CAPPING PERSONAL TAX LIABILITIES
|
|
- Vivian Craig
- 8 years ago
- Views:
Transcription
1 15 March 2005 CAPPING PERSONAL TAX LIABILITIES A Consultation Document Issued by: Income Tax Division, 2 nd Floor Government Office, Buck s Road, Douglas, IM1 3TX
2 Index 1 Introduction 2 The current position a. Personal income tax b. The modified taxation strategy c. What contributions do high net worth individuals make? 3 Social issues 4 Does tax capping exist elsewhere? 5 Impact on other areas of taxation: a. ITIP system b. Subcontractors deductions c. Taxation of married couples d. Rates of tax and thresholds 6 Annual returns 7 Assessments 8 At what level should the cap be set? 9 Summary 10 Closing date for submissions and contact information 2 / 6
3 1. Introduction Treasury Minister Allan Bell MHK announced in his 2005 Budget Statement that the Income Tax Division would consult with interested parties regarding the introduction of a cap on personal tax liabilities. The Minister said: I am sure that this Court will agree with me that one aspect of our economy worth maintaining and encouraging is the relocation to the Isle of Man of individuals with significant wealth who then not only buy local goods and services, but frequently invest in more significant ways. If we can present to the international community a dynamic package of measures on company law, company taxation and individual taxation, a solid foundation for future prosperity will be laid. To this end, and focussing particularly on individuals, I have asked the Assessor to carry out an early and rapid consultation exercise with a view to introducing a cap on personal tax liabilities, as it is likely that such individuals will bring with them the potential for further business opportunities to be created. This document sets out Treasury s position, provides an outline of some issues that need to be considered and tells you the period during which submissions can be made. 2. The current position a. Personal income tax People who are liable to Manx resident income tax are entitled to claim a personal allowance of 8,500 that provides for the first part of their taxable income to be paid free of income tax. Thereafter 10,300 of taxable income is subject to a 10% lower rate of tax, with all further income suffering tax at the higher rate of 18% 1. Unlike some other statutory fees, duties or contributions there is no maximum income tax payment for a year and therefore liabilities continue to increase as the individual s taxable income increases. b. The modified taxation strategy The Modified Taxation Strategy, approved by Tynwald in October 2002, was Treasury s response to international and domestic issues that continue to face the Island to this day. One such issue was the need to encourage inward investment and to adopt measures that would encourage key individuals to move to the Isle of Man. 1 Threshold and rates applying in 2005/ / 6
4 c. What contributions do high net worth individuals make? Treasury considers that high net worth individuals make significant contributions to the Island s economy. At the basic level, these contributions are made via the purchase of local goods and services, but wealthy people relocating to the Isle of Man have also set up businesses that then provide employment opportunities for others. Investment companies and trusts may also be part of a high net worth individual s portfolio. Management of, and professional advice to, these investment vehicles by corporate and trust service providers, accountancy firms and law firms directly contribute to the Island economy through employment, and through the payment of company registration fees, professional fees and other types of charge. Dividends paid by trading or investment companies will continue to be taxable income in the hands of Manx resident shareholders; subject to the cap should it be implemented. 3. Social issues We recognise that putting an upper limit on personal income tax may be perceived by some as a benefit that is only for the wealthiest. Notwithstanding that view, and for reasons outlined in the previous paragraphs, Treasury recognises the contribution to the Manx economy that is made by the most well off and feels that this must be taken into account and, wherever possible encouraged. It could also be argued that there is a limit to the amount of government-provided services and infrastructure that any person can draw on and this point should be borne in mind when considering whether capping personal income tax is fair or not. 4. Do tax caps exist elsewhere? Tax caps exist in a number of jurisdictions. Some are included in law, whilst others are in the form of concessions. In Jersey, legislation is being promoted that will limit the tax liability of people who obtain a housing consent. Gibraltar has legislation that limits the liability of high net worth individuals. The system in Gibraltar requires the individual to obtain a certificate under qualifying high net worth individual rules before the limit on tax can be applied. Guernsey recently issued 2 a consultation paper entitled Building Confidence. One of the key issues considered was the introduction of a personal tax cap to encourage entrepreneurs to move to Guernsey. Unlike the limited approach of Jersey and Gibraltar, our proposal is to set a tax cap that applies to all individual taxpayers that is to say the Manx approach will not be restricted to a select few; it will apply equally and consistently in all relevant cases. 2 Guernsey Consultation ended on 31 January / 6
