IOM Funds Association Co Host Seminar


  • Date: 03/07/2014

The IOM Funds Association (IOMFA) and the Chartered Institute for Securities and Investment (CISI) recently co-hosted a seminar on the implications for clients of member firms of the automatic provision of financial information to the UK tax authority.

Carolyn Gelling, Head of Collective Investment Funds at Thomas Miller Investment, represented the hosts IOMFA and CISI and welcomed Martin O’Kane and Ian Shirley, from the National Tax Investigation team of Crowe Clark Whitehill offices in Manchester and Birmingham and John Cowan of the IOM office, recent winners of the “Best Tax Investigations Team” award at the Lexis Nexis 2014 Taxation Awards.

Delegates were advised by Martin and Ian that the UK government has entered into agreements with overseas territories linked to the UK such as the IOM, CIs, Anguilla, Bermuda, BVIs, Gibraltar, Monserrat and the Turks & Caicos Islands and over 40 other countries to share financial information. The UK will receive information relating to individuals, trustees, beneficiaries, settlors, nominees and non-resident companies where the investor has an apparent UK connection.

The presentations covered the extent of the information to be provided, the use to be made of  the information by HMRC, how that may impact on clients and their views on an ongoing relationship with banks and financial intermediaries in the IOM and, finally, what advice should be given to clients who believed they had a UK tax compliance issue.

John Cowan then covered a number of issues relating to tax questions that, in his experience, are often asked of investment advisers by their clients. In doing so John pointed out the dangers of investment advisers offering advice on some very complex tax issues such as domicile and IHT. Whilst it was important for investment advisers to understand these complex issues, John’s advice was “don’t give tax advice unless you are qualified to do so”.

In thanking the speakers, Carolyn Gelling said, "the presentations had provided a very helpful and timely update to members on a number of topical and complex tax issues".