A Manx Update

It seems some time since Taxation published any news of the Isle of Man which for the technically minded is a self-governing dependency of the British Crown controlling inter alia its own fiscal policy.
Value added tax in the island closely resembles that administered by Customs in the United Kingdom so this account of the current reform programme will be concerned wholly with income tax. The Minister for the Treasury will be making a statement in the October Tynwald (Isle of Man annual assembly) which will be asked to approve a motion relating to the whole strategy and its timetable. This will be reported on subsequently.
Corporate changes
The most significant change is the introduction of a new corporate tax structure planned for 2003. At present companies are liable to pay Manx income tax provided they have resident status unless a non-resident...