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Isle Of Man Banks Warn Over Impact Of EU Savings Directive

by Jason Gorringe, Tax-News.com, London

09 December 2004


The Isle of Man's Association of Licensed Banks is calling on the jurisdiction’s finance sector to adopt a more coordinated approach to the European Savings Tax Directive, which it believes will have a significant impact on the Manx economy.

In an Isle of Man Online report, association president Phil O’Shea appealed to all elements of the island’s finance community, including corporate and trust services providers, the life sector, the fiduciary sector and captive insurers to use their collective leverage to the economy’s benefit.

“We believe there are a number of significant issues that the Island has got to contend with if it is going to continue to be a viable and successful jurisdiction in five to 10 years' time. Some of those issues have yet to manifest themselves,” stated Mr O’Shea.

Although it is difficult to quantify the impact of the directive on the Isle of Man in monetary terms, Mr O’Shea warned that the erosion of the island’s deposit base is likely to be “significant.”

He predicted that the savings institutions, such as current and former building societies, will be the hardest hit by the directive, whilst private and trust banks will feel the consequences the least.

“But certainly our anticipation is that we will see a reduction in deposits and of course that may well have an impact through to tax take,” O’Shea cautioned.

A comprehensive report in our Intelligence Report series describing the weakening of offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp

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