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The Taxation of Pension Schemes - A Consultation Document 10 October 2006

The Income Tax Division has today published a consultation document about the taxation of pension schemes in the Isle of Man.

It outlines Treasury’s intention to implement improvements and aims to gather views to inform the policy process and the drafting of new legislation.

It is primarily concerned with the income tax issues associated with pensions. This includes tax relief for individuals who wish to save for their retirement, relief for employers who contribute to schemes, approval of schemes, and providing clearance for the industry providers and trustees on scheme related transactions. It does not aim to cover the broader economic debate on pensions or their affordability.

It is hoped that this consultation will generate debate about changes in the Isle of Man which were proposed some time ago, the changes which the UK has recently made and the degree to which the UK changes might, or might not, be appropriate for introduction here.

The consultation document can be found here.

Malcolm Couch

Assessor of Income Tax

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