In late October 2010 a tax information exchange agreement (TIEA) was signed on behalf of the Authorities. Under the agreement (which has still to be ratified before it is in operation), China’s tax authorities are able to request information regarding the assets of Chinese citizens held in the Isle of Man, provided the Chinese authorities are able to produce evidence of contraventions. The Agreement is also part of the Island’s ongoing commitment to international tax co-operation.
Furthermore it is clearly Isle of Man policy to position itself so as to capture a portion of the steadily rising outbound investment coming out of China. In mid-October the Isle of Man secured agreement for its firms to list companies directly on the Hong Kong Stock Exchange. This strategic move is doubtless down to the fact that Chinese businesses have often in turn used Manx companies for raising capital on the London AIM exchange. The tax Agreement is regarded as a useful step towards fostering close relations between the parties, as such co-operation can be to their mutual economic benefit. It is also likely that the convenient geographical position of the Isle of Man, could help to enhance the access of Chinese exporters to the UK and European markets.
A QUALIFIED solicitor who specialises in family law has been appointed at the legal practice Corlett Bolton.
Rebecca Coleman has started training as a Manx Advocate after qualifying as a solicitor - of both England and Wales - earlier this year.
She will take the Manx Bar exams in 2011.
Sally Bolton, principal at Corlett Bolton, said: “Rebecca’s hands-on experience outside the Island will be of considerable value to us as we are regularly called upon to advise on family and financial matters spanning both UK and Isle of Man jurisdictions as well as jurisdictions further afield.”
Rebecca studied law at Northumbria University and completed a two year training contract in the North West of England before taking up permanent residency in the Island last year.
She said: “I am pleased to be working with such a dedicated team and am excited for the future and the challenges that it will bring.”
The legal practice is situated on Finch Road in Douglas.
View the story on IsleofMan.com