Isle of Man
Taxation in Isle of Man
Recent forum posts
Hello partners i have private Investor in search for possible investment opportunities they are willing to invest in any part of the Middle East, GCC Gulf countries since there is evidence of a prominent economic boom in these areas most especially the Egypt,Kuwait,UAE,Bahrain and Europe.they are looking for a partner(s) with great financial and business oriented background which we can jointly wo
Total Posts: 3 Last post by chrisrainer
Hello,Our small retail company here in the UK is looking to open a shop in Monaco. What are the requirements and procedures?Best
Total Posts: 1 Last post by gracechakor86
Taxation on the Isle of Man
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.
Companies do not have to pay corporate tax.
The Isle of Man imposes the UK VAT rate of 17.5%.
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.
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
Sovereign offers a range of advisory and support services to assist companies of all sizes to establish successful business operations in foreign markets.