A Grant Thornton seminar discussing the latest developments in UK-related taxation issues was attended by almost 70 delegates from leading Island corporate service providers, legal and trust firms, and banking and investment businesses.
The event, at the Sefton Hotel in Douglas, was addressed by three leading tax experts from Grant Thornton, and chaired by Richard Ratcliffe, partner at Grant Thornton in the Isle of Man.
Manchester-based Grant Summers, who leads a national team which has successfully negotiated settlements for numerous clients facing complex HM Revenue & Customs issues, explained the latest HMRC investigation activity and current disclosure facilities to the audience.
His colleague John Loebl, a partner in Manchester and member of the national tax management team for Grant Thornton, outlined current tax planning opportunities for non-UK domiciled individuals and the use of offshore trusts. His presentation was an opportunity for Island businesses to hear from one of the UK’s leading specialists in dealing with the corporate and personal tax affairs of entrepreneurs with a particular emphasis on planning for non-domiciled individuals.
Andrew Westhead, a partner in Grant Thornton’s Yorkshire tax team specialising in advising entrepreneurial businesses, provided a detailed update on the latest position of beneficial corporate reliefs, equity reward and remuneration structuring.
Grant Thornton Isle of Man Senior Partner Dennis McGurgan said: “In order for the Island’s financial services sector to remain at the cutting edge of the industry globally, it is vital that we are kept fully up to date with the latest developments in areas such as UK taxation, which can have such a major impact.
“We were delighted to provide our colleagues in areas such as corporate service provision and trust management the opportunity to hear from leading experts in the field of UK-related tax matters and give them the benefit of the global expertise of Grant Thornton. I am very pleased so many industry leaders attended and we look forward to bringing more experts to the Island to provide such updates in the future.”