Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle of Man, owned by non-residents and which complies with the other statutory requirements, is not liable to Isle of Man taxation. Whilst locally trading companies pay tax at 18%, a qualifying offshore company pays a flat annual tax of £475 or £1,000.

The Isle of Man is however required to comply with the E.U. Code of Conduct on Business Taxation and other international initiatives designed to eliminate discrimination between taxpayers. This means, essentially, that the tax treatment of local and offshore companies should be the same. The Island decided some time ago that it would meet its obligations by introducing a zero rate of taxation for all companies except those engaged in certain finance sector activities and the Government has now issued a consultation paper outlining how it is proposed that the new system will operate.

From April 2006 the distinction between offshore and locally resident companies will disappear and companies will be classified as distributing or non-distributing. A distributing company will be one of the following,

? Where the whole of the distributable profit has been charged to tax at the rate of 10% or

? Where the company has distributed a specified minimum of its distributable profit, expected to be 60% for a trading company and 100% for an investment company or

? A company owned wholly by non- residents, regardless of what percentage of profit is actually distributed.

It is this third category of qualification, which is the most important, as it means that companies, incorporated on the Isle of Man but wholly owned by non-residents, will continue to enjoy tax- free status.

Companies will have to apply for distributing status but the exact means by which they will do so has not as yet been decided. The Government has however indicated that companies which have successfully claimed such status may not be required to submit accounts with every tax return providing sufficient information is provided on the return to support the claim.

There are further rules which apply to companies which are wholly or partly owned by Isle of Man residents and these companies will be obliged to calculate the tax payable on that part of the profits applicable to local shareholders and to pay it over to the Treasury.

The new system will accord with the international obligation for the Isle of Man not to discriminate between onshore and offshore companies and enable it to escape the sanctions, which may be invoked against some of the other offshore centres.

The Chesterfield Group provides a full range of trustee, and corporate advisory, formation and management services and invites enquiries. More particulars can be found on our web-site http://www.chesterfield-management.comREF=CH5EZ

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Obama tax cuts aimed at the less-than-wealthy - Atlanta Journal Constitution

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McCain: I#39;m Not Raising Taxes. I#39;m Cutting Medicare! - The Plank on TNR.com

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Looking for low taxes in retirement? Avoid New Jersey - Boston Globe

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High sales taxes hurt Arizona#39;s lure to business - Arizona Republic

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Polls show Obama in lead as debate turns to taxes, economy - Bizjournals.com

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/5i-0fd=Rurl=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100500711.htmlcid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNEQO0EH7SNVoQqwHF2DaMjMBjagkAimg src=http://news.google.com/news?imgefp=oXhdQL2fBoEJimgurl=media3.washingtonpost.com/wp-dyn/content/photo/2008/10/05/PH2008100500712.jpg width=80 height=65 alt= border=1brfont size=-2Washington Post/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/5-0fd=Rurl=http://www.bizjournals.com/phoenix/stories/2008/10/06/daily2.htmlcid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNE_Mqh9i5vR_fDrhsw_4lCfCt8wdgPolls show Obama in lead as debate turns to btaxes/b, economy/abrfont size=-1font color=#6f6f6fBizjournals.com,nbsp;NCnbsp;-/font nobr2 hours ago/nobr/fontbrfont size=-1McCain is expected to follow up on running mate Sarah Palinā€™s jabs at Obama on btaxes/b, expansion of government and links to former Weather Underground member b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-1fd=Rurl=http://www.youtube.com/watch%3Fv%3DaKKidzgxHOMcid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNFUB6W80b2j7vKE_MpaSUIqguxxXAVideo: Palin Criticizes Obama#39;s Ties to Ayers/a font size=-1 color=#6f6f6fnobrAssociatedPress/nobr/fontobject width=448 height=356param name=movie value=http://www.youtube.com/v/aKKidzgxHOM/paramparam name=wmode value=transparent/paramembed src=http://www.youtube.com/v/aKKidzgxHOMtype=application/x-shockwave-flashwmode=transparentwidth=448height=356/embed/objectbr/fontfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-2fd=Rurl=http://trailblazersblog.dallasnews.com/archives/2008/10/fact-check-does-obama-pal-arou.htmlcid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNE5hjla96A0IMymL1Rza4ZP_4gU_gFact check: Does Obama pal around with #39;terrorists#39;?/a font size=-1 color=#6f6f6fnobrDallas Morning News/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/5-3fd=Rurl=http://abclocal.go.com/wtvd/story%3Fsection%3Dnews/local%26id%3D6434450cid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNFcQqjJNOYsRkD_OiA-8hM1tRoMcANC leaders pledge support for Obama/a font size=-1 color=#6f6f6fnobrabc11tv.com/nobr/font/fontbrfont size=-1 class=pa href=http://news.google.com/news/url?sa=Tct=us/5-4fd=Rurl=http://blogs.orlandosentinel.com/news_politics/2008/10/palin-targets-o.htmlcid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNGgXmjzvguVKmT8COiT7sBSweMT1QnobrCentral Florida Political Pulse/nobr/anbsp;- a href=http://news.google.com/news/url?sa=Tct=us/5-5fd=Rurl=http://www2.presstelegram.com/ci_10641675cid=1254438696ei=lGLqSPubH5WO9QTB5IxNusg=AFQjCNHwUaiII7gcwsaLZgnuivfPM9ZpYgnobrLong Beach Press-Telegram/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254438696hl=ennobrall 4,440 news articles/nobr/a/font/div/font/td/tr/table

Republicans: Elect GOP and limit property taxes - Chicago Tribune

Mauritians Turn to the Internet to Pay Taxes - PC World

The McCain Comeback Plan: Taxes, Crime, Associations And Real Reform - Atlantic Online

Pay Less Tax on Your Funds - Washington Post

Taxes - Google News

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