Guernsey Banker Says Island Not In A Tax Reform Race With IoM

by Amanda Banks, Tax-News.com, London

21 October 2002

In an interview with the Guernsey Press and Star last week, Lloyds TSB's project director, Peter Niven stressed that in terms of tax reform, being right is more important than being first.

Speaking with regard to the Isle of Man's tax reform plans, Mr Niven observed that: 'If Guernsey keeps the status quo, their [the Isle of Man's] tax regime is more competitive'. However, he added that as there are already teams reviewing Guernsey's tax regime with a view to proposing changes: 'It is not a matter of deciding first, but getting it right'.

He went on to warn that the consequences of any new tax measures should be fully examined, explaining that:

'There is a need to be competitive in the world market, but we also need to be mindful of the cry about harmful tax procedures and also the requirement locally for more services in better infrastructures such as houses and schools. If we are going to lower our taxes there will be a problem in paying for the things we want.'

Recommended