Alongside tax benefits including 0% capital gains, 0% corporate income tax and 0% inheritance / wealth tax, the Isle of Man offers a Tax Cap for new and existing resident individuals of £200,000 per annum, specifically introduced for those who have annual income such that their tax liability would otherwise exceed the Tax Cap.
Individuals who are resident in the Isle of Man for income tax purposes are able to benefit from the Tax Cap, and the maximum liability for a jointly assessed couple is £400,000. A valid Tax Cap election will remain in force for five or ten consecutive tax years.
The Tax Cap amount is due and payable on 6 January in each tax year for which an election applies. Alternatively, for those who are looking for flexibility without a 5 or ten year cap election, the standard and higher personal tax rates are some of the lowest in Europe.
The standard rate of tax in the Isle of Man is 10% and higher is 20%, with the first £14,500 per annum completely tax-free.
*Obtaining expert advice from an independent tax expert is encouraged*
Low personal tax rates for individuals
No capital taxes
Tax cap of £200,000 per annum
Zero rate corporate tax
No inheritance / wealth tax
Tynwald is the oldest continuous parliament in the world - 979AD