raft of technical and styling enhancements designed to further boost performance and give the already eye-catching Juke even greater wow factor. But the special edition model’s winning combination of high performance, striking looks and generous equipment levels does not come with a matching price tag. In fact, visitors to the Athol Garage showroom could find themselves behind the wheel of the Juke Nismo for as little as £19,995 RRP. Dan Bentham, Sales Executive at Athol Garage, said: “The Juke is a car which turns heads wherever it goes but the new Juke Nismo takes that to another level. It looks sensational from every angle. Inside the model looks pretty amazing too, but it’s the performance that really sets it apart. The minute you start to drive it, you can feel the car’s motorsport heritage.” That ‘Nismo feel’ comes primarily from the beneath the bonnet and the model’s uprated version of Nissan’s 1.6-litre direct injection turbocharged four-

2013 has got off to a flying start at Athol Garage with the arrival of the stunning Juke Nismo. The hotly-anticipated sports crossover has been developed by Nissan’s famed Nismo performance division in Japan and is the first European model to wear the coveted Nismo badge.

cylinder petrol engine which produces 200PS at 6,000rpm and 250Nm of torque between 2,400rpm and 4,800rpm. Complementing the new engine is an upgraded chassis that will really help owners make the most of the power available. As well as 10 percent stiffer springs, the suspension settings have been changed to enhance traction while the steering is more direct. Nismo specialists have enhanced the Juke’s looks too with front and rear Nismo badging and a subtle bodykit featuring signature red door mirrors with a matching lower red pinstripe. But the changes are more than just cosmetic. The new aerodynamic bodykit, which features lower front and rear bumpers, wider wings and sill side skirts, and a modified grille and tailgate spoiler, helps to reduce front and rear lift without increasing drag. So much so that the Juke Nismo claims the same combined fuel economy figure of 40.9mpg and 159g/km CO2 emissions as the Juke DIG-T on which it is based, despite its extra power. Underlining the performance personality of the car, special suede-trimmed Nismo sports seats with red stitching and deep side bolsters have been added, along with Alcantara and leather trim for the steering wheel and suede trim for the door liners. Other changes include a black centre console, black door switch surrounds and a black headliner. Red Nismo signatures are also carried through to the dashboard gauges, gearknob and gaiter.

The Juke Nismo will be available in three colours: Storm White, Pearl Black and Blade Silver. As well as a 2WD six-speed manual transmission, the Juke Nismo will also be available with 4WD and a CVT automatic gearbox. 26

In association with


1 INTRO Name Simon Pack Title and Company International Sales Director at Royal London 360° Where do you live on the Island? Peel How long have you lived on the Island? Just over three years.

YOU What is your business background?

What are your favourite gadgets?

I have worked in financial services since I left school at 17, working my way up

A Blackberry is a must as, unlike an iPad, it is business functional. It has a push

from administration clerk to the position I hold today. I have only really ever

through function for business emails whereas I can’t get my RL360°

worked for two employers but through various mergers I have had around 10

correspondence like that on my iPad, only personal emails.

different business cards! I began at Lloyd’s Life Assurance in 1978 and then

Which website do you visit most? Hargreaves Landsdown Share Service and

moved to Scottish Life International in 2001.

BBC Sport. Oh, OK

What was your very first job?

Do you shop online and if so what for? My wife’s handbags, once she has told

I started as an administration clerk at Lloyd’s Life Assurance in London.

me where to find them.

Who is your business role model? Bob Ayling, who was Group Managing Director and then Chief Executive of


British Airways. In the early days at the Royal he came to give a presentation to

Where in the world would you most like to visit and why?

a business development away day and I was just incredibly impressed with his

The Galapagos Islands. When I was with Royal and Sun Alliance I was responsible

knowledge of everything BA was doing worldwide.

for Latin America and I used to deal with a distributor from Argentina who used

What has been the best grounding for your career

to talk about Patagonia. He told me that in a particular area of Patagonia they

My first sales director, who said you are allowed to make a mistake, however, if

speak Welsh, which fascinated me! From there we progressed to talking about

you make the same one two or three times, look for another job.

the Galapagos Islands and my interest grew.

What’s the best thing about your job?

What is your favourite TV?

The travel, in particular meeting people and seeing cultures. Perhaps the most

Spooks – it was the one thing I would make an effort to watch if I taped it.

memorable trip was my first time to Bogata – as you come out of the airport

What is your favourite film? I have two: Ted (I watched this on a plane and it

there’s a fence/cage to keep people back, so that was an experience. Nairobi was

was hilarious) and The Long Good Friday, starring Bob Hoskins and Helen Mirren.

interesting too - when I arrived the taxi driver decided to take the scenic route

What is your favourite album? Is that music? I’m not a music lover.

through the slums. It was an eye opener but not necessarily of the good kind.

What is the most memorable event you have attended? The birth of our two

What is the best business advice you could offer to anyone?

children and the 1997 FA Cup Final.

Work hard and be smart.

Name 3 things you would like to do before you die? Visit the Galapagos Islands, get my golf handicap under 10 and see my children


be happy and successful.

Do you own an iPad? I’m not a gadget person but, yes. I use it for reading

What is the best piece of personal advice you could offer?

newspapers but it’s not business functional.

Work hard, be positive and if you do not understand something, ask.


In association with


2 INTRO Name Caren Hyde Title and Company Counsel, Appleby (Isle of Man) LLC Where do you live on the Island? Douglas How long have you lived on the Island? All my life apart from 4 years when I was studying law in London at University and the College of Law.


think that the current difficult economic climate will necessitate change. Those

What is your business background?

businesses that are able to adapt their objectives in the short-term will be most

I returned in 2001 to the Isle of Man after undertaking 4 years in London studying

likely to achieve success in the long-term.

law. I started a training contract with Appleby (which was then Dickinson Cruickshank) in 2001 and qualified as a Manx Advocate and Commissioner for


Oaths in 2003. I have continued to work at Appleby and specialise in employment

Do you own an iPad? I do, I couldn’t live without it sadly.

law and commercial litigation.

What are your favourite gadgets?

What was your very first job?

My iPod, iPad and iPhone – I am an apple girl!

I worked for the Bank of Bermuda doing general office work during the holidays

Which website do you visit most? BBC News, Manx Radio, DED and Amazon.

whilst I was at University.

Do you shop online and if so what for? I try to shop locally where possible but

Who is your business role model?

sometimes the range of books and DVDs on Amazon is hard to resist.

It is difficult to narrow this down to one person as I feel that I am influenced by different people daily. I admire intelligent people that are passionate about the


work they do and the role they play in society generally. I also value people who

Where in the world would you most like to visit and why?

are able to be flexible and think creatively in a business context. Steve Jobs was

New York City. I would like to see if it is as vibrant and alive as it appears to be in

an example of a very successful and creative business icon who I found

the movies! I am hoping to travel there for my honeymoon later this year.

particularly inspiring.

What is your favourite TV? Suits, The Apprentice, Grey’s Anatomy, Masterchef.

What’s the best business lesson you’ve ever learned?

What is your favourite film? The Shawshank Redemption and The Notebook.

That there is usually always more than one solution to a problem and it helps

What is your favourite album? Any power ballad compilation album!

to look at an issue from all sides before a decision is made. I do this every day as

What is the most memorable event you have attended? The Opening and

a lawyer when acting for clients but I also find it is a useful general business

Closing Ceremonies of the CommonWealth Youth Games 2011. I was on the

technique to apply.

organising committee of the CYG and I was very proud of its achievements.

What’s the best thing about your job?

Name 3 things you would like to do before you die?

The variety of work; every day is different. It is challenging, intellectually

See more of the world at my leisure; write a book; and generally make a

stimulating and I enjoy the fact that I meet people constantly. I particularly love


the advocacy part of my job when I appear in court/tribunals to present a case.

What is the best piece of personal advice you could offer?

What is the best business advice you could offer to anyone?

Getting the right Work/Life balance is sometimes hard to achieve but is essential.

Try to be as flexible as possible in terms of business approach and strategy. I

Work hard, play hard and laugh often.


Next Day to UK, Europe and the USA. Tel: 01624 661122 29


Still among the best Following a successful rebrand late last year, Nedbank Private Wealth Limited has retained its standing as a top company to work for in The Sunday Times 100 Best Small Companies to Work For 2013. A record 1,300 people attended the award event, hosted by well-known BBC journalist, Kate Silverton. Nedbank Private Wealth ranked impressively at number 60 and this is the ninth year running that the company has been recognised in this prestigious list, appearing previously under its former name of Fairbairn Private Bank.

