On 20 March 2007, the Budget for 2007-08 was presented to Tynwald (the Parliament) by the Treasury Minister. Unless otherwise stated, the proposals are expected to take effect from 6 April 2007 for companies and individuals. All figures are in GBP. The proposals are summarized below. Business taxation The proposals are: -   no change in the rates of corporate income tax; -   the corporate charge of 250 will be replaced by an annual return filing fee of 320 payable to the Financial Supervision Commission; and -   confirmation that the exempt company will be abolished and all other...