5 5. Impact on other areas of taxation a. ITIP system Our tax coding system currently requires the deduction of ITIP from every pound of taxable income above the free pay amount. ITIP regulations do not provide for a maximum deduction from remuneration. It is proposed that the ITIP system is not modified. If an individual pays more ITIP in the year than the tax cap amount, they would be able to request a NT (no tax) code or, on assessment, would be entitled to a refund of excess ITIP. b. Subcontractor deductions As with the ITIP system, subcontractor deductions are made from every pound of subcontractor payments. No changes are proposed in this system. If an individual suffers more deductions than the cap, an exemption certificate could be obtained or, on assessment, a refund will be available. c. Taxation of married couples Jointly assessed married couples benefit from personal allowances and lower rate thresholds that are exactly double that available to single individuals. We propose that the tax cap system will retain that approach, with a jointly assessed couple having twice the cap. Doubling the cap will place the married couple in the same position as two single people living together or a married couple who have elected to be independently taxed. d. Rates of tax and thresholds The Income Tax Act 1970 allows Treasury, by Resolution, to set a lower rate and a higher rate of tax and a threshold that applies between the two prescribed rates. The Income Tax (Amendment) Bill 2005 includes provisions that will allow Treasury to prescribe more flexible rates of tax and income thresholds, and this would enable the introduction of a tax cap. 6. Annual returns Even if a tax cap is introduced, statute requires a person to make a true and complete return of their whole income. That requirement will not change and all taxpayers will need to file a true and correct return. 7. Assessments Should a tax cap be introduced, the Income Tax Division will continue to record all income sources, deductions and reliefs as part of the assessment process and ensure accurate data is available for budget forecasting etc. 5 / 6
6 8. At what level should the cap be set? Treasury has not expressed a view regarding the level of a tax cap. We invite submissions regarding the level of income, above which, income tax should be charged at a rate of 0%. The examples below show the approximate levels of taxable income that an individual would need in order to bring the cap into play: Cap at 100,000 needs taxable income in excess of 570,000 Cap at 150,000 needs taxable income in excess of 850,000 Cap at 200,000 needs taxable income in excess of 1,125, Summary You are invited to consider the implication of the introduction of a tax cap, its level and to comment on the impact of a cap on other areas of taxation (coding, married couples, etc.). 10. Closing date for submissions and contact information The closing date for this consultation exercise is 29 April 2005 and submissions should be addressed to: Richard Carter ATT Senior Legislation Officer Income Tax Division Government Office Buck s Road Douglas Isle of Man IM1 3TX Richard.Carter@itd.treasury.gov.im 6 / 6
Taxation of Pension Schemes
15 October 2007 Taxation of Pension Schemes Income Tax (Pensions) Bill 2007 Proposal Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.
More informationTaxation of Pension Schemes
20 March 2007 Taxation of Pension Schemes Consultation Response Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1. Introduction...3 2. Consultation...3 3. Executive
More informationTax Relief for Private Medical Insurance. Guidance Note GN14. Issued by the Income Tax Division 6 April 2012
Tax Relief for Private Medical Insurance Guidance Note GN14 1 Issued by the Income Tax Division 6 April 2012 PLEASE NOTE: This guidance has no binding force and does not affect your right of appeal on
More informationLIMITED PARTNERSHIP (LEGAL PERSONALITY) ACT 2011. Arrangement of Sections
2011 CHAPTER No. 9 c.9 LIMITED PARTNERSHIP (LEGAL PERSONALITY) ACT 2011 Section 1. Short title Arrangement of Sections 2. Legal 3. Taxation with legal c.9 Limited Partnership (Legal Personality) Act 2011
More informationTAX RELIEF FOR LETTING A ROOM IN YOUR HOME
7 September 2011 TAX RELIEF FOR LETTING A ROOM IN YOUR HOME A Consultation Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1. Introduction... 1 2. Background...
