The International Companies Act 1995 has now been amended so that companies which had previously registered as exempt insurance companies will now be eligible to register as international companies. The company can agree a rate of taxation with the Isle of Man Assessor of Income Tax which meets its purpose.

Captive insurance companies with a UK Parent company which pay tax at a rate in excess of 24.75% should avoid the low tax rate jurisdiction test in the UK controlled foreign companies legislation. It is understood that payment of the variable rate tax has been accepted as creditable tax for the purposes of the UK legislation.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Further information is available on the scheme from Bruce Taylor, PO Box 250, Grosvenor House, 66-67 Athol Street, Douglas, Isle of Man IM99 IXJ, Tel: +44 (0) 1624 672332, Fax: +44 (0) 1624 672334.

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