The Isle of Man operates a simple taxation regime with a lower rate of tax on individuals of 10%, a higher rate of 20% and generous personal allowances with a £120,000 income tax cap on personal income (this information is for the tax year 2014-2015).
For companies the lower rate of corporate income tax is 0% although a 10% rate of tax applies to income received by a company from any of the following sources:
- banking business
- land and property in the Isle of Man (including property development, residential and commercial rental or property letting and mining & quarrying)
Resident and non-resident companies are subject to Manx income tax on the same basis and at the same rates.
There is no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax in the Isle of Man.