The Isle of Man has published Updated Economic Substance Guidance, which has been jointly issued together with Guernsey and Jersey. All three jurisdictions have implemented economic substance requirements that are essentially the same and apply to all companies that are tax resident in a jurisdiction and have income from a relevant sector (banking, insurance, IP holding, etc.) in any accounting period commencing on or after 1 January 2019. The updated guidance is version 2.0 of the guidance first issued in April 2019 to assist affected companies in meeting their economic substance requirements.