Manx law change levels QROPS playing field

Until now, non-Manx residents were subject to a 20% tax on income including from pensions, placing the island at a disadvantage to more favourable tax environments such as Guernsey. However, Tynwald, the Isle of Man Parliament, will formally ratify a new tax rule in its next three day session starting October 19, which will remove the 20% tax rate for non-Manx pensioners. "The changes to the Manx legislation will undoubtedly be welcomed by pension practitioners, advisers and clients generally as the Isle of Man has been at a clear disadvantage compared to jurisdictions such as Guernse...