RESPECTED academic Richard Teather was the speaker chosen for the first annual client reception by Appleby when he gave a presentation on the value of low-tax jurisdictions.
Mr Teather has worked with the IFC Forum, of which the Appleby Group is a founding member; a regular speaker at conferences across Europe, he is a specialist in taxation taking a multi-disciplinary perspective that combines law, business experience and policy.
He gives advice to political parties, think tanks and business organisations, and was expert adviser on tax to the Scrutiny Panel of the States of Jersey. More than 100 guests attended the talk, held in the Manx Museum’s lecture theatre, which was followed by a champagne reception in the National Art Gallery.
The Appleby partnership, which provides legal, administrative and fiduciary services, was also celebrating the eighteen successful months since Dickinson Cruickshank joined the Appleby Group. The event featured a presentation by Richard Teather who is Senior Lecturer on Tax Law at Bournemouth University Business School.
Mr Teather reasserted the case for low taxes on the Island, stating that tax havens do not just benefit their own economies and the finances of wealthy and mobile individuals, as is often suggested. He argued that in fact they directly benefit the high tax jurisdictions, such as those in mainland Europe, that are behind the pressures on offshore jurisdictions.
Mr Teather used statistical data backed up by an engaging and lively presentation style to make the point that high tax burdens are always shouldered by workers and that, by removing tax burdens on international companies, places like the Isle of Man increase employment and investment levels in the larger countries where manufacturing and services are based.
He claimed that this was not a matter of real dispute amongst economists and indeed the idea that low taxes not only improved growth but also tax revenues was in fact “the economic mainstream”. He warned against the shallow appeal of EU policies such as the common tax base, which is one of “a lot of dangers out there” for low tax jurisdictions.
“Rather than holding the usual drinks event, we thought we would engage with our clients and invite someone over who understands the difficulties the Isle of Man is suffering from at the moment, particularly in relation to the pressure being exerted from the EU and the OECD,” said Appleby partner Nick Verardi. “Richard was a very entertaining speaker, but I think the real value was making people understand that we are not alone in our approach to economic realities.”
He added, “Appleby is one of the founding members of the International Financial Centres Forum and we are firmly committed to global cooperation in protecting beneficial economies like the Isle of Man. We would positively encourage people and organisations to look at joining forums like this.”
The event also marked the retirement of former senior partner, Paul Morris, who introduced Mr Teather. Speaking after the lecture, Nick spoke of how much all of the staff at Appleby had enjoyed working with Paul and thanked him for his contribution over the years. Paul will be staying on as a consultant for a number of years to come.
Paul Morris said, “I have thoroughly enjoyed my time with both Dickinson Cruickshank and Appleby. Above all they are wonderful people to work with and I’m looking forward to working with them in a reduced capacity in the future.
“I am really only retiring as a partner; after a three month sabbatical I will be returning as senior counsel for three days a week. I would like to thank Nick for his kind words and for reminding me of all the great changes and modernisation I have seen during my time with the partnership.”
