A company resident in the Isle of Man for income tax purposes is taxable on its worldwide income. However, a company can be resident in more than one country for income tax purposes, and in those circumstances it will be taxable in each jurisdiction in accordance with relevant domestic law.
We are now proposing a legislative change which would help to simplify the income tax position for companies with dual residence. In order to seek views and comments on this proposal the Income Tax Division, on behalf of Treasury, has today published a consultation document outlining the proposed change and containing a draft of the legislative amendment.
The consultation document is available on the Income Tax Division website at: http://www.gov.im/treasury/incometax/ConsultationDetail.gov?id=314. Alternatively, a paper copy can be obtained from the Division or by contacting General Enquiries on + 44 1624 685400.