More informationPersonal Service Companies. Guidance Note GN 50
Personal Service Companies Guidance Note GN 50 Issued by the Income Tax Division 20 March 2014 PLEASE NOTE: This guidance has no binding force and does not affect your right of appeal on points concerning
More informationNeed Help With Your Tax Return Guiidance Note GN30 Issued by the Income Tax Division 7 Aprill 2015
Need Help With Your Tax Return Guidance Note GN30 Issuedd by the Income Tax Division 7 Aprill 2015 PLEASE NOTE: This guidance has no binding force and does not affect your right of appeal on points concerning
More informationTaxation of Investment Products
2 December 2009 Taxation of Pension Taxation Schemes of Investment Products A Consultation Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1 Background... 1 2 Investment
More informationStep 1: Visit www.gov.im/onlineservices and register for Isle of Man Government online services by selecting Income Tax service.
GuiDance notes, Gn1S ReTuRn form GuiDe SimPlifieD 15-16 important information TO assist WiTh The completion Of YOuR ReTuRn form Why use Online Tax Services? Because you can: File your return efficiently
More informationTax Guide for Individuals Moving to the UK
Tax administration and allowances The UK taxing authority is known as Her Majesty s Revenue and Customs (or HMRC for short) and the tax year runs from 6 April to the following 5 April. There is no system
More informationSpanish Tax Facts. The Expatriate Financial Guide to Spain
The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.
More informationA Guide to Isle of Man Companies
A Guide to Isle of Man Companies A Guide to Isle of Man Companies The Isle of Man has been pre-eminent in the creation of innovative corporate legislation, the most recent examples being the introduction
More informationCORPORATE INCOME TAX REGIME
27 February 2006 CORPORATE INCOME TAX REGIME A Consultation Response Document GR 013/06 Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page Background and purpose of this document
More informationTAX RELIEF FOR LETTING A ROOM IN YOUR HOME
7 December 2011 Taxation of Pension Schemes TAX RELIEF FOR LETTING A ROOM IN YOUR HOME A Response Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Contents Page 1 Introduction
More informationBenefits in Kind. Taxation of Company Cars and Fuel. Proposal Document. Issued by:
13 May 2008 Benefits in Kind Taxation of Company Cars and Fuel Proposal Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Table of Contents 1. INTRODUCTION...3 2. BACKGROUND...3
More informationAlderney The most competitive tax environment for egambling Operators - Page 1 of 7
ALDERNEY THE MOST COMPETITIVE TAX ENVIRONMENT FOR EGAMBLING OPERATORS The global egambling and taxation environment is evolving into one of an increasing number of regulated markets, seeking to impose
More informationSelf-Employment. Guidance Note GN4
Self-Employment Guidance Note GN4 Issued by the Income Tax Division 23 April 2012 PLEASE NOTE: This guidance has no binding force and does not affect your right of appeal on points concerning your liability
More informationGerman Tax Facts. The Expatriate Financial Guide to Germany
The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls
More informationCompletion of Disclosure Reports
Completion of Disclosure Reports Guidance Note GN33 Issued by the Income Tax Division 15 March 2010 Guidance Note GN?? PLEASE NOTE: This guidance has no binding force and does not affect your right of
More informationSOCIAL SECURITY. The Social Security (United Kingdom) Order 1977 SOCIAL SECURITY
GC47/78 Social Security (United Kingdom) Order 1977 Articles 1-2 Government Circular No. 47/78 SOCIAL SECURITY The Social Security (United Kingdom) Order 1977 The Social Security (United Kingdom) Order
