The Isle of Man Treasury has published Practice Note (PN) 216/21, which provides guidance on the taxation of COVID-19 financial support, including the following measures: COVID-19 Salary Support Scheme; Manx Earnings Replacement Allowance (MERA); Coronavirus Business Support Scheme; Coronavirus Fisheries Industry Support Scheme; and Strategic Capacity Scheme. Income Tax For income tax purposes, it is provided that all amounts received by businesses or individuals under the above listed COVID-19 financial measures are income for tax purposes. Under the Income Tax Act 1970, all income is subject to income tax unless it is specifically excluded or exempted. The only COVID-19 financial...