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.