A couple of financial updates from Thompsons Accountants on the Isle of Man
Attribution Regime for Individuals (ARI)
The Attribution Regime for Individuals will be abolished with effect from
6th April 2012.The ARI was introduced in 2008 to replace the Distributable
Profits Charge (DPC). The ARI and DPC ensured that Isle of Man resident
shareholders did not roll up profits in an Isle of Man company tax free. The
abolition of the ARI means that Isle of Man resident shareholders of Isle of
Man companies may be able to roll up profits tax free in a company until
such time as a distribution is made. The use of a company structure with the
ability to roll up profits tax free for Island residents would appear to be
a very attractive proposition. To discuss tax planning opportunities please
give me a call on 01624 611108
Budget Day
Isle of Man Budget day is Tuesday 21st February; in the words of the Chief
Minister Allan Bell 'The road ahead will be difficult'.
