Space Industry Has Bright Future In Isle Of Man, Says Bell

by Jason Gorringe, Tax-News.com, London

14 April 2004

After returning from the a trip to the United States, Treasury Minister Alan Bell has expressed optimism for the growth potential of the space and satellite industry in the island, following his recent budget announcement that corporate tax rates for firms in the sector will be cut to zero percent.

“During my Budget speech in February this year I described space and satellite technology as a small but exceedingly promising area for the Island,” commented Mr Bell. “Visiting the USA and actually meeting people involved in the industry has certainly confirmed this optimistic view of the sector’s potential.”

The four-day trip was supported by Chris Stott, the Houston-based Manxman who is the Island’s Honorary Representative to the Space Community, and included a tour of the NASA space centre.

“Overall it was a very useful exercise and we were able to make some key contacts in the industry, with the invaluable assistance of Chris Stott. It was also good to continue the work of developing a positive understanding of the Isle of Man at a high level in the USA, building on the 2002 tax information exchange agreement and the more recent IMF endorsement of the Island,” the Treasury Minister added.

The Isle of Man currently has a zero tax regime in place for a number of industries, including shipping, insurance and fund management, and plans to move towards a zero tax rate for all businesses by 2006.

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