The UK has signed new double tax treaties with the Isle of Man and the Channel Islands.
When people think of the Isle of Man (IoM), several things may come to mind: high-speed motor sport; Victorian promenades and long, sandy beaches; the Laxey wheel; cyclist Mark Cavendish; or perhaps just cats without tails. However, for tax advisers, there is often something else – well, tax of course. The IoM, along with the other Crown dependencies of Jersey and Guernsey (the dependencies), is a jurisdiction that tax advisers often encounter. One particular oddity practitioners can face when advising on any of the dependencies is the (somewhat outdated) double taxation treaty (DTT) between each of them and the UK.
On 2 July 2018, the UK signed new DTTs with each of the dependencies. These will come into force when each jurisdiction completes its legislative procedures and most provisions will take effect from the start of the next tax year. Read more.
This article was first published by Taxation.