Isle of Man Guide - Practice Note 153/09 Isle of Man Approved Pension Schemes

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Practice Note 153/09 Isle of Man Approved Pension Schemes - Triviality 15 January 2009

The Income Tax Division of Treasury has today issued Practice Note 153/09 explaining:

• what is meant by triviality;

• the conditions that must be met for a pension fund to qualify for triviality; and

• the options available to a pension scheme member with such a pension fund.

The Practice Note includes examples and also contains a check list which can be used to determine whether a triviality claim would be appropriate.

The Practice Note can be found here.

Malcolm Couch

Assessor of Income Tax

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