Taxwatch Update – 18 Feb 2016

On 16.2.16, the Treasury Minister has made an interesting announcement in his budget saying he intends to crack down on domestic tax avoidance.

For several years, many of us have been concerned that many on the Island, taking advantage of zero-ten, are escaping income tax by setting up personal investment companies, and he might well be referring to this, although does not say so explicitly.

He said, “I am advised by the Assessor that she is now frequently seeing tax planning around our zero-ten regime.  I do not consider this to be acceptable and I have asked the Assessor… to devise simple ways to tackle this and other unfair behaviour.”

For full story, see foot of page 3 on the following link:

http://edition.pagesuite-professional.co.uk//launch.aspx?eid=cd11d2d6-f4d3-48d9-8ea5-a50962fb993c

 Also:

See the IOM Budget special edition of “Tax Talk”, a newsletter from accountants / tax advisors PwC (PriceWaterhouseCoopers):

http://www.pwc.com/im/en/publications/assets/taxassets/tax-talk-iombudget-feb2016-special.pdf

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