Tax and estate planning specialist Equiom Solutions Limited, part of the Equiom Group, held a tax seminar for Isle of Man residents, their advisers and relevant intermediaries.

The seminar, entitled ‘The UK Summer Budget – Implications for Isle of Man Residents’, was held at the Palace Hotel, Douglas, on Wednesday 2 March 2016. It was well attended, attracting around 100 delegates including individuals from the legal, finance, property and wealth sectors.

The event was chaired by Equiom Solutions Chairman Clive Stanford who opened with a brief background of the business, an overview of the growth of the global Equiom Group and a summary of the speakers’ experience.

Managing Director of Equiom Solutions Helen Woods, Tax Directors Kevin Renshaw and Phillip Dearden and Tax Senior Manager Glenn Cassidy were among those to speak.

Helen addressed the complexities of residence and domicile, reviewing the current situation and exploring how this will evolve after 6 April 2017. Phillip followed with an analysis of current estate planning options for Isle of Man residents following the changes proposed in the UK summer budget.

Glenn and Phillip continued proceedings with ‘UK Property – The Good, The Bad and The New’; a double act presentation which looked at how taxation relating to the ownership of UK property by non-residents has changed and continues to evolve.

Kevin concluded by exploring the planning opportunities still available to Isle of Man residents owning UK residential and commercial property. The seminar came to a close with a brief overview of the recent Isle of Man Budget presented by Phillip.

Helen commented: ‘Following last year’s UK summer budget, there is still a great deal of uncertainty regarding the tax impacts affecting Isle of Man residents with UK assets or investments and non-domiciliaries who are UK resident. As we wait for further information to be released, we can only speculate on some areas. This seminar was intended to inform individuals and their advisers on what the changes could actually mean to them and how they can start planning now.’

Photo - Phillip Dearden, Clive Stanford, Helen Woods, Glenn Cassidy, Kevin Renshaw.