Greg Horton, Nedbank Private Wealth Limited’s managing director, said: “I am delighted to retain our presence on this national listing and understand we are one of only two companies who have remained on the list for nine consecutive years. “The listing results from the UK’s largest ever survey into workplace engagement involving almost a quarter of a million employees. I would like to thank all our staff for the amazing energy and effort they have expended throughout what has been an incredible year for the business. A record number of projects have been completed simultaneously and the team effort has been nothing short of breathtaking. They have steered us successfully through a rebrand, a corporate restructure and significant technology enhancements, while also achieving headline profit growth of almost 20%, year on year, in a very difficult economic environment. “We are immensely proud of our continued recognition on the Best 100 list which reflects our ongoing commitment to the personal development of our people. Our principal aim is to serve our clients better than any other financial services organisation and we know that a loyal and committed workforce is vital to achieve this.” Each year The Sunday Times and Best Companies celebrate the best workplaces in the UK. Employees within the organisation are surveyed and businesses are judged based on feedback directly from their staff. The survey explores staff perceptions of eight key aspects of the business: wellbeing; personal growth; fair deal; company leadership; employees’ feelings towards their managers, team and company; and what the company gives back to society. This latest accolade follows a long list of awards for the bank this year, including two global Euromoney Private Banking awards and a Three Star “extraordinary” accreditation* achieved in this year’s UK Best Companies Guide. The Best Companies accreditation incorporates companies of all sizes and industries across the entire UK and Nedbank Private Wealth is one of only 121 companies throughout the UK to have received the maximum Three Star Status. The photo shows Greg Horton (right) with Jonathan Austin, chief executive and founder of Best Companies Limited.


In association with


BELFAST Odyssey Arena





OllyMurs 03 Apr

Il Divo/Katherine Jenkins 10 April

WalkingwithDinosaurs 04-07 Apr

Meat Loaf 10 April

Alfie Boe 14 Apr

Premier League Darts 02 May

Pink 14-15 Apr

Il Divo/Katherine Jenkins 19 April

WWE Raw 18 April

Eddie Izzard 05 May

Il Divo/Katherine Jenkins 16 April

Pink 24-25, 27-28 Apr

Eric Clapton 10 May

Leona Lewis 15 May

Meat Loaf 17 April

The Vaccines 02 May

Meat Loaf 14 May

Alicia Keys 18 May

Eric Clapton 14 May

C4 Comedy Gala 18 May

Journey/Whitesnake 16 May

Mark Knopfler 19 May

Rush 22 May

Rush 24 May

Alicia Keys 21 May

Walking with Dinosaurs 22-26 May

Journey/Whitesnake 23 May

Depeche Mode 28-29 May

Eddie Izzard 25 May

The Who 30 Jun

Alicia Keys 24 May

Alicia Keys 30 May

The Who 10 Jun

Neil Young 18 Aug

Rod Stewart 08-09 Jun

Rod Stewart 4, 6 Jun

We Will Rock You 12-15 Jun

Cirque Du Soleil 30 Oct - 03 Nov

Frankie Valli 17 Jun

Paloma Faith 07 Jun

Rod Stewart 26 Jun

Milton Jones 01 Nov

Pet Shop Boys 20 Jun

Kings of Leon 12-13 Jun

Bruno Mars 02 Oct

Jessie J 04 Nov

The Who 23 Jun

Josh Groban 14 Jun

Micky Flanagan 11 Oct

Micky Flanagan 12 Nov

Kings of Leon 24-25 Jun

The Who 15-16 Jun

Jessie J 15 Oct

Nickelback 23 Nov

Maroon 5 26 Jun

Fleetwood Mac 24 Sep


In association with

Book online:

Tel. 0871 200 0440

Tel. 0871 718 5000

Isle of Man to Belfast

Belfast to Isle of Man

Isle of Man to Dublin

Dublin to Isle of Man

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Blackpool to Isle of Man

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Gloucester to Isle of Man

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Newcastle to Isle of Man

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Liverpool to Isle of Man

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Flybe announces year round return of Southampton Service Flybe has announced the return of its Isle of Man to Southampton service that

service will be supported by both business and leisure passengers.”

offers a three times a week service on Tuesdays, Thursdays and Sundays from

Dave Lees, Southampton Airport Managing Director, comments, “We’re

May 1st. Seats are available for booking now at from £39.99

delighted to see the return of this service. We know there is a demand for a

one way including taxes and charges.

regular service from local businesses, especially those in the financial services

The return of the year round service is expected to be welcomed by both

sector, but we are also expecting the route to be popular with those on the Isle

business and leisure travellers and in particular will start in good time for the

of Man joining cruises in Southampton, and leisure passengers from the South.

many motor racing fans wanting to visit the Island for the annual TT Races

“The route will further complement our already extensive schedule to and

being held between May 25th and June 7th, an event which Flybe recognises

from both the Isle of Man and Southampton Airports. Flybe is the largest

is of significant economic importance to the Isle of Man.

individual airline operating to and from the Isle of Man, with a total choice of

Simon Lilley, Flybe’s Director of Marketing says: “Flybe is committed to

up to 200 flights every week on eight routes; whilst at Southampton we are

developing further its route network out of both our Isle of Man and

the airport’s largest scheduled operator offering a total choice of up to 670

Southampton bases. We have every confidence that the return of this new

flights a week on 34 routes.”





Isle of Man to Birmingham

Birmingham to Isle of Man

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Depart Arrive M T W T F S S 0715 0810 0730 0825 1800 1855

Isle of Man to Edinburgh

Edinburgh to Isle of Man

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Isle of Man to Geneva

Geneva to Isle of Man

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Isle of Man to Glasgow

Glasgow to Isle of Man

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Liverpool to Isle of Man

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London City to Isle of Man

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Kids today know nothing. BY SQUARE EYES

Their set was a storming one from start to finish and I remember looking below upon a sea of the best part of 2,000 grateful rockers in a state of total uninhibited frenzy. It was a mosh pit to end them all. Sadly, Bollocks’ere had to leave ten minutes before the end because he The other Saturday BBC Four had an early 70s ‘Rock Night’. It was bloody

had a verbal contract with his parents, witnessed by his Nana, to be waiting

brilliant. First the Beeb showed an hour of TOTP appearances by the likes of

outside for his lift home at 11.30. What did I miss? Oh, nothing much, just a

Humble Pie, Man, Status Quo, Family and, most memorably, The Sensational

crashing finale featuring the band smashing up their equipment and Morgan

Alex Harvey Band (performing ‘Faith Healer’) who were just mesmerising.

Fisher rolling his baby grand piano off the stage.

This was followed by ‘The Ballad of Mott the Hoople’, an hour long

We didn’t know it at the time but this was the last ever Mott gig for their

documentary of one of the early 70’s leading musical lights. It was all there;

hugely talented and exotically-named guitarist Ariel Bender (real name

how they came together, how they frequently fell out, band members in,

Luther Grosvenor, formerly of Spooky Tooth) who then either left voluntarily

band members out before the band’s inevitable dissolution and, of course,

or was sacked, depending on which road your research takes you. Worse still,

detail of how David Bowie came to write their breakthrough hit for them,

Mott the Hoople split up altogether before the end of the year.

the magnificent ‘All The Young Dudes’ (after, it was revealed, Mott had turned down Bowie’s kind offer of ‘Suffragette City’!). Now, this particular band profile was of great personal interest to yours truly, because Mott the Hoople was the first live band I ever saw, on the stage of the Palace Lido on July 6th 1974, at the tender age of 14.

In the 70s, The Lido hosted virtually every chart band of the day. We saw T-Rex, Sweet, Mud, Hot Chocolate, Chuck Berry, Wizzard, Motorhead, Thin Lizzy, AC/DC, Procul Harum, Status Quo and many others - it’s a big list. But then, the Isle of Man was a flourishing hotbed of entertainment for all ages. Cabaret featured each summer in every large hotel and some

Having persuaded my parents that I would be quite safe and unlikely to

smaller ones, from the Villiers right along the promenade and up to the

stow away in the roadies’ trailer to embark upon a life of debauchery, I

Falcon Cliff. There was White City funfair on Onchan Head. Amusement

entered the famed Lido ballroom, a stand-out for entertainment in Douglas

arcades were commonplace, we had more cinemas then than we do now and

at that time (wish it was around today!). Yes I was young, yes I was naive but,

the Island’s population was half of what it is today. Where did it all go wrong?

despite that, my decision to wear a three-piece suit was unforgivable.

