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Practice notes

The information contained within the Practice Notes below was correct at the date of issue. A Practice Note details the position at the date of issue and is not updated to reflect later changes, such as changes to legislation or annual budget changes to tax rates and allowances.  The current position can be found on the relevant page(s) for the topic or, if applicable, a later practice note detailing a change in practice. If you are unable to find the information or details that you require, please contact General Enquiries on +44 1624 685400.

 

2017
Practice Note Number Description
PN 196/17 Cycle to Work Scheme Benefit in Kind Exemption
PN 195/17 Budget 2017 - Income Tax and National Insurance Proposals
2016
Practice Note Number  Description
PN 194/16 Incorrect Returns - Changes to Penalties
PN 193/16 Relocation Expenses Benefit in Kind Exemption
PN 192/16 Land Development Tax Holiday
PN 191/16 Changes to Lump Sum Payments from Approved Pension Schemes
PN 190/16 Budget 2016 - Income Tax and National Insurance Proposals
2015
Practice Note Number  Description
PN 189/15 Information Providers' Reporting Obligations
PN 188/15 New Employer National Insurance Holiday Scheme
PN 187/15 Corporate Taxpayers - Income from Land and Property Change of Income Tax Rate                          
PN 186/15 Budget 2015 - Income Tax and National Insurance Proposals
2014
Practice Note Number Description
PN 185/14 Key Employee Concession
PN 184/14  Tax Cap Election
PN 183/14  Budget 2014 Income Tax and National Insurance Proposal
2013
Practice Note Number Description
PN 182/13  Extension to Employer National Insurance Holiday Scheme
PN 181/13  Retail Tax - Updated
PN 180/13  Budget 2013 Income Tax and National Insurance Proposals
2012
Practice Note Number Description
PN 179/12  The Taxation of the Interest Component of Payment Protection Insurance (PPI) Compensation
PN 178/12  The Tax Treatment of Foundations
PN 177/12  Revised System for Requesting an Assessment in Default
PN 176/12  Income Tax Return Compliance
PN 175/12  Compulsory Use of Online Tax Services for Employers
PN 174/12  Removal of Concessions - Distributions
PN 173/12  Employer National Insurance Holiday Scheme
PN 172/12  Restriction of General Deductions
PN 171/12  Budget 2012 - Income Tax and National Insurance Proposals
2011
Practice Note Number Description
PN 170/11 The Tax Treatment of Civil Partners
PN 169/11 Late Return Penalties for Employers and Contractors
PN 168/11 EUSD - New Reporting Procedures and Related Matters for Paying Agents
PN 167/11  Budget 2011 - Income Tax Proposals
2010
Practice Note Number Description
PN 166/10  Approved Pension Schemes - Investments
PN 165/10  Approved Pension Schemes - Update
PN 164/10  New Isle of Man Pension Scheme
PN 163/10  Taxation of Non-Executive Directors' Fees (Supplemental)
PN 162/10  Taxation of Non-Executive Directors' Fees
PN 161/10  Budget 2010 - Income Tax Proposals
2009
Practice Note Number Description
PN 160/09  Taxation of Trusts in the Isle of Man - Additional Guidance
PN 159/09  Taxation of Interest due from Kaupthing Singer and Friedlander (Isle of Man) Ltd (in Liquidation)
PN 158/09  Isle of Man Pensions Paid to Non-residents
PN 157/09 (updated) United Kingdom and Republic of Ireland Pensions
PN 156/09  Revision to the Assessor's Practice in Respect of Distributions from Company ReservesTHIS PRACTICE NOTE WAS WITHDRAWN 21 FEBRUARY 2012
PN 155/09  Budget 2009 - Income Tax Proposals
PN 154/09  Interest and Repayment Supplement - Change of Rate
PN 153/09  Isle of Man Approved Pension Schemes - Triviality
2008
Practice Note Number Description
PN 152/08  Private Medical Insurance Relief - New Nightly Cash Benefit Limit
PN 151/08  Improving Compliance with Tax Return Obligations
PN 150/08 European Directive On The Taxation Of Savings Income - Further Update On Reporting Procedures And Related Matters For Paying Agents 
PN 149/08  Taxation of Manx Pension Schemes Reform - Transitional Issues
PN 148/08  Budget 2008 - Income Tax Proposals
PN 147/08  Interest and Repayment Supplement - Change of Rate
2007
Practice Note Number Description
PN 146/07  1. Repeal of Corporate Charge Legislation 2. Introduction of Civil Penalties for Corporate Taxpayers 
PN 145/07  The Taxation of Partnerships in the Isle of Man
PN 144/07  Tax Residence in the Isle of Man
PN 143/07  Company Income Tax Return Form Requirement for Accounting Periods ending on or after 6 April 2007
