On 21 December 2016, the income tax department of Isle of Man released a new Industry Advisory Notice that applicable to all financial organizations, sponsors, agents and third parties concerning the automatic exchange of information in respect of the EU Savings Directive (2003/48), US FATCA and the Common Reporting Standard (CRS).
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The double tax treaty between the UK and the Isle of Man entered into force on 19 December 2018. The treaty replaces the 1955 Arrangement between the UK and the Isle of Man for the avoidance of double taxation which ceases to have effect from the
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Read MoreThe parliament of Isle of Man approved the measures of Budget for 2017-18 were enacted by way of: Income Tax (Rates of Income Tax) (Resident Non-Corporate Taxpayers) Order 2017; Income Tax (Resident Individuals) (Income Tax Cap) Order 2017;
Read MoreOn 21 February 2017, the Treasury Minister presented the Budget 2017-18 in Tynwald. Details of the draft proposals are summarized below: Key features of the 2017-18 Budget include: Personal income tax allowance increased by £2,000 to £12,500,
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