Isle of Man
Taxation in Isle of Man
Recent forum posts
Hello everyone,My name is Hermann Rodrigue KOUADIO, I am African, of Ivorian nationality. My interest on this site is to sell large quantities of agricultural products including cocoa beans, roucou seeds, and cashew nuts. And to allow German companies to build a supply chain with producers.I have a quantity of 10,000 tons of cocoa beans for sale for the next harvest in September-December. I am
Total Posts: 1 Last post by Hermann
I have been asked through a colleague to run a bar for a private event at a chateau in France. It is a pay per drink bar, and I am trying to make sense of the legal requirements - any advice please
Total Posts: 1 Last post by PaulC
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.