Tax changes you can’t afford to ignore.

The Acclaim team recently attended the KPMG in the Crown Dependencies Spring Tax Seminar, where industry experts Robert Rotherham, Phil Morris, Clare Kelly, and Justine Howard broke down the latest tax updates affecting businesses, investors, and high-net-worth individuals.

Here’s what stood out:

📌 Pillar 2 & Global Tax – The 15% global minimum tax took effect in the Isle of Man on January 1, 2025, impacting multinational companies and groups with revenues over €750 million.

• Domestic Top-up Tax (DTUT): Ensures compliance with OECD Safe Harbour (QDMTT) standards.
• Multinational Top-up Tax (MTUT): Targets low-taxed profits of multinational companies outside the Isle of Man.

If your business is part of a group, this is one to watch.

📌 Isle of Man Budget & Tax Cap Scrutiny – The tax cap is under increasing public review, and a potential healthcare levy is on the horizon. Discussions are set to continue until late 2025, meaning businesses should prepare for possible policy shifts.

📌 VAT & Compliance Traps – VAT classifications matter. Get them wrong, and it could be costly. Take the infamous “poppadom vs. crisp” case—small details can lead to big tax liabilities. And if you deal with luxury assets like yachts, expect more scrutiny.

With tax rules evolving, proactive planning is key.

Want to discuss how these changes could impact your business? Get in touch with us.