More informationPP10/11 HOUSE OF KEYS COMMITTEE ON THE HEALTH INSURANCE (LEVY AND POLICY) BILL 2010-2011 REPORT
PP10/11 HOUSE OF KEYS COMMITTEE ON THE HEALTH INSURANCE (LEVY AND POLICY) BILL 2010-2011 REPORT REPORT OF THE HOUSE OF KEYS COMMITTEE ON THE HEALTH INSURANCE (LEVY AND POLICY) BILL 2010-2011 Resolved on
More informationAVOIDING TAX AVOIDANCE. TWS Policy Paper
AVOIDING TAX AVOIDANCE TWS Policy Paper Tom Pocock December 2009 BACKGROUND: CURRENT INFORMATION ON TAX AVOIDANCE MEASURES Basic Numbers The estimated loss due to non-domiciling to the U.K. is around 4bn
More informationDEPARTMENT OF THE TREASURY TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND
DEPARTMENT OF THE TREASURY TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND THE FRENCH REPUBLIC SIGNED AT WASHINGTON ON DECEMBER 8, 2004 AMENDING THE CONVENTION BETWEEN THE
More informationOECD BEPS Project - Impact on UK tax law. Munich, 21 April 2016
OECD BEPS Project - Impact on UK tax law Munich, 21 April 2016 Slide 3 5 Recent tax developments in the UK 6-8 Action 2 - Hybrid mismatch arrangements 9 10 Action 3 - CFC Rules 11 12 Action 4 - Interest
More informationGUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY
GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY CONTENTS PREFACE 1 1. Introduction 2 2. Why Choose Guernsey, Isle of Man or Jersey? 2 3. Company Incorporations, Migrations and
More information2015 -- S 0163 S T A T E O F R H O D E I S L A N D
======== LC000 ======== 01 -- S 01 S T A T E O F R H O D E I S L A N D IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 01 A N A C T RELATING TO TAXATION - PERSONAL INCOME TAX Introduced By: Senators Goldin,
More informationTHE ONLINE GAMBLING REGULATION ACT 2001. THE ONLINE GAMBLING (DISASTER RECOVERY) (No. 2) REGULATIONS. Laid before Tynwald 16 th October 2007
Statutory Document No 725/07 THE ONLINE GAMBLING REGULATION ACT 2001 THE ONLINE GAMBLING (DISASTER RECOVERY) (No. 2) REGULATIONS 2007 Laid before Tynwald 16 th October 2007 Coming into operation 31 August
More informationHow To Determine The Tax Rate In Australia
APPENDIX C: GST REVENUE POLICY DECISIONS Compulsory third party schemes alternative global decreasing adjustment methodology Australian Taxation Office 6.7 6.7 6.7 6.7 The Government will not proceed with
More informationHolding companies in Ireland
Holding companies in Irel David Lawless Paul Moloney Dillon Eustace, Dublin Irel has long been a destination of choice for holding companies because of its low corporation tax rate of 12.5 percent, participation
More informationFrequently Asked Questions
Frequently Asked Questions What is civil legal aid? Civil legal aid is a scheme designed to enable a person to have access to legal representation where their means would not otherwise permit them to do
More informationA GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY
A GUIDE TO RETIREMENT ANNUITY TRUST SCHEMES ( RATS ) IN GUERNSEY TABLE OF CONTENTS INTRODUCTION... 3 WHAT IS A RETIREMENT ANNUITY TRUST SCHEME?... 3 THE TRUSTEES... 4 APPROVAL... 4 TRANSFERS FROM OTHER
More informationPortfolio Investments Key Features
Portfolio Investments Key Features Including the Investments ISA IMPORTANT INFORMATION YOU NEED TO READ AND UNDERSTAND BEFORE YOU INVEST The Financial Conduct Authority is a financial services regulator.
More informationCalculating Foreign Tax Credit Relief on income
Helpsheet 263 Tax year 6 April 2013 to 5 April 2014 Calculating Foreign Tax Credit Relief on income A Contacts Please phone: the number printed on page TR 1 of your tax return the SA Helpline on 0300 200
More informationNon-dom dilemmas and how offshore bonds can help. For advisers only. Not for use with customers.
