Jersey envious of Isle of Man's situation
5th March, 2013
A recent article in the Jersey Evening Post bemoans the fact that the Isle of Man appears to be riding the financial storm better than their own Island.
The Isle of Man's position on financial regulation is different from Jersey in that it appears to be much keener to adopt new international business standards, even where there isn’t a level playing field yet. The Isle of Man recently announced that it will sign FATCA-like agreements allowing automatic exchange of tax information with the US and the UK. This includes a memorandum of understanding with HM Revenue and Customs aimed at UK residents with undeclared income in the Isle of Man.
Eddie Teare, Manx Treasury Minister said that the automatic exchange of information ‘will ultimately be rolled out within Europe and beyond’ and that the Isle of Man wanted to remain in the forefront of international tax developments.
Jersey has refrained from committing itself yet, although it does acknowledge that this is probably the new international standard. The Island has been shown to be right in similar developments in the past, but unfortunately that doesn’t help its image.
Those in the know will understand why Jersey is reluctant to follow the Isle of Man before others (even in the EU) have committed themselves. But to the general public this could look as though Jersey is simply dragging its feet. Perhaps once again, the Isle of Man has stolen an advantage.