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IN159 - The Dixcart Business Centre in the Isle of Man

The jurisdiction of the Isle of Man has enjoyed considerable growth since tax changes were introduced last year. On 6 April 2006 the general rate of corporate income tax in the Isle of Man was reduced to 0%. The only exception to this zero rate is income generated from banking or land and property in the Isle of Man, which, if received by a company, is taxed at 10%.

Individuals also benefit from a cap of £100,000 on income tax liability for any single tax year.

Substance Requirements

As detailed in Information Note 158, “substance requirements” are becoming an important factor for organisations to take into account to continue to enjoy a number of commercial benefits.

A growing number of international companies are establishing subsidiaries in other jurisdictions and increasingly it is becoming a requirement for companies to show that the management, control and day to day decisions concerning the activity are taken in that particular foreign jurisdiction. The company itself would generally need to operate through an establishment which provides a real presence in that location.

Dixcart recognises the importance of this requirement, which affects enterprises controlled from both within the European Union and outside. A number of Dixcart Business Centres have therefore been established, through which a real presence and management structure can be put in place and displayed.

Dixcart Business Centre – Isle of Man

Dixcart already provides management, accounting, legal support and serviced office facilities in the Isle of Man. The increasing demand for these services has resulted in the acquisition of an additional building in the capital, Douglas, to meet client requirements.

Britannia House is situated in a prime location in the island’s financial district. Existing floor space is over 14,000 square feet, and will be extended to over 18,000 square feet, with the serviced office facilities occupying floors three to five.

The third floor is now available and consists of eleven offices in total. Each is fully furnished and accommodates between one and four staff. There is a shared reception, and meeting rooms are available to hire.

Phases two and three of the development are expected to be ready for occupancy at the end of 2008. Video conferencing facilities will be available as well as additional kitchen space and shower room facilities, all designated for use by Dixcart serviced office tenants.

Serviced Offices

The Dixcart Business Centres located in Guernsey, Madeira the United Kingdom, and the Isle of Man offer high quality serviced office facilities and sophisticated IT and communication systems.

In the event that an office is not permanently manned, Dixcart can also provide personalised telephone answering and call forwarding services. In addition mail forwarding and fax and email handling services are available.

Professional Services

Dixcart can also provide a number of professional services which are often relevant to organisations operating from within our Business Centres. These include:Summary

The acquisition of Britannia House provides an ideal opportunity for companies to enjoy the benefits offered through location in the Isle of Man without expensive initial office set-up costs. In addition to the serviced office facilities, the professional and management services available through Dixcart can also be of benefit to firms establishing themselves in a new jurisdiction.

Additional Information

If you would like further information regarding the Dixcart Business Centre in the Isle of Man please contact Simon Kelly or Tony Keating in our office there. Alternatively please contact us.