Isle of Man
Taxation in Isle of Man
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I run a UK business and my fellow Director is an Indian National (I am a British citizen).We now want to launch our company in India and I am struggling to make any progress with the Indian High Commission. Can anyone help me with the process. I have twice visited the commission in London and wasted hours of time due to their complete lack of organisation.I will appreciate any help to make
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Taxation on the Isle of Man
Income Tax
Resident individuals and companies are subject to Manx income on their worldwide income. Income tax is levied at a rate of 10% on the first £10,300 of taxable income and 18% on the rest.
Corporate Tax
Companies do not have to pay corporate tax.
VAT
The Isle of Man imposes the UK VAT rate of 17.5%.
Social Security
The social security system is identical to that of the UK. Social security provides for services including healthcare, sick pay, and a basic pension on retirement. Contributions are related to earnings and are deducted at source from salaries along with income tax.
National Insurance
There is a reciprocal agreement between the UK and the Isle of Man which means that any National Insurance contributions that you have paid in the UK will have also have validity in the Isle of Man and vice versa. It should be noted however, that your National Insurance account will not be transferred to the Isle of Man until you have been on the island for at least one year. This means that you will have exactly the same entitlement to all contributory benefits as you did in the UK.
Organisations that can assist with Taxation
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> Sovereign Group
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets.
