Isle Of Man To Offer Tax Breaks To Encourage Investment
by Jason Gorringe, Lowtax.net, London
23 December, 2015
The Isle of Man is considering offering income tax relief to investors in small, higher-risk trading companies based in the island.
The tax relief would be offered to investors who subscribe for new shares. The maximum tax relief available for an individual would be GBP20,000 (USD29,750) in a tax year, while for a jointly assessed couple it would be GBP40,000.
It is anticipated that the additional equity raised will help businesses to grow, resulting in additional jobs in the island and subsequent growth in the local economy.
A new consultation document on the proposals, issued on December 21, outlines how the scheme will operate. It also addresses the criteria that the company and the investor must satisfy to qualify under the scheme.
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