Non-dom dilemmas and how offshore bonds can help For advisers only. Not for use with customers. 2 Non-dom dilemmas and how offshore bonds can help Background The UK has long been considered a tax haven
More informationRETIREMENT ANNUITY TRUST SCHEMES (RATS)
FACT SHEET RETIREMENT ANNUITY TRUST SCHEMES (RATS) With only a limited number of retirement annuity contracts (RAC) and personal pension schemes (PPS) available in Guernsey, the popularity of RATS is growing
More informationRECENT INCOME TAX CHANGES
RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to
More informationMALTA Jurisdictional Guide
MALTA Jurisdictional Guide GENERAL INFORMATION The Republic of Malta is situated in the centre of the Mediterranean, south of Sicily, east of Tunisia and north of Libya. Malta gained its independence from
More informationRolls-Royce Holdings plc. Shareholder guide June 2014
Rolls-Royce Holdings plc Shareholder guide June 2014 Contents Payments to Shareholders Payments to shareholders............................................3 Receive cash.....................................................4
More informationRECENT INCOME TAX CHANGES
RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund
More informationCABINET OFFICE ELECTORAL REGISTRATION UNIT HOW TO REGISTER TO VOTE
CABINET OFFICE ELECTORAL REGISTRATION UNIT HOW TO REGISTER TO VOTE Guidance for Voters Issued April 2015 INDEX 1. Introduction 2. Qualifying to Register 3. Completing the Registration Form 4. Versions
More informationGlobal Stock Options. COLOMBIA Brigard & Urrutia Abogados
Global Stock Options COLOMBIA Brigard & Urrutia Abogados CONTACT INFORMATION: Pilar Lopez Brigard & Urrutia Abogados Calle 70A No. 4-41 Bogota, D.C. Colombia 571. 346 2011 plopezb@bu.com.co To understand
More informationPrivate health insurance rebate and Medicare levy surcharge changes. June 2012
June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions
More informationA Guide to Student Finance for New Students in 2015-16
A Guide to Student Finance for New Students in 2015-16 Department of Education and Children Rheynn Ynsee as Paitchyn May 2015 DEC/1.0 CONTENTS 1 Introduction 4 Page 2 Eligibility for an award 4 2.1 Residency
More information25 NOVEMBER 2009 TO 31 JANUARY 2010
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT DISCUSSION DRAFT ON THE APPLICATION OF TAX TREATIES TO STATE-OWNED ENTITIES, INCLUDING SOVEREIGN WEALTH FUNDS 25 NOVEMBER 2009 TO 31 JANUARY 2010
More informationNORTHERN BLIZZARD RESOURCES INC. STOCK DIVIDEND PROGRAM
NORTHERN BLIZZARD RESOURCES INC. STOCK DIVIDEND PROGRAM Introduction This Stock Dividend Program (the "Program") provides eligible holders ("Shareholders") of common shares ("Common Shares") of Northern
More informationtrust and corporate services in Gibraltar
Acquarius Trust Group trust and corporate services in Gibraltar Comprehensive Global Fiduciary Services.the total solution built around you the people the service the quality Acquarius Trust Group 1 OUR
More informationVALUE ADDED TAX ACT 1996. VALUE ADDED TAX (AMENDMENT) (No. 3) REGULATIONS 2000
Statutory Document No. 177/00 VALUE ADDED TAX ACT 1996 VALUE ADDED TAX (AMENDMENT) (No. 3) REGULATIONS 2000 Laid before Tynwald 16 May 2000 Coming into operation 22 March 2000 In exercise of the powers
More informationHaving amended the Convention by an Additional Protocol that Modifies the Convention, signed at Mexico City on September 8, 1994;
SECOND ADDITIONAL PROTOCOL THAT MODIFIES THE CONVENTION BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE GOVERNMENT OF THE UNITED MEXICAN STATES FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE
More informationThe ICAV. The Irish Collective Asset Management Vehicle
The ICAV The Irish Collective Asset Management Vehicle Agenda ICAV v PLC How to set up an ICAV Converting to the ICAV Redomiciliation Your Panel Moderator Ken Owens Panel Ilona McElroy Liam O Mahony Elaine
More informationWelcome. VAT news from the Isle of Man I hope you enjoy our newsletter.