Musically, the 70s was a decade rich in quality music that gave us the best

Downstairs was licensed, I was 14 and didn’t want to risk being ‘thrown

years of Pink Floyd, Led Zeppelin, The Rolling Stones and The Who. It gave us

out by the bouncers’ (fnaar fnaar) so I made my way to the unlicensed

glam-rock, Punk, New Wave, and the Reggae revolution from the likes of Bob

upstairs and sat on a cinema-style seat alongside my similarly-aged but

Marley and Third World. It gave us pure pop from 10cc (whose first ever live

older-looking mates, one of whom could get served at the bar, for around 3

concert was at the Palace Lido in 1973), ELO, Elton John and Supertramp

hours, until Mott the Hoople finally took to the stage.

whilst, from across the pond, we could lose ourselves in Steely Dan and Joni

Now, I was a gig virgin and had absolutely no idea what to expect so, when a red spotlight shone only on Ian Hunter’s face as he sang his

Mitchell. Never did I go into Woolworths with a couple of quid in my pocket and not be spoilt for choice as to what album to buy.

(apparently customary) intro from Don McClean’s ‘American Pie’, I thought

Today? Well, I don’t know about you, but I couldn’t care any less whether

yes, I can handle this. Hunter then uttered, “Ladies and Gentlemen, the

Taylor Swift and her stupid-ass boyfriend are “Neverrrr, Everrrr Getting Back

Golden Age of Rock’n’Roll” at which point the band burst in to the song of

Togetherrrr. But I do know that, thanks to features such as BBC Four’s Rock

that name synchronised with blinding lights suddenly projecting in every

Night, that I grew up in the most exciting, shape-shifting musical era that

direction, pyrotechnics igniting on the stage and guitar chords thrashing so

helped make me who I am today.

unbelievably loud, I thought my ears were going to bleed. Right then and there, my love of rock music grew a million times over.


Now, if you’ll excuse me I’ll have to go. My parents are waiting for me outside.

In association with


The Paperboy

Place Beyond Trance the Pines


Released March 15th Certificate 15

Released April 12th Certificate TBC

Released April 12th Certificate TBC

A sexually and racially charged film


Danny Boyle’s Trance is a loose

In 2073, a 37 year-old former-Marine

noir, The Paperboy takes audiences

motorcycle racer, Luke (Ryan Gosling),



Commander Jack Harper (Tom

deep into the backwaters of steamy

drives out of a traveling carnival

Ahearne’s 2001 TV movie about art

Cruise) is one of the last few drone

1960s South Florida, as investigative

globe of death and whizzes through

auctioneer Simon (James McAvoy),

repairmen stationed at Earth which

reporter Ward Jansen (Matthew

the backstreets of Schenectady, New

who conspires with a gang of

was nearly destroyed by an alien

McConaughey) and his partner

York, desperately trying to connect

thieves – including, their ruthless

invasion 60 years ago. As part of a

Yardley Acheman (David Oyelowo)

with a former lover, Romina, (Eva

boss (Vincent Cassel) – to steal a

massive operation to extract the

chase a sensational, career-making

Mendes) who recently and secretly

coveted Goya masterpiece from a

planet's remaining vital resources,




Released March 29th Certificate 15




gave birth to the stunt rider's son. In

public auction. However, things go

he lives in an airborne ‘town’


an attempt to provide for his new

sour during the robbery and Simon

floating above the Earth.

Bless (Nicole Kidman) coaxes a Miami

family, Luke quits the carnival life and

winds up bloodied and knocked out

His mission nearly complete,

Ward Jansen into helping her get

commits a series of bank robberies

with (he claims) no memory of

Jack's soaring existence comes

death row convict Hillary Van Wetter

aided by his superior riding ability.

where the precious artwork’s been

crashing down when he rescues a 22


year-old female stranger from a



(John Cusack) off the hook. The

The stakes rise as Luke is put on a

uneasy, sexually-charged alliance

collision course with an ambitious

Rosario Dawson (Sin City: A

downed spacecraft. Her arrival

draws them deep into Florida’s sultry

police officer, Avery Cross, (Bradley

Dame to Kill For) co-stars as the

triggers a series of events that


Cooper) looking to quickly move up

hypnotist recruited to recover the

forces Jack to question everything

the ranks in a police


he knows about the war and its

department riddled

psyche; though, she may have

with corruption.

ulterior motives. Thus, stakes rise





higher and danger grows once Simon’s internal journey starts blurring the line between the truth and which memories are the suggestions of a master manipulator.



Conor’s courage More than 300 Manx Telecom staff attended a corporate event to hear TT star Conor Cummins talk about his inspiring story.

TT star Conor Cummins and Manx Telecom Marketing Communications Supervisor Gavin Smith at the Manx Telecom kick-off event. The ‘Ramsey Rocket’ - who holds

story, and at our staff event at Mount

added: “The event was a great

colleagues. It’s important for us to

the record for the fastest lap

Murray he took part in Q&A sessions



invest time in this type of event so that

around the Mountain Course from

speaking about how teamwork,

implementation of our refreshed values

everyone understands where Manx

a standing start - took part in

leadership, and constantly striving to

and to explain in more detail what each

Telecom is heading, the opportunities

three Q&A sessions held at the

seek a competitive edge all play an

of these values means for all of our

and challenges in the year ahead, and

Mount Murray Golf Club over

important part in his success in

the role that each of us must play in

three days.

motorcycle racing. All of these themes

delivering our business objectives.”



All staff from the Island’s premier

are as relevant to us in our business as

telecoms company attended the event

they are for Conor in motorsport - and

to kick-off what Manx Telecom

with him also being a local lad who is

Marketing Director David Smith says

very proud of his Manx heritage he was

will be another year of investment and

the perfect choice to inspire and

growth. He said: “Conor is a very

motivate our staff for the year ahead.”

popular and inspiring personality, and

Manx Telecom is one of the Island’s

someone who has been a great

biggest employers with more than 300

ambassador for the MT brand since we

staff on the Island. John McChesney,

became one of his personal sponsors at

Manx Telecom Human Resources

the beginning of the 2012 season.

Director, said the event allowed all of



the company’s staff to focus on the core

comeback to racing after his 2010

values of the business - enterprise,

competitions during the build up to TT

crash cannot fail to be inspired by his

proactivity, confidence, and trust. He





All of the themes discussed are as relevant to us in our business as they are for Conor in motorsport

Manx Telecom is a personal sponsor for Conor Cummins for the second successive season. During 2013 he will wear the MT logo on his Milwaukee Yamaha team leathers and baseball cap at all races including the North West 200, Ulster Grand Prix, Southern 100, and Isle of Man TT. Conor will also attend ‘meet and greet’ events for fans to meet their hero, and Manx Telecom customers will be able to win exclusive prizes in



The Socrates Project Manx publishing company aims to highlight serious environmental issues on a global scale their work on a thrilling adventure to


save both his life – and humanity.


Daron, co-founder of investment management firm, Metage Capital






Jonathon Porritt CBE, and Lebanese explorer, Max Chaya.

Limited, and now founder of the Active

Such is their belief in the way the

Earth Foundation and Active Earth

trilogy highlights the environmental

Investment Management, wrote ‘The

issues raised, Mark Shand, Max Chaya

Socrates Project’ after taking a three-

and Mark Beaumont are also helping

year career sabbatical in 2006. His

to fund its publication.

experiences taking part in charitable,

Nautilus Media intends to use its

ecological and educational projects

predicted profits to publish a series of

across Europe, the Middle East and

fiction and non-fiction titles promoting

South Africa fed many of the ideas

sustainability, regeneration and other

contained within the book.

ethical issues on a wider level, in

‘The Socrates Project’ has already





received rave reviews from renowned

language versions of other such books

literary critics including ‘Country Life’

only published in foreign languages.

book reviewer and broadcaster, Ross

A quarter of the profits generated

Leckie, and has attracted the support

by sales of the trilogy will be donated

of a number of celebrities and well-

to charities active in these areas.



James Green, Director of Nautilus

round-the-world cyclist, adventurer

activists. These

Media, commented: “As well as being a

and TV presenter, Mark Beaumont,

fast-moving adventure story, ‘The

travel writer and ‘Elephant Family’

Socrates Project’ uses fiction to highlight some very real problems facing the world today, and poses a

Daron Sheehan A Manx publishing company,

tells the story of a secret attempt by


the United Nations to avert the




strength of a manuscript sent to


its Director, has just launched the

civilisations as water, food and energy

first book in ‘The Socrates

become more scarce, famine increases

Project’ trilogy.

rapidly, ice-shelves melt and sea levels

Nautilus Media was launched by




continue to rise.

