Incorporating a company in the Isle of Man has certain advantages for an investor, and in the case of Mr Moshiri:
- Legal system based on English common law
- no general capital gains tax, turnover tax or capital transfer tax, and there are no stamp duties
- no requirement to audit accounts as turnover in the holding company will be less than £5.6 million and has less than 50 employees
- nominee directors allowed, single director also allowed
- compared to other offshore jurisdictions IoM is cheap
- he has existing assets inside other IoM Holding companies
There is no disadvantage to Everton at all in him holding his interest in Everton in an IoM company.
Sure you only did this to see if I was paying attention mate.
An Isle of Man company incorporated under the 2006 Act (the type most commonly used for asset holding) have no requirement for an audit whatsoever unless they are listed on an exchange. Accounting records must be kept sufficient to prepare financial statements, but unless called for by shareholder(s) or director(s) financial statements needn't be prepared.
1931 to 2004 Companies have audit requirements similar to the UK that you mention, but it is unlikely that this kind has been used.If it had it would require multiple directors and shareholders.
Standard rate company tax in the IoM is 0% except for certain prescribed businesses, a realised capital gain would come under this regime, not CGT. (Won't go in to the 0/10 tax regime and the EU not being terribly enamoured of it.)
I would also guess that the vehicle is held by a discretionary or family trust,(Mr Moshiri being the only specifically named beneficiary probably) as I believe there is Inheritance Tax in Monaco, albeit at lower rates than the UK.
But I could be talking bubbles....