Increases in certain taxes 'would not have any direct impact for existing residents'
The treasury minister says the impending UK Budget 'may widen the comparisons between' Britain and the Isle of Man.
It comes following a written question from Douglas North MHK John Wannenburgh, who asked what measures have been considered and put in place to take advantage of likely increases in UK inheritance, capital gains, and pension taxes.
Alex Allinson says any increases to such taxes in the UK would not have any direct impact for existing residents of the Isle of Man.
He says although 'there are a number of potential proposals circulating in the UK media in respect of pension taxes' he doesn't 'consider it prudent to pre-empt the measures'.
He added that Treasury 'will consider any new measures announced in the UK Autumn Budget Statement and determine the impact on the Isle of Man accordingly'.
The 2024 Autumn Budget will be presented by the UK Chancellor, Rachel Reeves, on Wednesday 30 October.
You can find the written question here.
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