Since April 2006, the standard rate of corporate tax on the Isle of Man has been 0% although a higher rate of 10% is applied to income earned from banking or land and property on the Island.
The Island’s VAT regime is identical to the UK but is administered by the Isle of Man Treasury. The Isle of Man is the only European jurisdiction, which provides a full EU Value Added Tax regime and complete exemption of trading profits from income or corporate tax.
Personal income tax rates are extremely favourable, with the lower rate set at 10% and the higher rate at 20%, which is capped at £115,000 irrespective of earnings. The Island also has no capital gains tax, no stamp duty or inheritance tax.
Full details are available from the Isle of Man Treasury Income Tax Division.