Isle of Man News - POSTED Tue 03-07-2018

Island signs new double taxation agreement

by TH

Island signs new double taxation agreement  - picture

The Isle of Man has signed a new double taxation agreement with the UK.

It replaces an agreement signed in 1955.

Chief Minister Howard Quayle met with the Financial Secretary to the Treasury and Paymaster General yesterday.

The deal eliminates double taxation with respect to taxes on income and capital gains and the prevention of tax evasion and avoidance.

He says: “In signing this Agreement we are delivering on a commitment made in March 2016 to renegotiate our old agreement with the UK.

“This new Agreement will provide clarity to Isle of Man residents with UK income. 

“It is a modern agreement based on the OECD standard, which fulfils our commitment to the BEPS minimum standard in respect of our most significant partner jurisdiction and continues our longstanding policy of cooperating with the UK to eliminate double taxation and to counter tax avoidance and evasion.”

The agreement will be presented to Tynwald after the summer recess.

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