'Double taxation arrangement' renegotiated

Document to be presented to Tynwald after summer recess

The Isle of Man has agreed a renegotiated 'double taxation arrangement' with the UK.

Howard Quayle met with Mel Stride MP yesterday, who is Financial Secretary to the Treasury and Paymaster General across, to sign the document which replaces the agreement of the same name from 1955.

Government says latest version is based on the latest wording model of the Organisation for Economic Co-Operation and Development.

It's also designed to comply with the OECD's inclusive framework on Base Erosion and Profit Shifting.

The Chief Minister commented that the agreement shows a commitment to comply with the Island's 'most significant partner jurisdiction' in eliminating double taxation, and to counter tax avoidance and evasion.

The document will be presented to Tynwald after the summer recess, and subject to it being ratified by Tynwald and the UK, it's expected the agreement will become effective next year.