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Taxation in Isle of Man

Isle of Man

Taxation in Isle of Man

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  2. Discovery Investment LOANS

    I have been trying to get a loan for some time now due to the large sum amount of the money to expand my business in Canada but i was unable to get a loan due to my credit score All other corporation/bank turned me down.Till i was introduced by start up overseas to Discovery Investment LOANS and i was able to get a loan from them without any delay. So i am using this opportunity to inform

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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.

 

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Organisations that can assist with Taxation

  • > 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.

    More Details Visit Website

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