ARTICLE · 24 SEPTEMBER 2009

Isle Of Man Pension Changes Review

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Following a period of consultation pensions legislation in the Isle of Man was reviewed and updated by the Income Tax (Pensions) Act 2008 with effect from the 6 April 2008.

Isle of ManWealth Management

John Rimmer

Annemarie Hughes

Following a period of consultation pensions legislation in the Isle of Man was reviewed and updated by the Income Tax (Pensions) Act 2008 with effect from the 6 April 2008.

This year's UK budget introduced further limits on tax relief available to high income individuals in the UK (over £150,000) further highlighting the contrasts with Manx schemes as discussed below.

Contribution Limits

The old percentage based contribution limits are abolished and replaced by the "annual allowance".

During the tax years 2008/09 and 2009/10 a maximum of £300,000 can be contributed.

Tax relief on contributions is available up to 100% of an individual's net relevant earnings subject to the £300,000 cap.

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