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Changes announced in last week's UK Budget to the income tax treaty will affect those who do property deals with the UK. 

 

Companies based on, or managed through, the Island by corporate service providers will now have their tax increased from zero to 20 per cent with immediate effect

 

Without warning Chancellor George Osborne withdrew from the treaty apparently unhappy with Manx based companies not paying tax on the UK properties.

 

KPMG's tax director Greg Jones explains the situation:

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