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Practice Note 138/06 - Corporate Taxpayers Income Derived from Land and Property in the Isle of Man 2 November 2006

Income Tax Division, on behalf of Treasury, has today issed a Practice Note providing further guidance on the taxation of income from Isle of Man land and property received by corporate taxpayers. It was announced in the budget this year that whilst the standard rate of corporate income tax is 0% from 6 April 2006, income from banking business and from land and property in the Isle of Man is to be subject to a 10% rate of tax.

The Practice Note can be found here

Malcolm Couch

Assessor of Income Tax

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