Manx Income Tax Bill Gets Second Reading In House Of Keys

by Jason Gorringe, Tax-News.com, London

18 February 2004

The Income Tax (Amendment) Bill has had its second reading in the Isle of Man's House of Keys, it emerged this week.

However, according to the Isle of Man Online, members criticised the fact that there had not been enough consultation on the Bill, and raised concerns with regard to portions of the new legislation.

Although under the terms of the Bill, taxpayers will be given two months longer – five months instead of three months – to make a tax return, overdue returns will be subject to a new £50 penalty after September 2005. The Bill also updates offences in relation to returns more than two years overdue.

The IoM Online revealed that Ramsey representative, Anne Craine argued that the move will actually represent a reduction in filing time, as currently the June 30 deadline is not strictly enforced, and no penalties are issued as long as the return has been filed by the end of October.

Treasury Minister Allan Bell reportedly acknowledged that there should have been more consultation on the issue, and promised to hold a seminar with the accounting industry later this month.

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