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New Income Tax Legislation 13 July 2006 The Treasury can confirm that Royal Assent was given on 11 July 2006 to both the Income Tax (Amendment) Act 2006 and the Income Tax (Corporate Taxpayers) Act 2006. The ‘0/10’ tax regime for companies is now in force and has effect from 6 April 2006; that is, for the 2006/07 and subsequent years of assessment. The distributable profits charge and the corporate charge are also in force from 6 April 2006. An accounting period basis of tax assessment for companies will be introduced with effect from 6 April 2007. For individuals, the tax cap of £100,000 and the updated rules for married couples are now in force and have effect from 6 April 2006; that is, for the 2006/07 and subsequent years of assessment. The special corporate tax regimes such as tax exempt companies will cease to exist with effect from 6 April 2007. The following Orders and Regulations, which were considered by Tynwald on 12 July 2006, bring into effect the key changes mentioned above and some other changes to the taxation system covered in recent guidance material issued by the Income Tax Division. The Income Tax (Amendment) Act 2006 (Appointed Day) Order 2006 The Income Tax (Non Resident) (Excluded Income) Order 2006 The Income Tax (Corporate Charge) Order 2006 The Income Tax (Corporate Charge) (Exemptions) Order 2006 The Income Tax (Married Couples) (Elections) Regulations 2006 The Income Tax (Married Couples) (Revocation) Regulations 2006 The Income Tax (Distributable Profits Charge) (Distributing Company) Regulations 2006 The Income Tax (Distributable Profits Charge) (Calculation of Charge) Order 2006 The Income Tax (Distributable Profits Charge) (Groups) Regulations 2006 The Income Tax (Distributable Profits Charge) (Mixed Income Companies) Regulations 2006 The Income Tax (Distributable Profits Charge) (Credit Voucher) Regulations 2006 The Income Tax (Rates of Income Tax) (Resident Individuals) (Capping) Order 2006 The Income Tax (Rates of Income Tax) (Resident and Non Resident Corporate Taxpayers) Order 2006 The Income Tax (Rates of Income Tax) (Non Corporate Taxpayers) Order 2006 The Income Tax (Corporate Taxpayers) Act 2006 (Appointed Day) (No1) Order 2006 M Couch Assessor of Income Tax More stories >>>
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