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Isle of Man strengthens tax co-operation with the United Kingdom 29 September 2008

The Isle of Man continues its programme of developing closer economic and taxation co-operation with other countries and has now concluded agreements with the government of the United Kingdom.

New tax agreements between the Isle of Man and the United Kingdom were signed at a ceremony in Douglas today (Monday, 29 September 2008) by the Isle of Man’s Chief Minister, Tony Brown MHK and the United Kingdom’s Minister of State for Constitutional Renewal, Michael Wills MP.

The governments have agreed to amend the provisions of the 1955 double taxation agreement by adding provisions on the taxation of income from pensions and a mutual agreement procedure. Once the new provisions are in force, many pensions paid from the United Kingdom to people living in the Isle of Man will be taxed in the Isle of Man only. In addition taxpayers will be given new rights under the agreement to ask one government to intervene in order to resolve problems arising from the application of the agreement.

An agreement to facilitate the exchange of information relating to taxes between the Isle of Man and the United Kingdom was also signed.

After the signing of the agreements, Chief Minister Brown said:

“The Isle of Man has taken a leading part in driving forward the development of international tax agreements, working closely with the OECD and its members, so I am pleased we have been able to conclude this agreement with the United Kingdom. It is another demonstration of the Isle of Man’s continuing commitment to taking an active and positive role in the global economy”.

The texts of each agreement can be viewed on the International Agreements page of the Isle of Man Treasury Income Tax Division’s website at: http://www.gov.im/treasury/incometax/sections/practitioners/internationalagreements.xml.

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