Income tax and many of its states and Switzerland, impose the higher of regular income tax or an alternative tax. Switzerland and U.S. states generally impose such tax only on corporations and base it on capital or a similar measure. Income tax is generally collected in one of two ways: through withholding of tax at source and/or through payments directly by taxpayers. Nearly all jurisdictions require those paying employees or nonresidents to withhold income tax from such payments. The amount to be withheld is a fixed percentage where the tax itself is at a fixed rate. Alternatively, the amount to be withheld
Section 50C of the Isle of Man Income Tax Act 1970 Section 50C of the Isle of Man Income Tax Act 1970 Section 50C of the Isle of Man Income Tax Act 1970 is an Act of Tynwald (the Parliament of the Isle of Man) which created a new type of pension arrangement, adding to the Isle of Man’s existing local and international pension legislation. Pension schemes approved under 50C met the applicable HMRC regulations on Qualifying Recognised Overseas Pension Schemes (QROPS) until 5 April 2012 when the regulations changed. In the period following A-day, the new UK pension framework introduced by the Finance Act 2004 led many more British expatriates