Equiom has considerable experience in Isle of Man and international tax planning.
Equiom does not provide external tax advice. However, we liaise with external tax advisors and assist with implementing strategies to help clients achieve financial goals. We recognise that effective tax planning can lead to minimisation of personal and corporate tax liabilities.
Isle of Man Taxation
The Isle of Man is a highly regarded and well regulated international financial centre offering many benefits to those wishing to use appropriately structured tax planning arrangements.
Personal Tax
The Isle of Man has an attractive tax regime. The standard rate of tax is 10% with a higher rate of 18%. From 6th April 2006 an individual's personal income tax liability was capped at £100,000 for Isle of Man tax residents.
Find out more about Personal Tax.
Company Tax
There are two corporate income tax rates for companies resident in the Isle of Man: the standard rate of 0%, and a 10% rate payable by banks or companies deriving income from property in the Isle of Man, or, companies which elect to be taxed at that rate.
Find out more about Company Tax.
Trust Tax
Generally, provided that the trust does not (and cannot) have any Manx resident beneficiaries and does not earn certain types of IoM source income, the trust itself and the trust beneficiaries will not be subject to Manx income tax.
Double Tax Agreement
In 1955 the Isle of Man entered a Double Tax Agreement with the United Kingdom
Other Benefits
In the Isle of Man there are:
No Death Duties
No Capital Transfer or Gift Taxes
No Capital Gains or Wealth Tax
No Stamp Duty on Property Purchases or share purchases
The unique Equiom TaxOmeter income tax calculator will calculate and compare Isle of Man and UK tax liabilities.
ISLE OF MAN TAX STRATEGY 2007-2012
On the 15th November2007 the Isle of Man Treasury published its proposals for the Island's Taxation Strategy for 2007-2012. Find out more here>>>
The information contained on this page is intended as a guide only, and is not intended to serve as legal, accounting or tax advice. Before entering into any transaction we recommend that you obtain professional advice, or the Equiom tax team will obtain external advice on your behalf, subject to agreed scale of fees prior to engagement.