James Green, himself a published

Simon Oceandis heads up the

author, editor and translator, in 2012

Sicads, a team of ‘humans’ created as

to bring the ‘The Socrates Project’ and

part of a secret world research

the important environmental and

programme, who must observe our

sustainability issues highlighted within

behaviour and blend modern science

it, to a global audience.

with ancient wisdom to find the

As well as being a fastmoving adventure story, ‘The Socrates Project’ uses fiction to highlight some very real problems facing the world today

number of scenarios which we really hope will resonate with readers and help them to make sense of a lot of the global issues they see on the news on a daily basis but probably don’t fully understand. “The support of our globally-known ambassadors such as Mark Beaumont and Jonathon Porritt only demonstrates just how good a read it is, and it is fantastic to see them supporting a Manx company trying to make a difference in the world today.” The Socrates Project is available to

Written by Daron Sheehan, one of

solutions to global sustainability before

the offshore investment world’s

time runs out. However, he must fight

leading names, ‘The Socrates Project’

a secret plot to discredit the Sicads and



buy on Amazon:


Are you being served . . ? An examination of the implications of new government legislation on income tax for Personal Services Companies (PSCs)

by Harley Richards, Tax Manager, KPMG Following





Consultation Document in August 2012,


regular revision as tax cases continue to

on businesses, namely to review the

or situations where self-employed

place differing emphasis on “key” aspects

working relationship it has with all

individuals have incorporated their

of a particular engagement. The

individuals who may work for the


Government has stated that it will issue

business other than as an employee. It is


The legislation is being introduced to

details of its “key” indicators, and case

recommended that businesses start the

Response Document issued in

challenge the perceived use of PSCs to

studies, to assist businesses in

review process as soon as possible and,

December 2012, the Government

defer income tax and reduce NIC.

determining individuals’ employment

if deemed necessary, revise the

has announced that it will be

Although the Assessor of Taxes could

status. In addition, a clearance procedure

underlying contractual documentation so

introducing legislation in the next

invoke existing legislation to deem

will be introduced to help categorise “any

as to correctly reflect self-employment.

Income Tax Bill that will require

income as employment income (once

working relationship”.



the Assessor becomes aware of a case),

While these are clearly welcome

categorisation process is very much the

circumstances, to deduct income

the new legislation will place the

steps they do not remove the initial

tip of the iceberg. Making deductions of



responsibility of determining the nature

burden that the legislation will impose

income tax and NIC from a payment to

Contributions (“NIC”) on payments

of the arrangement squarely with the

a limited company may, in isolation, be

made to limited companies, and

engaging business from the outset (this


potentially to agencies. It is

is in line with the legislative approach

intended that the legislation will

taken by Guernsey, but is fundamentally

come into effect from 6 April

different to the UK’s “IR35” regime


where the responsibility for establishing



position for “genuine trading concerns”,

in National

In broad terms, these circumstances

the nature of the engagement, and

will be where the limited company is a

accounting for income tax/ NIC, rests

Personal Services Company (“PSC”) -

with the PSC itself).

The legislation is being introduced to challenge the perceived use of PSCs to defer income tax and reduce NIC

However, it has to be noted that the




unwelcome) process, but there has been no guidance given to date as to how: • this will impact upon the VAT position of the payer/ payee; • this might require an “employer” to also provide employment benefits; and • the legislation will impact non-Isle of

that is, a company where, typically, there

Although there is nothing new in

is a sole director/ employee who, but for

considering the terms and conditions

the existence of the PSC would be an

under which an individual supplies his/

employee of the engaging business. The

her services to determine their

Government is at pains to stress that the

employment status, it is a process that

employees, this is an issue you ignore at

legislation will not change the income tax

has no legislative basis, and is subject to

your peril.


Man based PSCs (among others!) Therefore, if your business does engage individuals other than as


PR Matters - The Google Maze This month, Ashgrove’s new media gurus, James Dodge and Graeme Brooks talk about the use of SEM and SEO.

James Dodge

Graeme Brooks

which ceaselessly rove the internet

engines accommodating SEO practices

indexing anything from content, search


behaviours and on-site behaviours, to

competition. The more content that

imagery, site descriptions, and time

goes out there, the more algorithms are

sensitivity, all in a bid to offer what they

needed to control it, meaning that the

believe to be the most convenient

prevalence of algorithms in all aspects

online experience. As such, SEM and

of search and site content is now such

SEO are now big money: 93 per cent

that they have evolved to actually

of online experiences begin at the


search engine, optimised search drives

experience and your online content. To

nearly 25 per cent of all online

quote the great Marshall McLuhan -

purchases and the search engine

the medium is the message – and it’s

industry itself is now worth more than

becoming increasingly easy to lose

$16billion annually. The geek has

control of the medium altogether.








inherited the earth, which is why it’s


getting complicated.

competitor clamour and,



This month, and at the risk

and, if written well, also strangely

of cowering behind the

compelling. What’s more, you may then


aegis of post-modernity

notice that for the next few days

algorithmic static, what

from the outset, I thought

Google, Facebook, Amazon, and even

we’d begin with an observation on

YouTube have somehow become privy

precisely why conducting research for

to the fact that you run a website, may

an article on search engine marketing

have a penchant for Giraffe shaped

online has become slightly more

onesies or, by some freak of algorithmic

difficult than it would have been even

conjecture, mature singles dating.

just six months ago. In fact, partly to

Welcome to the world of the optimised

defer responsibility and partly in

search engine, you’ve been here for

demonstration, might I ask that the

some time.

reader tries googling precisely this


subject and takes a quick glance at


what comes up? Anything of use for the


first three pages? Probably not. And the

SEM, and countless more

reason? Algorithmic optimisation. The



countless of


marketing, or

aspects to search engine optimisation,

Google, Facebook, Amazon, YouTube have somehow become privy to the fact that you may have a penchant for Giraffe shaped onesies


or SEO, but the first thing to remember

among you may have

is that each represents a different tier

noticed that almost every

in the online marketing arena.



can you do to increase the likelihood that your website will find its way on to the screens of the 75 per cent of users who only look at the first page of Google results? Here are 5 quick tips to show you how: how ironic. First off, keywords – the cornerstone of any healthy SEO campaign. In simple terms, keywords are a series of choice words which are used to both describe your site’s offering as accurately as possible and in a manner which you hope will then be entered as a search term. They are the first and most essential step in the development



of any SEO strategy and are likely to

search phrase entered

Essentially, SEM covers any actions



feature, in some capacity, in every

now retrieves a series of handy tips,

taken to represent your brand online,

essentially the crawlers

aspect of your site including online

usually entitled something along the

or to represent your brand’s online

are here to help. Always

advertisements, paid for advertising

lines of ‘5 great ways to enhance your

presence offline, whereas SEO is the

remember that it is in the advantage of

campaigns and sometimes social

site’s ranking’ or ’10 tricks to beat

practice of actively optimising your

Google to accurately match your site to

media. Pay special attention to creating

Google’. You may also have noticed

site’s content and layout to increase its

a search query, otherwise we wouldn’t

your targeted keyword catalogue and

that, despite being largely useless, the

search engine ranking. This is achieved

use it and sites wouldn’t pay to

remember the three main principles –

sites you retrieve contain content which

by taking advantage of the hundreds of

advertise on it. The problem, however,


is eerily repetitive, rigidly hierarchised

search engine algorithms, or crawlers,

lies in this combination of search









page tag and the image description.

which may determine how a user

means of filling out your social media


Just as every detail of your site is

searches for your services on a weekly,

content schedule - so don your dressing

overlooked but equally

different, so too should be its

daily and, in the case of some

gown, strategically place a few bean

critical aspect in any SEO

description. By incorporating a series of

industries like eGaming, hourly basis.

stains on your collar for inspiration, and

campaign. Once you’ve identified

choice, accurate and suitably diverse

A blog, for example, is a great way to

get blogging.

which keywords best describe each

keywords for each individual detail, you

demonstrate industry expertise and

page of your site, it is important to let

increase the likelihood of Google being

without which almost all

Google know that you consider them to

able to retrieve your content and offer

SEO efforts are wasted.

be useful. The best way to do this is by

it up to the searcher. This is where

Remember in all cases

making use of page layout: Google will

accuracy comes into play: with any luck

pay more attention to title content than

the searcher will then visit your site,

leader content and more to leader

however, if he/she then realises that

content than body content, so layer

your description wasn’t accurate, they

your messages accordingly. Always

will leave within seconds. Google will

remember the reader, however: as

blame this on poor content and lower

important as it is to catch the attention

your ranking. It, like, knows when

of the crawlers, it is also imperative that

you’re lying… man!



