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International Pension Schemes (50B and 50C)

International pension schemes approved under section 50B of the Income Tax Act 1970

50B schemes can be either personal pension schemes or occupational pension schemes but they are only available to individuals and trading undertakings that are not resident in the Isle of Man.

The legislation that covers the conditions for these schemes can be found in section 50B of the Income Tax Act 1970.

 

International pension schemes approved under section 50C of the Income Tax Act 1970

50C schemes can be either personal pension schemes or occupational pension schemes and are available to both Isle of Man and non-Isle of Man residents. No income tax relief is available on contributions made into 50C schemes and payments made in excess of the 30% tax free Pension Commencement Lump Sum will be subject to income tax charges.  

The legislation that covers the conditions for these schemes can be found in section 50C of the Income Tax Act 1970.

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