The Isle of Man Treasury has released additional guidance on the taxation of trusts in a practice note which sets out the Assessor's view of when trustees and beneficiaries of trusts may be subject to Isle of Man income tax.
The Practice Note provides guidance on: filing requirements; the Resident Exclusion Clause; changes in trustees, and the trustees’ tax positions; trustee management expenses; income distributions to non-resident beneficiaries; and Purpose Trusts. The practice note also stipulates that the tax rate on trusts for the fiscal year 2009/10 will be set at 18%.
The Treasury has reminded interested parties that the practice note, which should be read in conjunction with PN 141/07 – The Taxation of Trusts in the Isle of Man, is intended only as a general guide, and reference should also be made to the appropriate legislation.
A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, 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_report9.asp
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