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Pension tax changes

The Income Tax Division of the Treasury has announced two new statutory concessions for pension schemes.

Both have been approved by Tynwald and took affect from April 6 this year.

They are: Concurrency of personal pension plans and occupational pension schemes; and approved pension schemes trivial commutation lump sums.

The Treasury says these are both part of a wide-ranging review of pension schemes tax systems.

More changes are expected when a new income tax bill is considered by the House of Keys later this year.

More details can be found on the government's website, www.gov.im

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