Trusted to deliver... Welcome I am delighted to introduce myself as the new Head of VAT Services. VAT is a constantly changing tax and this has been particularly noticeable latterly where changes have
More information2015 No. 1810 INCOME TAX. The Scottish Rate of Income Tax (Consequential Amendments) Order 2015
S T A T U T O R Y I N S T R U M E N T S 2015 No. 1810 INCOME TAX The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 Made - - - - 20th October 2015 Coming into force in accordance with
More informationPayroll Tax Act 2011. Republication No 6 Effective: 25 November 2015. Australian Capital Territory A2011-18. Republication date: 25 November 2015
Australian Capital Territory A2011-18 Republication No 6 Effective: 25 November 2015 Republication date: 25 November 2015 Last amendment made by A2015-49 (republication for amendments by A2015-48 and A2015-49)
More informationBelgium in international tax planning
Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated
More informationTax Facts 2014/15. Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) 20 7295 3000 F +44 (0) 20 7295 3500. www.traverssmith.
Tax Facts 2014/15 Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) 20 7295 3000 F +44 (0) 20 7295 3500 April 2014 www.traverssmith.com Income Tax Income Tax Rates Bands Rate Tax on Band Basic Rate
More informationBuy-to-let guide about tax
Perrys Chartered Accountants Buy-to-let guide about tax Introduction As a buy-to-let landlord it is important you know about tax and how it affects you and your investment. This is why Perrys Chartered
More informationInsurance Fees Regulations 2010 - Consultative Document
Insurance Fees Regulations 2010 - Consultative Document 1. Introduction The Insurance and Pensions Authority has drafted the Insurance Fees Regulations 2010. A copy of the draft Regulations is attached
More informationACCOUNTING STANDARDS BOARD DECEMBER 1999 FRS 16 STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD
ACCOUNTING STANDARDS BOARD DECEMBER 1999 FRS 16 16 CURRENT TAX FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 16 Current Tax is issued by the Accounting Standards
More information[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010
[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN November 1, 2010 Rogers Communications Inc. Dividend Reinvestment Plan Table of Contents SUMMARY... 3 DEFINITIONS... 4 ELIGIBILITY... 6 ENROLLMENT...
More informationThe ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET
The ConocoPhillips Share Incentive Plan EXPLANATORY BOOKLET September 2014 Contents Page 1. Introduction 1 2. Summary of how the Plan works 2 3. Eligibility and joining the Plan 4 4. Shares of Common Stock
More informationBANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN
BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN This Offering Circular covers common shares of Bank of Montreal (the Bank ) which may be purchased on the open market through
More informationEXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013. 2013 No.
EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013 2013 No. 1820 1. This explanatory memorandum has been prepared by Her Majesty s
More informationHow Much Do Americans Pay in Federal Taxes? April 15, 2014
How Much Do Americans Pay in Federal Taxes? April 15, 2014 One of the most hotly debated issues of our time is the fairness of our federal tax system. But too often, discussions are clouded and confused
More informationTHE OLD MUTUAL INTERNATIONAL investment account
THE OLD MUTUAL INTERNATIONAL investment account investments pensions benefit from our strength and reputation The Investment Account is provided by Old Mutual International Isle of Man Limited Singapore
More informationMALTA: A JURISDICTION OF CHOICE
MALTA: A JURISDICTION OF CHOICE LONDON - September 2012 Doing business from Malta can make a huge difference for your business UHY BUSINESS ADVISORY SERVICES LIMITED Updated September, 2012 An attractive
More informationCHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS
TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS 241-1 CHAPTER 241 TAXATION OF BANKS AND OTHER FINANCIAL CORPORATIONS Section 241-1 Definitions 241-1.5 Time of application of tax and other provisions
More informationIntroduction. How company cars are taxed. Calculating the cash equivalent
Introduction Company cars remain a popular employment-related benefit despite the generally high income tax charges on them. The tax charge on company cars cars provided to employees by their employers
More informationKey Features of the Ascentric Pension Account (SIPP)
Key Features of the Ascentric Pension Account (SIPP) Introduction The Financial Conduct Authority is a financial services regulator. It requires us, Investment Funds Direct Limited (IFDL), to give you
More informationManagement liability - Employment practices liability Policy wording
Special definitions for this section Benefits Claim Defence costs The General terms and conditions and the following terms and conditions all apply to this section. Any compensation awarded to an employee
More informationCHAPTER VIII CONSUMPTION TAX. General
CHAPTER VIII CONSUMPTION TAX General Taxable Items General Transactions subject to Consumption Tax Criteria for Classification of Domestic and Overseas Transactions a. b. c. Non-taxable Transactions
More informationLimited Liability Partnership (LLP) versus Limited Company
Limited Liability Partnership (LLP) versus Limited Company December 2012 Since their introduction in 2000, LLPs have become an increasingly popular choice of entity for both trading and investment businesses.
