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Taxation
The Isle of Man tax system is independent and the local taxes levied are:-
Personal
For the tax year 2010/2011 after the personal allowance of £9,300 per person or £18,600 for a married couple, income tax is levied at a rate of 10 per cent on the first £10,500 per person and the first £21,000 for a married couple of taxable income. Any further income is taxed at 20 per cent. There is a maximum tax levy per person of £115,000. The personal allowances are subject to annual review in the Isle of Man Budget.
Isle of Man Companies
From the 6th April 2007 all Isle of Man Companies are treated as Isle of Man Tax Resident. They will be liable to a profit tax at the rate set in the annual budget, currently at Zero rate.
The Isle of Man does not impose taxes on
Whilst resident companies are subject to income tax at the rate of twenty per cent certain types of businesses may be eligible for tax exemption or a reduced rate, namely
Such companies do have to meet various Government criteria with respect to their share capital and licences.
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