TAX NATIVES
GLOBAL
Isle of Man
Last Updated 17/12/2024
AT A GLANCE
EXPERT TAX ADVICE IN ISLE OF MAN
Doing business in the Isle of Man? Take advantage of its unique tax benefits and stay fully compliant with the help of the Tax Natives network. Whether you’re setting up or expanding, get in touch now to simplify your tax journey!
SUMMARY
You’ll find the Isle of Man in the Irish Sea between Great Britain and Ireland. Like the Channel Islands, the Isle of Man is a self-governed British Crown Dependency. It was part of the Norwegian Kingdom of the Hebrides until the 13th century and then it was ceded to Scotland. The Isle of Man came under the British Crown in 1765. Though not part of the United Kingdom, the British Government is responsible for the Isle of Man’s defence and international affairs.
Douglas is the capital of the Isle of Man, and the official language is English. It’s in a currency union with the UK, with the Manx pound a local issue of pounds sterling in coins and banknotes. There is no official separate currency for the Manx pound, but some call it the Isle of Man pound (IMP).
The economy’s key sectors are in banking, fiduciary services, insurance, e-gaming, manufacturing and tourism. And there’s a series of government incentives to high-tech companies and financial institutions if they chose to locate themselves there. The island mainly trades with the UK and had enjoyed free access to the EU markets because of their close relationship, although this has now been complicated by Brexit.
Our local Tax Natives on the Isle of Man can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we can link you with a local expert who can answer all your questions.
THE HEADLINES
- The corporate income tax rate on the Isle of Man, except for banks, where a rate of 10% applies and a rate of 20% applies on income from property
- The rate of personal income tax on the Isle of Man is 20%
- The standard VAT rate is 20%
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