Firm migration
The London office of Haarmann Hemmelrath has 'migrated' to US international law firm Squire, Sanders & Dempsey. Editorial board member, Peter Vaines and former Taxation editor, Malcolm Gunn continue to be contactable there as before.
Manx budget
On 21 February 2006, the Isle of Man Treasury Minister, Hon Allan Bell, made his 2006 Budget speech (see also Manx tax, Update, Taxation, 16 February 2006, page 498). A key component of these measures is the introduction of a 0% corporate tax as standard, which will take effect from 5 April 2006. This is intended to stimulate inward investment by businesses establishing on the island, and will also provide a consistent treatment across all sectors of the economy as part of the Isle of Man's commitment to a diversified economy.
The Budget also introduces a cap on personal income tax at a maximum level of £100,000 a year, irrespective of earnings. It also increases the personal tax allowances to £8,670 for single people and to £17,340 for married couples.