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KPMG line-up offers double budget intel

Budget updates from KPMG's Greg Jones

Detail of Manx and UK budgets examined

Island big four accountancy firm KPMG has presented its annual update on the UK and Manx budgets to more than 230 local professionals and business leaders.

Speakers covered a wide range of topics in detail along headline budget commentaries at the gathering in the Claremont Hotel (15 March).


Director Greg Jones gave an overview of the 2017 UK Budget,  highlighting areas relevant to Isle of Man residents with UK interests.


These included changes to the CGT rules on appropriations to trading stock, and the extension of rules taxing offshore developers of UK property, to profits arising from pre-5 July 2016 contracts.


Delegates also heard about a potential 25% tax charge on transfers from a UK registered pension scheme to a Qualifying Recognised Overseas Pension Scheme (QROPS).


Tax director David Parsons described a complex tax landscape which he said 'needs to be carefully navigated if unexpected tax bills are to be avoided'.


Other speakers looked at the possible VAT position in a post-Brexit world and the Common Reporting Standard (CRS).


The 2017 Manx Budget was dissected in the morning's final session, given by tax assistant director Rob Rotherham.

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