Isle of Man launches beneficial ownership consultation

Added 8th November 2016

The Isle of Man’s government has launched a consultation on a draft version of its proposed beneficial ownership bill in line with an agreement it made with the UK in April.

Isle of Man launches beneficial ownership consultation

The Beneficial Ownership Bill 2017 is aimed at sharing of beneficial ownership information by establishing a central database.

The Isle of Man’s Treasury department said in a statement that the planned central database of beneficial ownership would have the “widest possible range of corporate and legal entities incorporated in the Isle of Man by 30 June 2017”.

The Isle of Man government agreed to consider the introduction of a central database as part of the action plan it published at the time of the G8 Summit in Lough Erne in June 2013.

The consultation on the Beneficial Ownership Bill is open until Friday 16 December 2016.

A new HMRC data sharing deal with the crown dependencies and the Cayman Islands went live in September. 

Jersey already had a central registry of company beneficial ownership, but it needed updating and last week announced the changes it was making.   

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Mark Battersby

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International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

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