Isle of Man Budget 2018 – Technical Summary

Today (20th February 2018) at Tynwald, Treasury Minister, Alf Cannan MHK, announced his Manx Budget for the tax year 2018/19. It contained some significant changes to existing private pension legislation on the island, including the introduction of a new form of Isle of Man pensions legislation, both to take effect 6th April 2018. Outlined below is a summary of the key points...

Since HMRC introduced “Qualifying Non-UK Pension Scheme” (QNUPS) into the pensions lexicon in 2010, there has been much interest but little uptake of these as stand-alone pension products. Initially many saw these as IHT planning vehicles, however the primary purpose of a QNUPS must always be to provide retirement benefits. The limitations on how these benefits can be taken from most QNUPS...

The Isle of Man Financial Services Authority (the “Authority”) is contacting all professional scheme administrators registered under the Retirement Benefits Schemes Act 2000 and corporate trustees in the Island who act by way of business in relation to schemes registered under that Act to advise them that the Authority has prepared some information to raise consumer awareness about pension scams...

Boal & Co* has acquired Zurich Insurance Group's Jersey-based Trust business, Zurich Trust Limited**. The deal has been approved by the Jersey Financial Services Commission. The purchase of Zurich Trust Limited marks the expansion of Boal & Co pension trustee services into Jersey following a recent expansion of its operations in Gibraltar. The Trust company will be renamed 'Boal & Co...

Boal & Co has today announced that Trevor Smith has been appointed to the new position of Regional Director, Asia. Smith, who is based in Hong Kong, will represent Boal & Co’s activities in all key markets throughout the Far East. Smith has a UK pensions background and is qualified as an Associate of the Personal Finance Society and Certified Financial...