IoM To Hike Ship Registry Fees

by Jason Gorringe, Tax-News.com, London

27 November 2014

The Government of the Isle of Man has published a consultation paper setting out proposed amendments to fees charged by the Isle of Man Ship Registry, including an increase to the annual registration fee.

Under the proposals, the annual registration fee for a merchant ship or commercial yacht is to increase from GBP1,400 (USD2,200) to GBP1,625. In addition, the annual registration fee for a pleasure yacht will rise from GBP118 to GBP122 from next year.

Other fee changes in the consultation paper include a proposal to charge all surveyor travel costs incurred in getting the surveyor to the relevant ship or office. These costs include: rail fares; hire of a car or taxi fares; and any visa application costs, as well as the transfer of the surveyor from the port to the ship, or from the ship to the port.

Currently, the Isle of Man charges fixed fees and other charges, based on location, for carrying out surveys or audits worldwide. Under existing regulations, the only additional fee charged is the cost of a return flight for the surveyor or auditor. All flight fees are charged at cost.

Manx registry fees are prescribed by regulation and, subject to approval by Tynwald (the jurisdiction's Parliament), the revised fees regulations will come into effect on April 1, 2015, under the Merchant Shipping (Fees) Regulations 2015.

The Manx Ship Registry first introduced an annual registration fee in 2010, when it was set at GBP700.

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