On Air Night Flight | Midnight - 6:00am

UK DTA loophole closed

Governments amend taxation protocol

The government says it’s closed a loophole in the Island's double taxation agreement with the UK. 

A protocol amending the arrangement has been agreed between the UK Treasury and the Manx government.

The loophole meant some resident property developers living outside the UK could have avoided income or corporation tax there under certain specific circumstances.

The changes came into effect last week, and Chief Minister Allan Bell says the 1955 Double Taxation Arrangement with the UK is due to be renegotiated later this year.

More from Isle of Man Business