IoM Considers New Investment Tax Regime

by Jason Gorringe, Tax-News.com, London

07 September 2010

The Isle of Man Treasury has published feedback received in respect of a consultation on the "Taxation of Investment Products", which ran from December 2, 2009, to January 29, 2010.

Following the collation of all responses, which are now available for public viewing on the government's website, the government said a draft income tax bill containing the new regime would be published shortly; again, a draft of the bill will be published for comment.

The consultation on the 'Taxation of Investment Products' related to a proposed new tax regime for certain investment products, mainly insurance bonds and roll-up funds.

According to the government, the proposed new regime aims to remove the current uncertainty regarding the tax treatment of these products by:

  • Defining which products will be subject to income tax and which will fall outside the charge; and,
  • Defining when and how an income tax charge will be raised.

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Tags: tax | offshore | investment | financial services | insurance | tax havens | international financial centres (IFC) | Isle of Man | services

 






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