One Year On: The Impact of the Isle of Man Trusts and Trustees Act 2023 Since receiving Royal Assent on 18 July 2023, now more than one year on, the Trusts and Trustees Act 2023 (“the 2023 Act”) has introduced significant updates to the Isle of Man's trust law, aiming to [...]
Optimising Tax Strategies for Non-Doms The Benefits of Using an Isle of Man Trust with Manavia The imminent changes in the UK's non-dom regime as announced in the Spring Budget 2024 underscore the necessity for effective tax planning strategies. The Isle of Man trust stands out as a particularly advantageous [...]
When moving forward with any business idea, forward planning and difficult decision making are needed at an early stage and good quality, expert legal advice is required at an early stage. The right advice will help you strategically and commercially and ensuring the right decisions are made at the start of a venture ensures that pitfalls [...]
I Insolvency Law, Policy & Procedure i Statutory Framework and Substantive Law Insolvency law on the Isle of Man is governed primarily by the following legislation: The Fraudulent Assignments Act 1736 Preferential Payments Act 1908 Preferential Payments and Other Acts (Financial Adjustments) Act 1973 Companies Act 1931-2004 Companies Act 2006 The primary legislation [...]
What is a Foundation? A foundation is an incorporated legal entity, which whilst sharing some similar aspects with limited companies and trusts, has some distinguishing features. A foundation has a separate legal personality and as such is capable of holding assets for its objects, and is capable of suing and being sued and prosecuted. However, by [...]
Often, as a cost saving device, Advocates and legal advisors on request give corporate service providers and other clients a selection of precedents suitable for the establishment and management of trusts. A precedent is selected by the administrators which they imagine is required, names are added, some changes may be made to reflect particular needs, wishes [...]