you consider the attention span of the


person on the other side of the screen.

content; the realm of the

It is they, after all, who does the buying.

blog, the news article and

Similarly, conducting a full

the case study. Just as with







The medium is the message and it’s becoming increasingly easy to lose control of the medium altogether

Finally, site navigation,

that all SEO is designed to encourage the searcher to visit your site, and Google will help you wherever it can. After that, however, you’re on your own. In order to ensure the cost-effectiveness of your efforts, therefore, it’s vital that your site is designed to encourage the final sale, telephone call, or email. This means that, through a combination of high quality content, multimedia and imagery, your site needs to hold the visitor’s attention, be easily navigable

all static content, dynamic content can

and basically funnel them to the point

descriptive mechanisms


of conversion. Keep your contact details




on your site can be a very

informative and compelling. Perhaps

effective preliminary exercise.There are

more importantly, however, dynamic

show thought leadership, whilst at the

and try using image links, hyperlinks, or

four major areas in almost every site

content also gives you the ability to

same time ensuring that high

even the odd suggestive title to plan

that demand this kind of attention –

respond to the ever fluctuating shifts in

frequency content is indexed by Google

your route to conversion, the ultimate

the page description, the meta-tag, the

cultural and industry terminology

as often as you see fit. It’s also an ideal

measurement of ROI.

visible in all cases, draw out a site map



UK sovereign downgrade: Medium-term deterioration Moody's decision to downgrade UK government bonds from Aaa to Aa1 (outlook now stable versus negative prior to the downgrade) was surprising only in its timing. A downgrade had been expected to follow the Budget on 20th March as all three agencies had the UK on ‘negative outlook’. 1.2% this year to 2.0% in 2014,

middle-income households by raising

year data for 2011-12). By contrast,

2.3% in 2015, 2.7% in 2016 and

the allowance, partially or largely offset

public sector tax receipts have been

2.8% in 2017.

by further cuts to current expenditure.

much more stable: in the period since

Moody’s - and the other ratings

The UK’s ‘austerity’ programme

2000, fluctuating moderately between

agencies -are predictably vague about

(the inverted commas are still

a high of 38.6% of GDP and a low of

what is the optimal economic policy

warranted) remains fairly tepid. The

36.1%. It is patently clear that the

response. The sovereign rating and the

deficit is being reduced at a pedestrian

UK's prevailing tax structure means

outlook depend to a large extent on the

1% of GDP per year pace from record

substantial deficits are required in order

debt-to-GDP level and trajectory, but

highs, while the 2012-13 fiscal year

to fund existing levels of public

this tells us little about the agency's

has seen some modest slippage, so the

expenditure.Those politicians and lobby

assessment of how such a reduction in

Chancellor has only a small amount of

groups calling for public expenditure to

the debt-to-GDP ratio would be best

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

be maintained (let alone raised) need

achieved.There is certainly no evidence that Moody's is demanding larger fiscal deficits – indeed, Moody's statement warns




commitment to fiscal consolidation.' The Chancellor, George Osborne,

Moody's cited 3 inter-related


reasons for the downgrade:

immediately by pledging to 'redouble'




1. “The continuing weakness in

the government's commitment to

the UK's medium-term growth

tackling the deficit – ie, no fiscal policy


U-turn. Nevertheless, market anxieties

2. “The challenges that subdued

are likely to persist: with the AAA-

medium-term growth prospects

rating having been lost there will be

pose to the government's fiscal

concerns that there is now less

consolidation programme”

incentive for the government to stick to

to explain what structural tax reforms

The 20th March Budget provides an early opportunity for Chancellor George Osborne to reinforce his rhetoric with policy action.

they would implement to raise an additional c.6% of GDP. Bank bonus levies and higher top rates of income tax cannot plug this gap. The




significant political damage and makes a Labour majority at the next election even more likely. Given Labour's critique that the 'cuts' (inverted commas are still warranted) have gone too far too fast, a medium-term UK fiscal loosening is likely. Whilst an incoming Labour government would presumably retain some form of

3. “A deterioration in the shock-

its 'austerity' course. The 20th March

medium-term commitment to deficit


Budget provides an early opportunity

reduction, there is a greater risk of near-




government's balance sheet”. Moody's expects both the weak

for the Chancellor to reinforce his

leeway for policy action if he is to be

term loosening, the medium-term pace

rhetoric with policy action.

able to credibly claim to be sticking to

of reduction would be slower, and there

‘Plan A’.

would be less ideological commitment

growth outlook and the fiscal

We do not expect any meaningful

challenges to 'extend into the second

change in the UK fiscal stance, though

The UK's fiscal 'problem' is

to smaller deficits. The current

half of the decade' – markedly more

the Budget is likely to bring some

fundamentally an expenditure one:

Chancellor, who has a clear ideological

pessimistic than the official UK Office

minor tweaks to the mix of fiscal policy:

Total Managed Expenditure (TME) has

commitment to fiscal consolidation and

for Budget Responsibility (OBR)

the announcement of a few trophy

surged from a low of 34.5% of GDP in

a smaller State, has made only modest

forecasts which show Gross Domestic

public investment expenditure projects,

2000-01 to a peak of 47.4% of GDP

in-roads into reducing the deficit.

Product (GDP) growth picking up from

possibly a further tax cut for lower- and

in 2009-10 (45.2% on the latest full-

Markets will have to take a view about


the medium-term outlook with a government which harbours no such commitment. It is the medium-term outlook which will (rightly) trouble gilt and currency markets. The next general election is scheduled for May 2015 and it is extremely unlikely that the downgrade will bring forward the election (technically, the government would have to lose a confidence vote in the House of Commons to force an early election). Nevertheless, the political terrain will become more difficult as a result of the downgrade and the loss of

The downgrade does inflict significant political damage and makes a Labour majority at the next election even more likely.

11 Downing St. Nor is there any

borrowing figures (e.g. Bank of

obvious replacement for Mr Osborne.

England coupon payment transfers)

The downgrade is of primarily

and the mix of fiscal policy has been

symbolic significance. It does not feel


as significant as sterling's ejection from

investment expenditure while current


expenditure continues to rise). Perhaps







Mechanism (ERM) in 1992 which put


the nail in the coffin of the

government's bark being worse than its

Conservatives' reputation for economic

bite: modest real fiscal tightening

competence. Public attitudes remain

alongside much more aggressive

somewhat mixed: there is a recognition

rhetoric. Moody's is right to say the UK

of the necessity of fiscal consolidation,

needs faster growth. It is increasingly

but criticism surrounding the way it is

clear that ether more monetary policy

being implemented.

loosening and/or or a reversion to





In conclusion, the sovereign

(even higher) deficit-financing cannot

downgrade is partly bad luck (weaker-

achieve this. If the UK wants faster

political debate around economic policy.

than-expected growth in the UK’s main

growth it needs to embark on serious

We think it is unlikely that Mr

export markets and UK corporates’

supply-side reforms. Unfortunately,

the AAA-rating will tend to define the

Osborne will be replaced, primarily

relations between Prime Minister and

ongoing reluctance to spend their

there is little sense that the political

because the symbolism of this might

Chancellor have traditionally been a

substantial cash-pile), partly a self-

class has any appetite for this. Things

well be self-defeating: it might signal

harbinger of wider political decay.There

inflicted wound. The government

will seemingly have to get worse before

that the government wants to adopt a

is no fundamental difference of view

resorted too readily to various

a consensus emerges in favour of

looser fiscal stance and a breakdown in

over fiscal policy between Nos. 10 and

accounting ruses to flatter the headline

structural reform.



Does your business need a Media Diet? I must concede that because it was November and we planned to start in January I thought,“What the hell - it would all be forgotten about by then”. Not so . . . six of the Manx Radio staff signed up for the initiative and we all had to give a reason for our wanting to lose weight. One person wanted to get back into her favourite jeans, another was getting married and wanted to look trim for the big day. I simply wanted to feel good about

By John Marsom, Business Director, Manx Radio

myself again as, for the last couple of years, I have been on a constant diet!

