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Double Taxation Agreement between the Isle of Man and the UK comes into force

10/01/2019 News Team

The Isle of Man and the UK’s agreement for the elimination of double taxation in respect to taxes on income and on capital gains and the prevention of tax evasion and avoidance and protocol has come into force.

The agreement was given effect by an exchange of letters signed in London in July 2018 by Chief Minister Howard Quayle MHK and Mel Stride MP, financial secretary to HM Treasury and was then ratified by the Isle of Man in October 2018.

It replaces the Double Taxation Agreement that was signed in 1955.

Treasury Minister Alfred Cannan MHK commented: “The new Agreement confirms the termination of the Island’s oldest double taxation agreement, which was signed in 1955, and brings to effect a modern double taxation agreement based on the OECD Model.

“This Agreement meets the latest international standards and includes a number of new provisions that will provide greater certainty for individuals and businesses, including a tiebreaker provision that will assist those taxpayers who are resident for tax purposes in the Isle of Man and the UK at the same time.”

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