A protocol amending the double tax treaty between the Isle of Man and the UK entered into force March 23 the Isle of Man government has announced.
The protocol, which amends the countries’ 1955 tax treaty, is designed to prevent non-UK resident property developers from avoiding UK income or corporate tax, said Isle of Man chief minister Allan Bell MHK.
“In agreeing to this amendment we are continuing with our longstanding policy of cooperating with the UK to counter tax avoidance and evasion,” the minister said.
He added that similar agreements are being struck between the UK and Jersey and Guernsey.
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