The Isle of Man is not a tax haven. All residents pay tax and the Island is part of the European VAT system. The Isle of Man has a sustainable, competitive and responsible tax regime that allows individuals and businesses to flourish whilst ensuring that the Island has a fair and equitable society that supports the less well off.
Personal tax rates start at 10% and rise to an upper rate of 20%. Individual tax liability is capped at the amount of £115,000 of paid in a tax year. There are generous allowances and there is no inheritance tax or capital gains tax. The system is very simple and easy to understand and there is no requirement for complex planning techniques.
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