The Chief Minister Allan Bell recently opened the inaugural EY UK Real Estate Seminar which was attended by 150 people.

EY brought a team of six specialist speakers over from their London office.  The areas covered in the seminar included:  structuring for residential and commercial real estate, stamp taxes, capital allowances, transfer pricing and VAT.

The event consisted of a number of presentations highlighting opportunities and risks for the Isle of Man companies in relation to UK real estate transactions and holding structures.

Ali Stennett, Executive Director and Head of Tax at EY in the Isle of Man, chaired the event and discussed how the EY Isle of Man office have worked closely with the UK Real Estate team across all the areas covered in the seminar.

Marion Cane, Real Estate Executive Director, gave examples of structures currently being seen in practice using Isle of Man companies which were still seen as attractive to UK investors.  She then provided an updated in relation to the latest ATED developments for offshore companies.

Martin Ryback, Transfer Pricing Director, highlighted HMRC’s increasing awareness to high interest deductions being claimed by non-resident companies and offered his insight into opportunities to obtain advance clearance from HMRC in relation to LTV ratios and other relevant issues for directors of Isle of Man tax resident companies holding UK real estate.

The presentation was well received and has resulted in a large number of enquiries from local firms who deal with UK real estate.  EY hope to make the Real Estate Seminar an annual event and are also intending to hold a number of presentations in the coming months covering topical issues relevant to fiduciary firms and family offices.