Don't panic over UK tax proposals - Teare

Measures not targeting Manx economic model

The Isle of Man shouldn't be unduly concerned by new proposals from the UK Treasury which look to penalise companies who help wealthy people exploit tax rules.

That's the view of Treasury Minister Eddie Teare.

Currently there's little risk to financial advisers who sell avoidance schemes, but under planned changes they could end up paying back all monies owed.

However, speaking on Mandate this morning, Mr Teare rejected the idea that the move is striking at the heart of the Manx economic model.