About Isle of Man

The Isle of Man is a self-governing British Crown dependency located in the Irish Sea, which occupies an area of 588 sq. km (277 sq. miles) and has a population of c. 85,000. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann, but constitutionally the island has never been part of the UK. The UK government is responsible for the island’s defence and foreign affairs, while Tynwald, the Isle of Man parliament, is responsible for it domestic affairs including taxation. The Island issues its own notes and currency, the Manx pound, which is on a par with the UK pound and is interchangeable with UK currency.

Financial services, manufacturing and tourism are the key sectors of the economy. The Isle of Man is a low-tax economy with no capital gains tax, withholding tax, inheritance tax or wealth tax. The top rate of income tax is 20% subject to a tax cap of £200,000 for individuals and £400,000 for a married couple. Personal income for resident individuals is assessed and taxed on a total worldwide income basis; non-resident individuals are taxed on Isle of Man-source income only.

Licensed by The Isle of Man Financial Services Authority.

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