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IOM Launches Consultation On Taxation Of Investment Products

by Jason Gorringe, Tax-News.com, London

04 December 2009


The Isle of Man Treasury has released a consultation paper on proposed changes as part of a review on the taxation of investment products, following talks with a number of private sector professionals.

As a result of the review, the Income Tax Division, on behalf of Treasury, on December 2 published a consultation document outlining proposals for the introduction of a new taxation regime for certain investment products in the Isle of Man.

The document aims to generate debate and gather views to assist the drafting of new legislation.

It is primarily concerned with the taxation of insurance bonds and roll-up funds.

There is currently a lack of certainty as to the taxation treatment of these products and the proposed new regime aims to remove this uncertainty 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.

Those wishing to submit their views on the proposals have been invited to do so by January 29, 2010.


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