Isle of Man: Double Taxation Agreement – Closer tax cooperation with the UKMonday, October 6th, 2008
New tax agreements between the Isle of Man and the United Kingdom were signed at a ceremony in Douglas on 29 September 2008. 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.
Isle of Man Strengthens Tax Co-operation with the United Kingdom
The UK Payroll News is sponsored by HRD & Payroll Solutions