Isle of Man aims to attract hedge funds.

In a recent edition of Money Marketing, it is reported that the Isle of Man
aims to attract more hedge fund business. The target is to reach $100bn under
administration within the next three years. This compares with $50.1bn as
at last June.
Money Marketing cites Isle of Man official Brian Donegan, who comments on
the existing tax advantages of the island.

Telegraph's Damian Reece rails against CGT changes

In his City Editorial for the Daily Telegraph, Damian Reece rails against
the increased capital gains tax (CGT) levied on entrepreneurs. Reece describes
business startups as "a social good". I think it is a social necessity especially
as we sell our bigger companies to foreigners, who can chop the headquarters
of a big group as easily as "we can say un, deux trois or uno, dos, tres with
a mini-Spanish invasion swooping up BAA, O2 and Scottish Power. What did we do
in return, I suppose Barclays bid for Banco Zaragozano does count.

http://tbn0.google.com/images?q=tbn:eiSTF5ddQ3M-HM:http://www.deftec.co.uk/photographs/images/DEFTEC%2520Damian%2520Reece%2520to%2520AIS%2520close-up.jpg

Maybe, Chancellor Alistair Darling will clean up the mess he is making. However,
he will be unable to shake off the suspicion that he is the monkey. My view is
that if CGT is simplified, then the tax take would go up and we would have more
money to invest (waste?) in public sector things. In terms of public disclosure,
I have paid CGT in the past.

CGT or not to CGT that is the question!!

I suppose the personal investor needs an accountant or an independent financial adviser to work out the British form of torture Capital Gains Tax or CGT. There
is a great temptation to ignore it altogether since it is so complicated.

I have looked at the HMRC website
and I am really none the wiser.

For business assets UK Chancellor Alistair Darling is proposing an 80 percent increase in the levy and even three judges in the BBC show "Dragons Den"
are joining the protest.

HMRC is cracking down on offshore accounts.

A matter of interest for all independent financial advisers (IFAs) is the
continuing crackdown by the British tax collection body HM Revenue and Customs (HMRC) on offshore accounts. On September 30th,
the Sunday Times reported that £100m has been paid in tax so far and the final
amount could reach £5bn.
Singapore and Dubai have not signed up to the European Savings Directive and
have attracted quite a bit of money so far. For example, the directive enables the HMRC to get details of a French bank account if a person lives in the
United Kingdom. The Sunday Times says the HMRC will be more agreeable if people come to the Revenue first but the tax body reserves the right to prosecute in serious cases. Most British offshore accounts are located in the Isle of Man, Guernsey and Jersey. It is estimated that 3m people have offshore accounts.