Saturday, October 21, 2017
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Press Release - Company Tax Return Form Penalties 16 April 2008

The Income Tax Division of Treasury would like to remind officers and agents of all companies with accounting periods ending after 6 April 2007 that they must file their income tax return form for that period within 12 months and one day from that date (i.e. the date the accounting period ended) or be charged a £250 late return form penalty.

The new powers provided by the Income Tax (Corporate Taxpayers) Act 2006, have standardised the return form filing period for all companies. Submission of forms on time helps the income tax system work effectively and efficiently.

The first late return form penalties under these new powers have been issued for companies with accounting periods ending on 6 April 2007, if the income tax return for that period had not been submitted by 7 April 2008.

Further details on the operation of the late return form penalty system for companies can be found in Guidance Note GN38 “The Pay & File Income Tax System for Companies” on the Income Tax Division website.

Malcolm 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