Not a proper one you

understand, one that was telling me what I wanted to hear!

more than ‘just losing weight’, it is a

to achieve it? Are you doing things

Since we last spoke I am over

You know the type of thing, and

change of lifestyle and an understanding

because you want to do them or because

18lbs lighter in weight! No I am

eating salad in the evening and having

of what food does to our bodies. That is

it’s good for the business?

not ill, had surgery, or anything

a skinny latte on the way to work doesn’t

the key point -understanding. It has not

Have a look at the media you are

else that causes one to lose

work. Eating light all through the week

only helped me get back into suits that

using - is it effective? Is your business

weight suddenly - I simply

not counting the chocolate Hob Nob’s

have been sidelined for a couple of years

on a diet of high cost mail shots that are

decided the time had come to do

and binging on a curry at the weekend

but it has reinvigorated my love of

returning 1% or less of your enquiries?


doesn’t either! So I was in a constant

cooking and lowered my weekly

What would you consider an effective use

loop of expectation, wondering why I

shopping bill, as nothing is wasted

of your hard earned cash? Your business




growing weight problem. This all started back in November

wasn’t fitting into any of my clothes

Now that brings me nicely onto the

could be ‘obese’ with too much media.

at our ‘Heroes in the Community

comfortably and getting more and more

media in this month’s column: I visit a

Cut out the Hob Nob’s, - the wasted

Awards’, where Manx Radio and its

depressed about it.

lot of companies every month and the

meetings about media that are just there

charity Dream Catcher honour the

first thing I do is a ‘Business profile’ to

to be sold and will have no impact on

‘ordinary people’ in our Manx

find out about their business and

your success. (other chocolate biscuits

community. The recipient of the ‘Heart

business needs. When I ask why they use

are available by the way!). Have

of Gold’ award was one Jo Pack, a

certain media you would be amazed at

breakfast every day - update your

what some say: “Well we have always

Facebook pages. Review your results

used that” or “We think it works” or “We

daily, not monthly. Most important of all,

don’t really know but the rep gives us a

take action on the results - stay in control

nice calendar every year!”

of your media.

lovely lady hailing from the West of the Island. After all awards were concluded I got chatting to Jo and she asked me if Manx Radio would be interested in a sponsored weight loss programme,

I have found that Weight Watchers is

It’s a good idea to give your business a ‘media health check’ on a regular basis

The fact is, using media is a bit like

Just like dieting, there will be

trying to lose weight - if you have no real

temptations along the way and you will

reason for doing it or desired end result,

have to learn to deal with them through

then it’s pointless. So it’s a good idea to

advice and support. Using media well

give your business a ‘media health check’

and in the right quantities will keep your

I am fat!” 2 - “Sure, that would be a lot

on a regular basis. What are you trying

business healthy until it is no longer a

of fun!” Luckily, it was the latter.

to do and how are you currently trying

diet but a way of life.

with proceeds going to Dream Catcher, as she ran a Weight Watchers group in Peel. Well I suppose I could have taken that one of two ways: 1 - “So you think


Buying a car in the Isle of Man has never been easier, that’s if you pick up a vehicle from Car Locator, where we specialise in sourcing the exact car that you want in the shortest time possible. We can supply all makes and models, new or pre-owned. No matter how specific your requirements may be, if it’s out there we’ll find it. We have an unrivalled knowledge of the car market gained from over 50 years experience. Through that time we have gained a huge contact base both nationally and internationally. Due to this we are able to offer you the best deals and discounts available with no compromise on quality. At Car Locator we are completely independent and, therefore, can sell any car from any manufacturer. This means we can offer customers impartial advice, a flexible bespoke service and find the car to which you are best suited.

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Our Showroom: John Ingham, Derby Road, Ramsey, Isle of Man, IM8 1DA


Work Begins on Phase 2 A year’s worth of major successes for

achievements.Through fostering a sustained commitment to cutting edge design and

2012 looks likely to continue for The

the latest technologies, we aim to continue on our clear vision to create the leading

Claremont as it embarks upon Phase 2

business class destination and positioning ourselves irrevocably at the pinnacle of the

of a multi-million pound refurbishment

Island’s premium hospitality culture. It is important that we as an industry take

project which will cement the 4-star

responsibility for our reputation overseas and endeavour to lead the way in meeting

Silver establishment’s reputation as

the standards suggested by our economic status. As such, our guest facilities are

the Island’s foremost boutique hotel.

unrivalled anywhere else on the Island and I believe that an investment of this scale

Following months of intimate design consultancy and planning, Sleepwell Hotels has enlisted the expertise of renowned Berlin based interior designers, Bernreider, Sieweke,

Mark Wilson

will secure The Claremont’s international acclaim well into the future.”


Lagemann Architekten, to transform The

Claremont’s reception and ground floor facilities into a premium lounge and meeting space designed with the discerning international traveler in mind. Contrary to many in the UK’s tourism and hospitality sector at present, this further £1million investment into Sleepwell Hotels’ flagship destination will see a complete structural and stylistic revision of The Claremont’s entrance, reception, lounge/bar and hotel lift keeping with Phase 1 of the long-term project. This £2million+ last phase saw the wholesale refurbishment of every one of the hotel’s rooms into cutting edge and stylish suites, and resulted in the conferral of a raft of awards over the course of 2012 including the UK Hotel Awards Highly Commended Hotel Interior, the Visit Isle of Man Silver Award, a Trip-Advisor Certificate of Excellence and Winner of the Isle of Man Newspapers Company of the Year. Due for completion in Spring 2013, Phase 2 signifies a clear investment in The Claremont and the Isle of Man’s tourism and hospitality sector as a whole, placing a particular emphasis upon meeting the needs and expectations of the discerning

Ingredients (Serves 2)

business and leisure visitor that has been emerging on the Island over recent years. Plans for implementation include the commissioning of a series of bespoke furnishings - including a brand new automated glass entrance, natural black granite flooring in both the restructured reception and lounge, brilliant and highlighted interior finishing and a series of luxury furnishings designed to accentuate the contemporary European open-plan interior. Although sourced from destinations throughout the UK and Europe, structural and aesthetic alterations will be carried out via a prolonged investment in local craftsmen. Commenting on the project, Mark Wilson, Managing Director of Sleepwell Hotels said: “These are exciting times for The Claremont Hotel as we build upon last year’s


• 1 side of smoked haddock • 3 large potatoes • 1 shallot • ½ glass of white wine • ¼ pint of double cream • 1 tbsp whole grain mustard • 2 free range eggs • 1tbsp white wine vinegar • Knob of butter • Salt & pepper

Locally Smoked Haddock and Creamed Potato with a Poached Egg and Wholegrain Mustard Cream. Method Peel the potatoes, cut into cubes and boil until soft. Once soft, mash the potatoes until smooth then add the knob of butter and ¼ of the cream. Season with a pinch of salt and pepper. For the sauce: Finely dice the shallot and lightly fry in olive oil until soft. Then add the wine and reduce by half. Add the cream and the tablespoon of whole grain mustard, salt and pepper to taste. Fry the haddock skin-side down for 1 minute then transfer to an oven at 180° for 4-5 minutes. Bring a small pot of water to a simmer and add the tablespoon of white wine vinegar. Then add the 2 eggs and poach for 2-3 minutes. Assemble the dish as shown on picture.




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fryers Bell & Co, 27, Athol Street, Douglas. Tel. +44 1624 639850

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

Grant Thornton, 3rd Floor, Exchange House 54/58 Athol Street Douglas Tel: 44+ 1624 639494

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Noble & Co, Abacus House, Mona Street, Douglas. Tel. +44 1624 624633

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

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

PKF (Isle of Man) LLC, Analyst House, 20-26 Peel Rd., Douglas. Tel. +44 1624 652000

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

PurpleAccounts, Salisbury House, Victoria Street, Douglas. Tel: +44 1624 618002

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

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

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

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

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

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

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

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

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

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

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

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

David Wilcock B.Com, FCA, Pine View, Glen Vine Road, Glen Vine. Tel. +44 1624 855110

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

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

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


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

KPMG, Heritage Court, 41, Athol Street, Douglas. Tel. +44 1624 681000 PO Box 25, 26-28 Athol St, Douglas, Isle of Man IM99 1BD +44 (0) 1624 662020

In association with

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

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

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

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

Cains, 15-19 Athol Street, Douglas. Tel. +44 1624 638300

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

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

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

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

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

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

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

Corlett Bolton & Co., 4, Finch Road, Douglas. Tel. +44 1624 676868

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

Dougherty Quinn, The Chambers, 5 Mount Pleasant, Douglas. Tel. +44 1624 626999

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Alliance & Leicester International (IOM) Ltd, P. O. Box 226, 19-21, Prospect Hill, Douglas. Tel. +44 1624 641888

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

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

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

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

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

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

Britannia International Ltd, Britannia House, Athol Street, Douglas. Tel. +44 1624 681100

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

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

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

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

HSBC Bank PLC, HSBC House, Ridgeway Street, Douglas. Tel. +44 1624 684800

HSBC Bank International Ltd, HSBC House, Ridgeway Street, Douglas. Tel. +44 1624 684871

