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Newsletter | Articles Isle of Man Budget Rationalises Statutory Payments Allan Bell, the Isle of Man Treasury Minister, announced on March 20 the rationalisation of corporate statutory payments to the government, the completion of a review into the Island’s funds sector and the establishment of a £20m economic development fund. Statutory Payment Until this year there were two statutory payments: The Annual Return filing fee of GBP 70 payable to the Companies registry at the Financial Supervision Commission (FSC) and The annual Corporate Charge of GBP 250 payable to the Isle of Man Government Treasury The legislation with regard to the corporate charge was repealed with effect from 5 April 2007. The Annual Return filing fee has been increased from GBP 70 to GBP 320, which represents no overall increase in the two combined fees. The FSC will be responsible for collecting the new single fee. There are certain exceptions for dormant companies and transitional arrangements for companies in arrears. The FSC has issued a new form for Annual Returns dated from April 6 2007. This is a sensible rationalisation designed to make company administration simpler. The change was recommended by the Association of Corporate Service Providers of which ILS is an active member. Fund Report The report is the result of an in-depth review chaired by international funds expert Paul Smith, previously global head of the alternative fund services division at HSBC, and is one of the measures Bell unveiled in the Budget designed to further advance the economy over the next five years. Bell claims the report identifies areas of “huge financial growth” and will be followed by similar high level reviews for the Island’s banking and captive insurance sectors. The main objective of the recommendations in the Smith Report is to ensure the Island’s funds industry is in a position to achieve, by 2010, $50bn of funds under management and $100bn of funds under administration. In addition, it aims to position the Isle of Man as a location for the domiciliation of specialist institutional funds in the alternative and closed-ended fund sectors and as a preferred jurisdiction for the establishment of front and middle office operations for global fund managers. The report's recommendations follow on from the recent implementation of the Island’s new package of measures to attract business, consisting of the introduction of 0% Corporate Tax, a £100,000 annual cap on personal income tax and the modernisation and streamlining of the Isle of Man Companies Act. Economic Development Fund In addition, the Treasury Minister announced the establishment of a £20m economic development fund which will offer financial support to new businesses, although it will prioritise “high value opportunities” which provide the best prospects for fostering economic growth and inward investment. For further information contact Karen Jones.