The Isle of Man Treasury has announced the simplification of the capital goods scheme for VAT effective 29 July 2026.
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Simplification of the Capital Goods Scheme
From 29 July 2026, the Capital Goods Scheme (CGS) will be simplified. The CGS requires businesses to make adjustments to the VAT claimed on certain high-value assets over a number of years. The changes will reduce the number of assets that fall within the scheme and remove the need for many businesses to carry out complex CGS…