HSBC Custody Services (Isle of Man) Limited, 12-13 Hill Street, Douglas. Tel. +44 1624 637777

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

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

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

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

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

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

Permanent Bank International Ltd, 5, Hill Street, Douglas. Tel. +44 1624 673373

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

Santander UK PLC, 28/30 Ridgeway Street, Douglas Tel. +44 1624 644900

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

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

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

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

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



ISLE OF MAN BUSINESS DIRECTORY INVESTMENT COMPANIES Abacus Trust Company Ltd, Sixty Circular Road, Douglas. Tel. +44 1624 689600

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

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

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

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

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

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

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

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

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

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

GAM Administration Ltd, 11 Athol Street, Douglas. Tel. +44 1624 632632

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

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

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

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

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

Louis Group (IOM) Ltd Louis Building, 29 Bucks Road, Douglas Tel: +44 1624 649200

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

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

Nedgroup Investments (IOM) Ltd., 1st Floor, Samuel Harris House, 5-11 St George’s Street, Douglas. Tel. +44 1624 690800

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

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

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

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

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

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

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

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

Canada Life International Ltd., Canada Life House, Alexandra Road, Castletown. Tel. +44 1624 820200

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

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

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

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

HPB Assurance Limited, IOMA House, Hope Street, Douglas. Tel +44 1624 681200

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

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

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

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

Royal London 360° Insurance Company Limited Royal London House, Isle of Man Business Park, Douglas Tel. +44 1624 681681

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

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

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





Douglas Port Erin Castletown

THE ISLE OF MAN . . . Capital




Land Area

572 sq km - 227 sq miles

Population density

133 people/sq km (336/sq mile)


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

Longest River

Sulby, 17km - 10.5 miles

Highest Peak

Snaefell, 621 metres, 2036 feet

Head of State Lieutenant Governor

A Global Partner

Her Majesty the Queen, Lord of Mann His Excellency Mr Adam Wood

Chief Minister

Hon Allan Bell MHK

President of Tynwald

Hon Clare Christian MLC

Speaker of House of Keys Hon Steve Rodan SHK

Taxation allowance

The Isle of Man is a leading international business centre renowned for its innovation, professionalism and long standing policy of positive engagement with international initiatives and standards. The Isle of Man operates a policy of low taxes with a standard rate on individuals of 10%, a higher rate of 20% and generous personal allowances. There is a cap of £115,000 on the amount of income tax payable by an individual each year. The Isle of Man strives to be a model of political stability and financial supervision and has long been committed to international standards of tax transparency. There is no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax. Single Person: £9,300 Married Couple: £18,600 Single Parent: £15,700

The Department of Economic DeDepartment of Economic Development velopment’s financial assistance scheme offers support to qualifying businesses (up to): 40% equipment grants 40% building grants either for new build or for rents payable; 40% revenue grants




Barclays Wealth & Investment Management in the Isle of Man has announced the appointment of Joanne Clucas to its Central Treasury team. Jo joins Barclays as head of the locally based Central Treasury Team after five years with AIB in the Isle of Man. She brings with her over 12 years of treasury experience and 16 years in the local finance industry. Jo said: ‘I am very excited to be joining the team at Barclays and will be focussed on delivering exceptional client experience in order to foster greater client engagement and ensuring that all of our customers receive the best service possible.’ Jo will be responsible for supporting the delivery of bespoke treasury services to a range of clients from internationally based private clients to multinational corporations and joins one of the largest offshore treasury operations outside of London. Jo holds the ACI Dealing Certificate and the Chartered Institute of Securities and Investments, Investment Operations Certificate. She is currently studying for the Chartered Institute of Securities and Investments, Investment Dipolma. Head of FX and Sales Trading at Barclays Wealth & Investment Management Isle of Man, Peter Sutton said: ‘I am very pleased to be able to welcome Jo to the team. She is a strong addition who will help to deliver our global strategy for foreign

Peter Sutton, Joanne Clucas

exchange and money markets. We are looking forward to working with her and benefitting from her vast experience and knowledge of the market.”


Minister and supported by a civil servant of Chief Officer rank. In his new position in the Chief Secretary’s Office Mr Kniveton will be reporting,

The Chief Secretary’s Office has announced the 12-month secondment of a

through the Chief Secretary, to the Business Change Steering Group, a Council of Ministers

Chief Officer to support the comprehensive review of Government services

sub-committee chaired by Treasury Minister Eddie Teare MHK, which is overseeing the

that is taking place this year.

review of service delivery by all Departments, Statutory Boards and Offices.

Colin Kniveton takes up the role following his return from Sark, where he has been

Colin Kniveton has experience of both the public and private sectors, having worked

working for the past four months to assist with the establishment of a modern and

in financial services prior to joining the civil service in 1998. He moved to theTreasury in

democratic system of government. The review of services is part of the Council of

2001 and in 2006 was appointed Chief Officer of the then Department of Agriculture,

Ministers’ response to the 2012 Scope of Government report, which recommended that

Forestry and Fisheries. In April 2010 he was selected to become Chief Officer of the

the central promotion of alternative means of service delivery should be headed by a

newly formed Department of Economic Development.


NFU MUTUAL The UK’s leading rural insurer NFU Mutual has announcede the appointment of Eric Taggart as its new Local Director for the Isle of Man. Through his role, Eric will liaise with agricultural business owners and the local community on the Isle of Man to ensure member views are represented. David Wilkinson, Senior Account Executive for the NFU Mutual Douglas agency, said: “It is great to have Eric on board and we wish him every success in his new


role.The role of Local Director, which reports to the Regional Advisory Board of NFU Mutual, remains fundamental to the member-owned organisation to ensure it continues to represent the views of the local rural community.” Eric is a well known and highly respected local farmer in the south of the Island. He jointly owns Billown Farms Ltd, a beef farm, with his brother Geoffrey. Previously, Eric was the Vice President of the Manx NFU for four years and a Council member for over forty years, as well as a member of the Isle of Man Milk Marketing Board for twenty years, seven of which he served as Chairman.

APPOINTMENTS In association with

Barry Isle of Man Business Park, Douglas


Call 618080

to our clients which couldn’t be achieved without the dedication and commitment of our relationship managers and support staff.’ Following a busy 2012, Barclays Wealth & Investment Management in the Isle of Man has welcomed three new experienced bankers to bolster the existing Business Banking team. The appointments comprise a new Head of Business Banking - Aidan Doherty - and two relationship managers Brian Cocker and Kelly McKeating. Between them they bring over 75 years’ relevant experience and their previous roles encompass broad international banking experience in positions in countries including Ireland, the UK, the Cayman Islands and the Isle of Man. Supported by professional international relationship managers, the Barclays Wealth & Investment Management Business Banking team works directly with international and locally-based businesses.The Business Banking offering includes

The Local Markets Team at Barclays Wealth & Investment Management

a full range of tailored international banking services, day-to-day banking

in the Isle of Man has recently been strengthened through a

requirements, foreign exchange, treasury and investment products and services,

restructuring of the core team.

supported by world-class regulatory and compliance arrangements, backed by, and

Nikki Taylor has been appointed Head of Local Markets after 11 years with the

with access to, the global resources of the Barclays Group.

organisation. Nikki relocated to the Isle of Man in 2001 with her husband who

Aidan Doherty, Head of Business Banking said: ‘I speak for the three of us in

has roots in the Island; his late grandfather was Peel Viking, George Cowley. During

saying that we are thoroughly enjoying and relishing our roles within Barclays

her time with Barclays, Nikki has progressed her career through a number of roles

Wealth & Investment Management and are pleased to be adding to and building

and has managed international Premier Clients for the past six years. Nikki has

on the experience and specialisms of the Isle of Man-based team to further promote

significant experience in wealth management, investment solutions, foreign

the breadth and quality of banking services to both international and Island

exchange, trusts and a track record for providing outstanding customer service.

business clients.

She helped launch and promote the Women’s Initiative Network in the Isle of Man and is also an active member of the Barclays Private Clients (IOM) Board. Nikki is joined in the Local Markets team by three relationship managers:

‘Our philosophy is very much based on relationship banking – delivering relevant and market-leading products and services to clients based on our experience and knowledge.

Jarlath McQuaid relocated to the Island from Co. Down, Northern Ireland in

‘The Isle of Man has many benefits as a banking base for international

2006. He is experienced in international relationship management including

businesses including trade access to the London Stock Exchange, over 30 Tax

lending, trusts, investment management and succession planning.

