Monday, November 1, 2010
The Income Tax Division of the Isle of Man Treasury have published three practice notes providing guidance on changes to the islandís pension schemes.
The first practice note, PN 164/10, announces details of the newly-launched '50C scheme', a new type of pension scheme, which is to be open to both the domestic pension market and to international investors, as approved by the Isle of Man parliament, the Tynwald, on October 19. PN 164/10 in particular details the schemeís characteristics including its tax treatment, and the implications of the scheme accepting contracted-out/protected rights transfers.
The Divisionís second Practice Note, 165/10, provides an update on Ďapproved pension schemesí, in particular with respect to updated provisions in relation to:
The last Practice Note, 166/10, addresses a number of investment issues, including: