According to reports from the Isle of Man's Business News service, the Treasury is currently consulting on the effectiveness of implementing a venture capital scheme to attract wealthy people to the jurisdiction.
In an interview with the Business News, tax assessor Ian Kelly said: 'I can't elaborate on the venture capital type scheme because we are still in the formative stages. We are talking to one or two key individuals within the Island who have already been involved in activities of this kind.'
He explained that the Isle of Man is already attractive to many as the Island offers low tax rates and no capital tax. 'That makes it attractive anyway from a taxation point of view. The one issue still to be looked at, and it will be part of the taxation strategy, is how to create investment opportunities for wealthy individuals ... this is where the venture capital type scheme possibly comes in,' explained Mr Kelly.
'The question is,' said Mr Kelly, 'is whether the Isle of Man is in the sort of environment that can do that. The Department of Trade and Industry is successful in attracting some hi-tech industries ... the question is, can that be expanded in some way and would the venture capital scheme enable that to be done.'
He cited the example of the Island's film industry which was founded on venture capital. According to Mr Kelly, investors who invested in the film industry received a tax benefit. 'That was the start of our film industry,' he said. 'Once it got underway other measures were introduced.'
However, Mr Kelly says that the Island may not be so successful when dealing with other types of industry. 'I'm not saying it's not possible ... I'm saying we are a little limited. It's a question of finding the right hi-tech industries which would be attractive to the investor. It doesn't have to be that of course. There are a lot of businesses in the Island ... with some very good ideas but they lack the capital to enable them to develop.'
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