Information Exchange Agreements and Double Taxation Agreements, as well as its

Richard Skillicorn has been with the Barclays Premier Banking Team as a relationship manager since 2008 and has over 12 years’ experience within the Isle of Man finance sector. Bernadette Foody joined Barclays in 1999 having completed a marketing degree at Dublin City University and has held the position of client relationship manager since 2007. The team of relationship managers is supported by two relationship executives, Carolyn Carroon and Courtney Moffat and the team is further supported by

OECD white-listing, FATF recognition, and IMF validation.’ Stuart Nelson, Head of Corporate at Barclays Wealth & Investment Management, said: ‘It’s a perfect time to welcome Aidan, Brian and Kelly along with all that they bring to enhance our Business Banking offering. ‘Following the continued growth we have achieved over the past three years, it’s great to be able to bring such relevant and invaluable experience to the team. All three will undoubtedly further enhance our Business Banking offering to clients both international and on-Island.’

Brendan Murphy, a specialist investment adviser. Brendan joined Barclays in 2006

‘This is an exciting time for Barclays Wealth & Investment Management in the

and specializes in structuring solutions around clients’ personal circumstances to

Isle of Man; a combination of work in their own distinct sectors by our Business

meet their specific needs.

Banking team and our Intermediaries team is helping to win encouraging levels

Nikki said: ‘It is a real pleasure to be heading up such an experienced and knowledgeable team. It is our aim to provide the very best service and experience

of new business for the Isle of Man as a jurisdiction, in particular from our core target business development areas of India, the USA and Africa.’




development of our business as a director of the company is an extremely enticing prospect and a challenge that I will thoroughly enjoy. “Since joining the team at Boal & Co, Managing Director Gary Boal, Director Mark Kiernan and our team of consultants have provided huge support and encouragement in my role, enabling me to broaden my pensions experience and knowledge to encompass the wide range of clients and over $1 billion of pension funds that we oversee and administer on their behalf. “The last three years have presented some major challenges in respect of changing legislation and client requirements and together we have proactively responded to this and continued to grow an already successful pensions business.” Gary Boal explained: “Pensions is a dynamic business, bringing with it constant

Karen Kelly

changes in regulatory requirements, client requirements and new markets. Our

Boal & Co has announced the promotion of Karen Kelly to the Board

international pension clients include some of the world’s largest and best known

of Boal & Co (Pensions) Ltd, its regulated pension administration and

companies, who expect the best possible service. Karen is a very experienced

trustee subsidiary.

pensions professional, and has proven herself in this demanding environment.”

Karen first joined the Boal & Co team in 2010 as a Senior Consultant in the pensions team.

Karen added: “My brief is to work with Gary and Mark to ensure that Boal & Co remains at the forefront of the international pensions industry and to reinforce

Karen said: “I’m delighted and honoured to have been asked to join the Board

our core proposition of Trustee and Administration services to corporate and

of Boal & Co (Pensions) Ltd. Our international pensions business has grown hugely

personal clients, wherever in the world they may be. We have some interesting and

over the last three years and the pace of growth is poised to continue, with new

exciting developments in the pipeline which I’m sure will keep me very busy in

initiatives in the pipeline. To be able to contribute directly to this and to the

my new role.”



The Sefton Group has announced the appointment of Andy McGrath as Head Chef at The Sefton. Andy, who has been with the Sefton Group for six years, has been promoted to the role of Head Chef, having previously been Sous Chef at the hotel. “I’m really excited about my new role and am looking forward to both the challenges and the rewards that it will bring,” said Andy, 45, who lives in Castletown. “I’ve enjoyed my time as Sous Chef and feel ready to step into the role of Head Chef and bring my experience and passion to the position. “The most satisfying part of my job is meeting customers who have eaten and enjoyed my food. It brings a great sense of achievement and makes all the hard work worthwhile.” Adrian Brockhouse, Director of Hotels and Leisure for the Sefton Group, said: “We are really pleased to offer Andy this promotion. He has extensive industry experience and an enthusiastic attitude, which will be of great benefit to The Sefton.” The Sefton Group Plc is a Manx company, which has been under public ownership since 1923. It encompasses many of the Isle of Man’s most prominent

Andy McGrath

brand names in the hospitality, leisure and property arenas, employing more than 300 staff.


In association with

Barry Isle of Man Business Park, Douglas


Call 618080

The Manx Insurance Association (MIA) has unveiled Pete Ashton as its new Secretary. Pete has over 50 years experience in the life assurance business, of which the last 25 have been based in the Isle of Man. Pete’s career has seen him work in a Sales, Marketing and Technical Services capacity for some of the Island’s largest life assurance offices. He worked for Allied Dunbar (now Zurich International) for over 25 years, the last 8 of which were in the Isle of Man. After that Pete spent 11 years with Scottish Provident International (now Royal London 360°) and then finished his career at Friends Provident International, from where he has recently retired. Pete takes over as Secretary of the MIA from Jim Hardie, who has been in the role since 1995. Pete said: “I’m delighted to accept the invitation to become Secretary of the MIA, I know I have big shoes to fill following the hard work and committed service Jim has given the MIA for many years, but I’m looking forward to this new challenge.” Commenting on Pete’s appointment, MIA Chairman David Kneeshaw said: “The MIA plays a leading role in promoting and raising the profile of the life assurance industry on the Isle of Man and so I’m really pleased we have been able to appoint

Pete Ashton

someone of Pete’s experience and knowledge as our new Secretary. I’d also like to thank Jim Hardie for his many year’s of dedicated service.”

BARCLAYS WEALTH Barclays Wealth & Investment Management has welcomed Steve Clarke to its senior management team as Director of Offshore and Local Markets, based in the Isle of Man. Steve takes up his new role at Barclays following the retirement of Island Director Ian Hodgkinson in December, after a 40 year career with the organisation. He joins from Lloyds where he has most recently served as Area Director, Mid Markets for the Thames Valley and South region. Prior to his time with Lloyds, Steve spent a number of years with the RBS Group as well as at Barclays where he gained experience working as a Corporate Director in the UK and a number of International locations including Botswana, Seychelles and South Africa. In addition to his extensive experience, Steve also holds a range of qualifications including a BSc (Hons) in Financial Services, a Port Graduate Diploma in Management and is an Associate of the Chartered Institute of Bankers. He is also in the process of undertaking a Masters in Banking Practice and Management. In his new role, Steve will be responsible for the personal client and corporate businesses at Barclays Wealth & Investment Management in the Isle of Man, understanding the needs of a broad range of clients and creating opportunities to increase business and improve the service delivered. Steve’s remit will cover three main areas: intermediaries, corporates and personal banking. Steve said: ‘I am delighted to be joining the senior management team at

Steve Clarke they are colleagues, clients or business stakeholders.’

Barclays Wealth & Investment Management in the Isle of Man. I am very much

Managing Director of Barclays Isle of Man, Simon Scott, said: ‘I am very pleased

looking forward to working with the teams across the various areas of the business

to be able to welcome Steve to our team in the Isle of Man. He brings with him an

to ensure that we are providing the support and level of service that our clients

impressive track record and both practical and relevant experience in the financial

require and deserve. Our goal is to help people achieve their ambitions, whether

services industry which will be an invaluable addition to the business.’




Continent 8 Technologies, an award winning multi-jurisdiction hosting and connectivity provider, have appointed Roberta Castle as account director based at the company’s head office in the Isle of Man. Peter Williams, global sales director for the group commented: “Roberta is a great addition to our team and joins us as we embark on an expansion of our Isle of Man data centre, which will also see us achieve ISO27001 information security accreditation. She brings along a wealth of local knowledge and experience within the offshore business community, where she is highly regarded for her ability to deliver outstanding customer service. Peter continued: “Continent 8 are keen to demonstrate our commitment to the Isle of Man and to continue to develop our relationships with all sectors of the island’s business community. Roberta will be key to this, supported by our existing local team.” Roberta joins Continent 8 after seven years with Manx Telecom where she was a corporate account manager responsible for the company’s key strategic accounts. Roberta said: ‘Continent 8 is a progressive, agile company with a portfolio of products and services that I believe offer unique benefits for both local and global customers. Offering connectivity solutions that are entirely owned and managed by Continent 8 enables us to offer a single point of contact and responsibility for global companies. I am very much looking forward to creating greater local

Roberta Castle

awareness of Continent 8, whilst strengthening and building on existing customer relationships.”


Isle of Man Portfolio  

Business magazine relating to the Isle of man as a financial centre of excellence

Isle of Man Portfolio  

Business magazine relating to the Isle of man as a financial centre of excellence