Monday, December 18, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
New Income Tax Legislation 13 July 2006

The Treasury can confirm that Royal Assent was given on 11 July 2006 to both the Income Tax (Amendment) Act 2006 and the Income Tax (Corporate Taxpayers) Act 2006.

The ‘0/10’ tax regime for companies is now in force and has effect from 6 April 2006; that is, for the 2006/07 and subsequent years of assessment. The distributable profits charge and the corporate charge are also in force from 6 April 2006. An accounting period basis of tax assessment for companies will be introduced with effect from 6 April 2007.

For individuals, the tax cap of £100,000 and the updated rules for married couples are now in force and have effect from 6 April 2006; that is, for the 2006/07 and subsequent years of assessment. The special corporate tax regimes such as tax exempt companies will cease to exist with effect from 6 April 2007.

The following Orders and Regulations, which were considered by Tynwald on 12 July 2006, bring into effect the key changes mentioned above and some other changes to the taxation system covered in recent guidance material issued by the Income Tax Division.

The Income Tax (Amendment) Act 2006 (Appointed Day) Order 2006

The Income Tax (Non Resident) (Excluded Income) Order 2006

The Income Tax (Corporate Charge) Order 2006

The Income Tax (Corporate Charge) (Exemptions) Order 2006

The Income Tax (Married Couples) (Elections) Regulations 2006

The Income Tax (Married Couples) (Revocation) Regulations 2006

The Income Tax (Distributable Profits Charge) (Distributing Company) Regulations 2006

The Income Tax (Distributable Profits Charge) (Calculation of Charge) Order 2006

The Income Tax (Distributable Profits Charge) (Groups) Regulations 2006

The Income Tax (Distributable Profits Charge) (Mixed Income Companies) Regulations 2006

The Income Tax (Distributable Profits Charge) (Credit Voucher) Regulations 2006

The Income Tax (Rates of Income Tax) (Resident Individuals) (Capping) Order 2006

The Income Tax (Rates of Income Tax) (Resident and Non Resident Corporate Taxpayers) Order 2006

The Income Tax (Rates of Income Tax) (Non Corporate Taxpayers) Order 2006

The Income Tax (Corporate Taxpayers) Act 2006 (Appointed Day) (No1) Order 2006

M Couch

Assessor of Income Tax

More stories >>>  

Related News Articles
Tax Return Deadline Nears 22 April 2013
The 5 May 2013 deadline for submitting contractor’s and employer’s tax returns is now only a few weeks away. [More]
Isle of Man signs Double Taxation Agreement with Luxembourg 18 April 2013
As part of the Isle of Man Government’s ongoing programme of signing Double Taxation Agreements (DTAs) and Tax Information Exchange Agreements (TIEAs), the Isle of Man has signed a comprehensive DTA with Luxembourg. [More]
Isle of Man signs Double Taxation Agreement with Seychelles 11 April 2013
The Isle of Man has continued its programme of developing closer economic and taxation co-operation with other countries by concluding a Double Taxation Agreement (DTA) with the Republic of Seychelles. [More]
Corporate Income Tax Return for Accounting Period Ending 5 April 2012 5 April 2013
If a corporate taxpayer fails to submit its income tax return by the due date then they become liable to a £250 late return penalty. [More]
Corporate Income Tax Return Form for Accounting Period Ending on 31st March 2012 28 March 2013
If a corporate taxpayer fails to submit its income tax return by the due date then they become liable to a £250 late return penalty. [More]

Other Guides by Maxima Systems Ltd: Disney World