PN 142/07  Budget 2007 - Income Tax Proposals
PN 141-07  The Taxation of Trusts in the Isle of Man
PN 140/07  European Directive on Taxation of Savings Income - Update on Reporting Procedures and Related Matters for Paying Agents
2006
Practice Note Number Description
PN 139/06  Corporate Income Tax Regime - The New Basis of Assessment
PN 138/06  Corporate Taxpayers Income Derived from Land and Property in the Isle of Man
PN 137/06  The Zero Rate Extra-Statutory Concessions
PN 136/06  Administration of the Corporate Charge
PN 135/06  Repeal of Special Company Income Tax Regimes from 6 April 2007
PN 134/06  Election to Pay Corporate Income Tax at a Rate of 10% 
PN 133/06  The Corporate Charge
PN 132/06  Deferment of the State Retirement Pension
PN 131/06  Taxation of Married Couples
PN 130/06  Taxation of Non-resident Individuals
PN 129/06  Repayment Supplement
PN 128/06  Administration of the Tax Cap
PN 127/06  Taxation of Companies in the Isle of Man from 6 April 2006
PN 126/06  Tax Residence in the Isle of Man
PN 125/06  Important Changes to Tax Codes
PN 124/06  Budget 2006 - Banking Business
PN 123/06  Budget 2006 - Income Tax Proposals 
PN 122/06  Benefit in Kind - Withdrawal of Concession
PN 121/06  Tax Exempt Companies, International Companies, International Limited Liability Companies and International Limited Partnerships
2005
Practice Note Number Description
PN 120/05 Interest on Overdue Tax
PN 119/05  Construction Industry Tax Exemption Certificates
PN 118/05  EU Directive on the Taxation of Savings Income
PN 117/05  Commercial Buildings Allowance
PN 116/05  Treatment of Dividends received on a Current Year basis of Assessment
PN 115/05  Changes to the Repayment Supplement
PN 114/05  Income Tax Extra Statutory Concessions
PN 113/05  Initial Income Tax Return Penalty Estimates and Requests for Default Assessments
PN 112/05  Income Tax Return Penalty
PN 111/05  Budget 2005 - Income Tax Proposals
PN 110/05  Tax Exempt Companies, International Limited Liability Companies, International Companies, International Limited Partnerships
2004
Practice Note Number Description
PN 109/04  EU Directive on the Taxation of Savings Income
PN 108/04  Taxation of Business Profits
PN 107/04  Protected Cell Companies
PN 106/04  Loans to Participators
PN 105/04  Review of Commercial Buildings Allowance for Peel, Ramsey and Port St Mary
PN 104/04  Introduction of Current Year Basis of Assessment and Payment on Account
PN 103/04  Income Tax (Amendment) Act 2004
PN 102/04  Income Tax (Amendment) Bill 2004
PN 101/04  Income Tax Legislative Programme
PN 100/04  Budget 2004 - Income Tax Proposals
PN 99/04  Zero Rate of Tax on Trading Profits
2003
Practice Note Number Description
PN 98/03  Short Term Residence Concession THIS CONCESSION WAS WITHDRAWN 7 JUNE 2006
PN 97/03  Penalty and Interest Remission Scheme (P.A.I.R.S.)
PN 96/03  The Introduction of a Current Year Basis of Assessment for Individuals and Non-Corporates in 2004/2005
PN 95/03 Budget 2003 - Income Tax Proposals
2002
Practice Note Number Description
PN 94/02  Capital DistributionsTHIS PRACTICE NOTE WAS WITHDRAWN 21 FEBRUARY 2012
PN 93/02  Tax information exchange agreements
PN 92/02  Short term residence extra statutory concession proposed amendment
PN 91/02  Life Insurance Policies Proposals
PN 90/02  Budget 2002 - Income Tax Proposals
2001
Practice Note Number Description
PN 89/01  Termination Payments
PN 88/01  Procedures in force for late application for exempt or International status
PN 87/01  Budget 2001 Income Tax proposals
2000
Practice Note Number Description
PN 86/00  Commercial letting activities for the purposes of the lower company band rate
PN 85/00  Tax exempt Companies, ILLC's and Non-resident Company Duty. Increased fees payable
PN 84/00  Agent authority
PN 83/00  Charitable Payments
PN 82/00  Budget 2000 - Income Tax Proposals
PN 81/00 Revision to procedure for granting Double Tax Relief
1999
Practice Note Number Description
PN 80/99  The interaction of the Cessation of Residence Provisions with the Short Term Residence Concession
PN 79/99  Early redemption charges on fixed rate mortgages
PN 78/99  Application of the 15% Company Rate
PN 77/99  Interaction of the Short Term Residence Concession and the Commencement of Residence Provision
PN 76/99  Income Tax Concession - Isle of Man T.T. Homestay Scheme
PN 75/99  Moratorium on the formation of Non-resident Duty Companies
PN 74/99  Investment Holding Companies - Allowable expenses amendment to PN 68-97
