The Isle of Man government has proposed new loss relief provisions for self-employed individuals and for companies.
The regulations governing how trading losses can be relieved for tax purposes were approved by Tynwald in 1988. Since then there have been numerous changes to the Isle of Man tax system and, as corporate and non-corporate taxpayers are now treated differently for income tax purposes, the Treasury is proposing to update the loss relief provisions for the respective taxation regimes.
The new provisions will provide similar reliefs for both types of taxpayer and will be brought about by Tynwald Orders, one covering losses incurred by corporate taxpayers and the other addressing losses incurred by non-corporate taxpayers.
An outline of the proposals, and copies of the two draft Orders, are contained in a Proposal Document which was published online on July 11 by the Income Tax Division on behalf of Treasury. Responses to the proposals are being sought until August 26, 2011.
A comprehensive report in our Intelligence Report series giving detailed information on offshore jurisdictions in tabular form, titled "The Lowtax Offshore Charts: Country Characteristics and Taxation; Residence Guide", is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.aspTags: tax | offshore | individuals | tax havens | international financial centres (IFC) | corporation tax | individual income tax | Isle of Man | regulation | Isle of Man
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