Magazine labels Herm a tax dodge
Monday 9th June 2008, 2:29PM BST.
Finance publication Money Week’s article on Herm Island. (0589565)
HERM has been advertised as a tax haven in one UK magazine – but it has been branded sensationalist by the current tenants. The article appeared in Money Week, a magazine for the finance industry, advertising Herm as the ‘Tax dodge of the week’.
Under the headline, ‘Own your own tax haven’, it states that, while the current tenants have turned the island into a tourist destination, the new one is under no obligation to keep these businesses on, or the staff that go with them.
Adrian Heyworth, current leaseholder of the island, said it was incorrect to the point of being laughable. ‘This is utter nonsense and completely sensationalist.’
Mr Heyworth said under the conditions of the lease the new owners had to continue to cater for the needs of tourism. ‘There will always be a hotel and a Mermaid Tavern. Most of these articles revolve around statements like getting rid of all the staff, which are so untrue they are unbelievable. This is an estate and an estate needs staff. Anybody coming in here would want to keep on our excellent team,’ he said.
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As much as I respect the Heyworths for the way they have looked after Herm I can’t help wondering if Herm will turn into Sark and the Barclay Brothers 2. Do people really believe that outsides give a hoot to our way of live. We now know the Barclays don’t and the Sarkies are starting to see their real side.
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Herm faces many challenges but the Brothers Grimm are not two of them.
The political independence and fiscal advantages afforded by Sark are far more attractive to the BB’s.
Bottom lines: Guernsey burocracy versus Sark independence? 0% income tax versus 20% income tax? Simple choices. No contest.
There will never be enough clear blue water between Guernsey and Sark for the comfort, freedom and joy of the BB’s.
Herm has nothing to fear expect fear itself.
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Vincent Powells comment is brilliant and I completely agree with what he states. SAD DAY THAT BRECHOU WAS EVER SOLD TO THE BROTHERS GRIMM!
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I don’t think the BBs needed the tax breaks – they reside in Monaco after all.
As for who might want Herm, has anyone questioned the amount of money being asked by the current tenants. £15m seems a whole lot of money for a third rate hotel, a cafe and a camp site on a 40 year lease.
If the donkeys want it that badly and have such fond memories of it then club together and raise the cash needed.
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