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Taxation - Personal Income Tax

The island has its own income tax and customs and excise framework and is independent from the United Kingdom in respect of direct taxation.  Income tax is low, the standard rate being 10% and the higher rate being 20% and recently the Isle of Man Government introduced a personal taxation cap which means that an individual's personal tax liability is limited to £115,000 irrespective of income generated.  There are also generous personal allowances (please see the 2010/2011 Isle of Man budget news item for further details).

There are also no stamp duties, capital gains tax, wealth tax, capital transfer tax, inheritance tax or death duty imposed in the Isle of Man.