Review of beneficial ownership continues

Following the Action Plan published in June 2013 at the G8 Summit in Northern Ireland and the release of UK government recommendations last week, The Isle of Man, is considering the introduction of a central registry of beneficial owners. The aim of holding such information is to improve transparency.

Chief Minister Allan Bell, said: “The Isle of Man has a robust regime in place to ensure the identification of the beneficial ownership of companies and the availability of this information to the authorities. We have already made an international commitment to review the regime, and now that the UK Government has clarified its proposed way forward on beneficial ownership, it is logical to include that model as one of the options in our review.”

Minister also commented that, in order for the exercise to be appropriate for the Isle of Man, the business community will be fully consulted in the ongoing review prior to any conclusions.

Source: Tax news