On 22 June 2012, the Income Tax Division issued an updated version of Practice Note 174/12, providing clarifications on the tax treatment of company distributions after the repeal of the attribution regime for individuals. Under Manx law, accumulated capital profits, i.e. gains on the disposal of capital assets for tax purposes, can be distributed tax free. Accumulated income profits distributions are taxable when received by individuals. However, with effect from 21 February 2012, concessions that allowed a company to treat certain accumulated income profits distributions as not taxable distributions were withdrawn. The removed concessions allowed this treatment if: – the...