PN 73/99  Budget 1999 new Tax Band for Companies
PN 72/99 Budget 1999 Income Tax Proposals
1998
Practice Note Number Description
PN 71/98 Budget 1998 Income Tax Proposals
PN 70/98  Lease Premiums and related matters
PN 69/98  Income Tax ( Exempt Companies ) Act 1984
1997
Practice Note Number Description
PN 68/97  Investment Holding Companies Allowable expenses
PN 67/97  Revised procedures for granting Double Taxation Relief
PN 66/97  18th March 1997 - BUDGET 1997 - INCOME TAX PROPOSALS
1996
Practice Note Number Description
PN 65/96  Limited Liabilty Companies Act 1996
PN 64/96  Social Security Benefits
PN 63/96  Income Tax ( Exempt Companies ) Act 1984
PN 62/96  25 July 1996 - Concessional Treatment Of Lloyd's Underwriter Income And The Tax Implications Of Reconstruction And Renewal
PN 61/96  Procedures for granting Double Taxation Relief
PN 60/96  Budget 1996 Income Tax Proposals
PN 59/96  Income Tax ( Exempt Companies ) Act 1984
1995
Practice Note Number Description
PN 58/95  Budget 1995 Income Tax Proposals
PN 57/95  Date: 6 March 1995 - Income Tax (Exempt Companies) Act 
PN 56/95  UK/IOM Double Taxation Agreement
1994
Practice Note Number Description
PN 55/94  Date: 27 October 1994 - International Business Act 1994 & Income Tax (Exempt Companies) Act 1984
PN 54/94  Penalty and Interest remission Scheme
PN 53/94  Income Tax ( Exempt Companies Act ) 1984
PN 52/94  Audit Exemption Regulations
PN 51/94  Assessment of Income arising from Land and Property
PN 50/94  Tourist Accommodation benefits
PN 49/94  Income Tax Proposals
PN 49/94  Remission Scheme extract
1993
Practice Note Number Description
PN 48/93   17 December 1993 - Interest On Overdue Tax
PN 47/93  Repayment Supplement
PN 46/93  International Business Bill 1993
PN 45/93  Private Medical Insurance
PN 44(5)/93  Budget 1993 Income Tax Proposals
PN 44(4)/93  Budget 1993 Income Tax Proposals
PN 44(3)/93  Budget 1993 Income Tax Proposals
PN 44(2)/93  Budget 1993 Income Tax Proposals
PN 44(1)/93  Budget 1993 Income Tax Proposals
PN 43/93  International Business Bill 1993
PN 42/93 Income Tax (Capital Relief) (Tourist Business Incentive Allowance) ( Amendment) Order 1992 - GC 510-92
1992
Practice Note Number Description
PN 41/92  Interest on Overdue Tax
PN 40/92  Relocation expenses (Benefits in Kind)
PN 39/92  Employers National Insurance Rebate
PN 38/92  Budget 1992 Income Tax Proposals
PN 37/92  Lloyds Underwriters - Provisional Losses
PN 36/92  Interest on Overdue Tax
1991
Practice Note Number Description
PN 35/91  Income Tax Office Accommodation Changes
PN 34/91  Extra Statutory Concession
PN 33/91  Return Forms
PN 32/91  Interest on Overdue Tax
PN 31/91  Budget 1991 Income Tax Proposals
1990
Practice Note Number Description
PN 30/90  This PN replaces PN 1-85 dated 18/11-85 but is amended by PN 32-91 dated 5-8-91
PN 29/90  Budget 1990 Income Tax Rates and Allowances
PN 28/90  Benefits in Kind
PN 28/90  Benefits in Kind Supplemental
1989
Practice Note Number Description
PN 27/89  Share schemes
PN 26/89  Herd Basis Election
PN 25/89  Assessments - Revised Procedures
PN 24/89  11 September 1989 - Income Tax Act 1989 
PN 23/89 Income Tax ( Exempt Companies ) Act 1984
PN 22/89  Budget 1989 Income Tax Rates and Allowances
PN 21/89  ITIP coding changes for 1989/1990 Revised
1988
Practice Note Number Description
PN 20/88  Income Tax Division - Sub Postmasters basis of Assessment
PN 19/88  Income Tax Division - Revised Structure
PN 18/88  National Insurance Retirement Pension Basis of Assessment
PN 17/88  Construction Industry Tax Deduction Scheme
PN 16/88  Returns to be made by Employers in Special Cases
PN 15/88  Budget 1988 Income Tax Rates
PN 14/88  Income Tax ( Loss relief ) Regulations 1988
PN 13/88  Benefits in Kind - Form T9
1987
Practice Note Number Description
PN 12/87  1987-88 Budget
PN 11/87  Isle of Man Non-resident Companies
PN 10/87  Beneficial Occupation
1986
Practice Note Number Description
PN 9/86  Modified ITIP - estimates of interest to be paid
PN 8/86  Income Tax (Exempt Companies) Act1984 and Leasing companies losses
PN 7/86  Changes contained in Income Tax (Amendment) Act 1986
PN 6/86  Office reorganisation
PN 5/86  Income Tax Office Accommodation changes
PN 4/86  Income Tax Office Accommodation changes
PN 3/86  Modified ITIP - Initial Guide to Employer's
1985
Practice Note Number Description
PN 2/85  Beneficial Occupation
PN 1/85  Interest on Overdue Tax
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