The Government has had to come up with fresh proposals after the EU Code Group rejected the Distributable Profits Charge, or DPC.
They were told it didn't conform to the principles of the Code of Conduct.
The complaint centred around whether it did or did not involve ring fencing, or treating Manx residents differently to other investors.
The Treasury has now published the Attribution Regime for Individuals, or ARI.
The Treasury says " A charging provision will be introduced that will, in certain circumstances, attribute the profit of a company to its Isle of Man resident owners. This attributed profit will be taxed as the income of the owners".
Assessor of Income Tax, Dr Malcolm Couch:
Examples of the ARI operation are available on the Treasury website.
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