Tax in the Isle of Man
Like the UK and most of its former colonies, we have a residency based tax system which means you will only pay tax if you live here. The main differences are:
(i) Some of the tax categories are missing – we have no capital gains tax, inheritance tax or SDLT. (nice eh ?)
(ii) Most companies pay tax on their profits at 0% (the main exceptions are – banks (10%), companies receiving IOM rental income (20%) & large retailers (10%)
(iii) Our income tax rates (for higher earners) are much lower than the UK – with a a top rate of 20%.
See detailed rates for 2019/2020 here.
Our tax collector is the Assessor of Income tax. No one loves their tax collector but they are approachable, even handed and do a pretty good job so we are quite lucky.
If you are interested in benefiting from the Isle of Man tax regieme by relocating to the Isle of Man contact Martin Katz.