Isle of Man: New Legislation For November 2013 –January 2014

Last Updated: 2 February 2014
Article by Andrew Webb

New legislation for November 2013

Pension Schemes Legislation (Application)(Amendment) Order 2013 [SD No 0353/13], approved by Tynwald 19 November 2013, came into operation 19 November 2013.

– Created under the Pensions Schemes Act 1995;

– This Order amends a number of items of legislation relating to occupational and personal pension schemes to correct an omission and update references appearing in that legislation to insurance legislation having effect in the Island and in the United Kingdom.

Value Added Tax Act 1996 (Amendment)(No. 2) Order 2013 [SD No 0289/13], approved by Tynwald 19 November 2013, came into operation 19 November 2013.

– Created under the Value Added Tax Act 1996;

– This Order revokes and replaces certain elements of the Value Added Tax Act 1996 (Amendment) Order 2012 (―the 2012 Order‖) to correct errors relating to the commencement provisions of that Order;

– The 2012 Order made various amendments to the Value Added Tax Act 1996 that corresponded to those made to the equivalent United Kingdom legislation by means of the Finance Act 2012 (of Parliament). However, errors have been found in article 2(5) of the Order which dealt with the commencement of changes made by Schedule 1 to the Order.

Double Taxation Arrangement (United Kingdom)(Amendment) Order 2013 [SD No 0360/13], approved by Tynwald 19 November 2013, coming into operation 22 November 2013.

– Created under the Income Tax Act 1970;

– This Order implements an arrangement negotiated between Her Majesty's Government and the Government of the Isle of Man which further amends the 1955 arrangement between the two Governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

Taxes (United Kingdom)(Intergovernmental Agreement) Order 2013 [SD No 0361/13], approved by Tynwald 19 November 2013, coming into operation 22 November 2013.

– Created under the Income Tax Act 1970;

– This Order implements an agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Isle of Man to improve international tax compliance.

NEW LEGISLATION FOR DECEMBER 2013

Registered Designs (Isle of Man) Order 2013 [SI No 2533/13] came into force 11 November 2013

– This Order modifies the Registered Designs Act 1949, and certain provisions of the Copyright, Designs and Patents Act 1988 relating to registered designs, in their application to the Isle of Man.

– Revokes the Registered Designs (Isle of Man) Order 2001 [SI No 2001/3678]

Trade Marks (Isle of Man) Order 2013 [SI No 2601/13] came into force 11 November 2013

– This Order modifies the Trade Marks Act 1994 in its application to the Isle of Man.

– Revokes the Trade Marks Act 1994 (Isle of Man) Order 1996 [SI No 1996/729] as amended

Patents (Isle of Man) Order [SI No 2602/13] came into force 11 November 2013

– This Order modifies the Patents Act 1977 in its application to the Isle of Man

– Revokes the Patents Act 1977 (Isle of Man) Order 2003 [SI No 2003/1249]

APPOINTED DAY ORDERS

Gambling Duty Act 2012

– The remainder of the provisions came into operation 1 January 2014.

– Bribery Act 2013

– Came into operation 16 December 2013

NEW LEGISLATION FOR JANUARY 2014

Financial Services Rulebook 2013 [SD No 0372/13], document circulated electronically approval given at the November 2013 sitting, coming into operation 1 February 2014

– Created under the Financial Services Act 2008

– Replaces the Financial Services Rulebook 2011

Regulated Activities (Amendment) Order 2013 [SD No 0373/13] approved by Tynwald 21 January 2014, coming into operation 1 February 2014

– Created under the Financial Services Act 2008

– This Order amends the Regulated Activities Order 2011 as follows —

1. to require persons to be licensed if they provide administration services to persons exempt from licensing by virtue of paragraph 3.6 of the Financial Services (Exemption) Regulations 2011;

2. to change "individual"‛ to "person" in the interpretation of Class 3;

3. to add to Class 4(9) to specify that this also applies to limited partnerships;

4. to add to the exclusion from Class 5 in respect of charitable donations;

5. to change exclusion (a) from Class 8 to link the definition of client/trust bank account to the Financial Services Rule Book definition;

6. to extend exclusion (a) from Class 8 to include ,client company‛ money;

7. to change the definitions in Schedule 2 in respect of payment services, long term insurance and pure protection contracts;

8. to change "he" to "it" in Schedule 2 when referring to the controller

Financial Services (Exemptions)(Amendment) Regulations 2013 [SD No 0374/13] approved by Tynwald 21 January 2014, coming into operation 1 February 2014

– Created under the Financial Services Act 2008

– This Order amends the Financial Services (Exemptions) Regulations 2011 as follows –

1. exempt certain nominee companies via an addition to paragraph (exemption) 2.7 and a consequential change to the definition of ―relevant schemes‖;

2. remove a redundant reference to sole traders and partnerships from exemption 4.4; and

3. amend paragraph (exemption) 4.5 to add limited partnership

Transfer of Business Including Deposit-Taking Regulations 2013 [SD No 0413/13] approved by Tynwald 21 January 2014, coming into operation 1 February 2014

– Created under the Financial Services Act 2008

– These Regulations impose requirements in connection with applications to transfer business including deposit-taking from a licenceholder to another person. The business to be transferred must include deposit-taking, but may also include other activities. These requirements must be satisfied, before the High Court may determine an application to transfer such business.

Depositors' Compensation Scheme (Amendment)(No. 2) Regulations 2013 [SD No. 0415/13] approved by Tynwald 21 January 2014, coming into operation 28 February 2014

– Created under the Financial Services Act 2008

– These Regulations remove Nationwide Building Society from the Schedule to the Depositors' Compensation Scheme Regulations 2010. The Schedule lists deposit takers that are not participants in the depositors' compensation scheme.

Collective Investment Schemes (Authorised Schemes)(Trustee and Fiduciary Custodian) Order 2013 [SD No 0412/13] approved by Tynwald, coming into operation 1 February 2014

– Created under the Collective Investment Schemes Act 2008

– This Order amends Schedule 1 to the Collective Investment Schemes Act 2008, to enable an authorised scheme to have a trustee or fiduciary custodian that does not have a place of business in the Island but that meets other criteria.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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