The Isle of Man Treasury is addressing potential implications for the Island of proposed changes to income tax rules in the United Kingdom, Minister Allan Bell MHK announced on Friday.
The proposals, which were first signalled by the UK Government last year, include a new approach to determining UK tax residence and changes in the treatment of non-domiciled residents in the UK.
Following a consultation announced in December, HM Revenue & Customs has now published draft legislation.Minister Bell commented that:
"The Isle of Man Government has been keeping a close eye on these proposals, and we’re working with the private sector to identify implications for the Island and ways to move forward. We will be raising any issues that are identified with the UK as part of our ongoing dialogue with them over a range of tax issues."
He added:
"The world of taxation is constantly changing, and the Isle of Man has a proven track record of responding skilfully to change."
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