More informationThailand. Thailand General Insurance. International Comparison of Insurance Taxation* May 2009. *connectedthinking. Definition Accounting Taxation
Thailand International Comparison of Insurance * May 2009 Thailand General Insurance Definition Definition of property and casualty insurance company Companies having been licensed to engage in the non-life
More informationGlobal Stock Options Survey. Wardynski & Partners Poland
Global Stock Options Survey Wardynski & Partners Poland CONTACT INFORMATION: Tomasz Wardynski and Danuta Pajewska Wardynski & Partners Ujazdowskie 10, 00-478 Warsaw, Poland Email: tomasz.wardynski@wardynski.com.pl
More informationFlexible Life Plan Key Features
Flexible Life Plan Flexible Life Plan Key Features This document shows the main points about your plan. Please read it with your personal illustration and keep it with the other documents relating to your
More informationTAX LETTER for May 2004 INCOME ATTRIBUTION RULES SPLIT INCOME OF MINOR CHILDREN FEDERAL BUDGET HIGHLIGHTS AROUND THE COURTS
BLAIN M. ARCHER, B.Sc., CA* PAUL M. FOURNIER, B.Sc., CA* RUSS J. WILSON, B.Sc., CA* KATRIN BRAUN, B.B.A., CA* KELLY A. RIEHL, B. Comm., CA* TAX LETTER for May 2004 INCOME ATTRIBUTION RULES SPLIT INCOME
More informationCOUNTRY PROFILE HONG KONG
COUNTRY PROFILE HONG KONG 1. Economy and foreign investments 2. Tax Rates 3. Tax Treaties 4. Tax Credits 5. Property Tax 6. Excise Tax 7. Stamp Duty 8. Capital Duty 9. Estate Duty 10. Other duties, fees
More informationHong Kong (Brenda Chan, Nexia Charles Mar Fan & Co, brenda@charles-marfan.com) Reviewed January 2015
Hong Kong (Brenda Chan, Nexia Charles Mar Fan & Co, brenda@charles-marfan.com) Reviewed January 2015 I MAIN LEGAL FORMS Legal form Characteristics Partnership and Limited Liability Partnership (LLP) Private
More informationGUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS
GUIDE TO LISTING OF PIK NOTES ON THE CISE: PRIVATE EQUITY TRANSACTIONS IN THE CHANNEL ISLANDS CONTENTS PREFACE 1 1. PIK Notes 2 2. CISE Listing 2 3. Appleby Securities (Channel Islands) Limited 2 APPENDIX
More informationTREASURY DEPARTMENT TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND
TREASURY DEPARTMENT TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND THE FEDERAL REPUBLIC OF GERMANY SIGNED AT WASHINGTON ON DECEMBER 14, 1998 AMENDING THE CONVENTION BETWEEN
More informationBASIC LEGAL CONSIDERATIONS WHEN STARTING YOUR OWN BUSINESS
BASIC LEGAL CONSIDERATIONS WHEN STARTING YOUR OWN BUSINESS By: Susan A. Keller, Esq. Edwards & Angell, LLP Starting your own business can be very exciting, for it allows you the opportunity to shape a
More informationThe Consequences of Increasing Oregon s Income Tax Deduction for Federal Income Taxes Paid
The Consequences of Increasing Oregon s Income Tax Deduction for Federal Income Taxes Paid Prepared By: The Institute on Taxation and Economic Policy Washington, DC 20005 www.ctj.org/itep For: Oregon Center
More informationIsle of Man Criminal Injuries Compensation Scheme 1983. (Incorporating amendments up to 1 st November 1996)
Isle of Man Criminal Injuries Compensation Scheme 1983 (Incorporating amendments up to 1 st November 1996) (Approved by Resolution of Tynwald 16 th November 1983) (As amended by Resolution of Tynwald 16
More informationto taxation Australian 2005, and The discussions below
General Tax Information Relating to Holdings in Cadbury plc and Cadbury Schweppes plc This discussion of Australian, UK and US tax law considerations is intended only as a descriptive summary and does
More informationInternational Savings & Retirement Plan
International Savings & Retirement Plan Employee Guide Ameen InterContinental InterContinental Hotels Group International Savings & Retirement Plan Introduction 3 Eligibility 4 Retirement, death or leaving
More informationYour guide to taxation in India
Sharing our experience Your guide to taxation in India www.fpinternational.com The tax treatment of our products if you return to India Whilst tax planning might be an important part of your overall financial
More informationCOMMENTARIES ON THE ARTICLES OF THE MODEL TAX CONVENTION
COMMENTARIES ON THE ARTICLES OF THE MODEL TAX CONVENTION COMMENTARY ON ARTICLE 1 CONCERNING THE PERSONS COVERED BY THE CONVENTION 1. Whereas the earliest conventions in general were applicable to citizens
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More informationDividends The Company will not be required to withhold tax at source from dividend payments it makes.
