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Practice Note 149/08 Taxation of Manx Pension Schemes Reform - Transitional Issues 13 March 2008

The Income Tax (Pensions) Bill 2007 recently introduced into the Branches of Tynwald, will make major changes to the taxation of pensions on the Island. New provisions are scheduled to take effect from 6 April 2008.

Further detailed guidance will be issued once the Bill receives Royal Assent. In the meantime, the Income Tax Division of Treasury has today issued a Practice Note (PN 149/08) dealing with some transitional issues.

The Practice Note can be found here.

Malcolm Couch

Assessor of Income Tax

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