PwC delivered their annual tax conference at the Sefton hotel on Wednesday 21 May to an audience of around 100 local business people.
The event consisted of a number of presentations providing commentary on the most relevant tax issues for the Isle of Man and also looking ahead to what may be on the horizon.
Kevin Cowley, Tax Partner, opened the proceedings with a summary of the key economic and political issues that the Island faces at the moment to set the scene for the rest of the presentation.
Kevin then introduced the guest speaker, Nicola Guffogg, Assessor of Income Tax, who presented on the international tax issues impacting the Island, specifically with reference to the tax transparency agenda and the global move to automatic exchange of tax information between countries. Nicola highlighted that the Isle of Man has played a leading part in such moves and that this should position the Island well to remain as a competitive offshore financial centre.
Moving to indirect tax, Phil Morris, Tax Senior Manager, went on to discuss recent VAT developments and how they are relevant to local businesses. One particular issue addressed was the impending changes to the place of taxation rules for certain telecoms, broadcasting and electronically supplied services which could create an opportunity for the Island in its effort to be a progressive Ecommerce jurisdiction.
Following on, Ben Holloway, Tax Manager, highlighted a number of key UK and Isle of Man personal tax developments including recent Manx legislation on personal service companies and changes to the tax cap provisions which have been subject to much discussion locally. Ben then summarised UK tax changes impacting UK property and some developments on inheritance tax.
The presentations were rounded off with George Sharpe, Tax Director, highlighting how we could have perhaps predicted recent headline tax changes in the Manx budgets as well as providing some speculation on potential future changes.
Proceedings concluded with an interactive exchange between the guests and the speakers on issues raised in the presentations.
Commenting later, Kevin said "the event was a great success and helps to demonstrate how PwC strives to provide value to its clients by giving insight into the business issues of the day, providing practical and business friendly advice and assistance".