UNITED KINGDOM The following statements are intended to apply only as a general guide to current United Kingdom tax law and to the current published practice of HM Revenue and Customs (HMRC). They relate
More informationLegal Update: Tax Administration Laws Amendment Act 39 of 2013
No.12 of 2014 June 2014 Legal Update: Tax Administration Laws Amendment Act 39 of 2013 The Tax Administration Laws Amendment Act ( the Act ) was promulgated on 16 January 2014. The Act amends the Transfer
More informationHONG KONG Corporate information:
HONG KONG Corporate information: Hong Kong is the richest city in China, its economy is one of the most liberal in the world. It is a financial and commercial hub of global significance. Hong Kong is a
More informationAUDITOR CESSATION STATEMENTS
AUDITOR CESSATION STATEMENTS Sections 522 to 525 of the Companies Act 2006 set new requirements for auditors and companies to notify the appropriate audit authority when an auditor ceases to hold office.
More informationIdentity Cards Act 2006
Identity Cards Act 2006 CHAPTER 15 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 6 50 Identity Cards Act 2006 CHAPTER 15 CONTENTS Registration
More informationInternational Tax information for customers Client Guide
International Tax information for customers Client Guide Contents Please note AXA Wealth International is the brand used for the promotion of international investment products offered by AXA Isle of Man
More informationA guide to pension tax
A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes
More informationThe Expatriate Financial Guide to
The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council
More informationDESCRIPTION OF H.R. 636, THE AMERICA S SMALL BUSINESS TAX RELIEF ACT OF 2015
DESCRIPTION OF H.R. 636, THE AMERICA S SMALL BUSINESS TAX RELIEF ACT OF 2015 Scheduled for Markup by the HOUSE COMMITTEE ON WAYS AND MEANS on February 4, 2015 Prepared by the Staff of the JOINT COMMITTEE
More informationUSA Taxation. 3.1 Taxation of funds. Taxation of regulated investment companies: income tax
USA Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Taxation of regulated investment companies: income tax Investment companies in the United States (US) are structured either as openend
More informationAn Adviser s Guide to Pensions
An Adviser s Guide to Pensions 1 An Adviser s Guide to Pensions Contents: Section 1: Personal Pensions 1.1 Eligibility 1.2 Maximum Benefits 1.3 Contributions & Tax Relief 1.4 Death Benefits 1.5 Retirement
More informationIRAS e-tax Guide. Tax Exemption for Foreign-Sourced Income (Second edition)
IRAS e-tax Guide Tax Exemption for Foreign-Sourced Income (Second edition) Published by Inland Revenue Authority of Singapore Published on 31 May 2013 First edition on 6 Sep 2011 Disclaimers IRAS shall
More informationJune 2, 2003. Re: Jobs and Growth Tax Relief Reconciliation Act of 2003
June 2, 2003 Re: Jobs and Growth Tax Relief Reconciliation Act of 2003 On Wednesday, May 28, 2003, President Bush signed into law the third largest tax cut in U.S. history. The Jobs and Growth Tax Relief
More information