IoM publishes overdue plans for pensions tax reform

In its latest consultation on proposals for its own version of pension tax simplification, the Isle of Man Treasury reveals HM Revenue and Customs has already terminated one agreement between the territories because of differences in their systems. The 10-page document, which outlines plans for changes to the ways income tax is associated with pensions, reveals HMRC has from the 6 April terminated the reciprocal transfer agreement between the two territories. Before A-Day, transfers of pension scheme entitlement between the two areas was relatively straightforward, but now the arrangeme...