The standard rate of tax applying to the income of companies remains at 0% with the exceptions of income from
banking business and income from land and property situated in the Isle of Man (development and rental income)
both of which are taxed at a rate of 10%.
Direct Taxation
The income tax standard rate for individuals is10%.
The income tax higher rate for individuals is 20%.
Income tax personal allowances increase to £9,300 for single persons and £18,600 for married couples.
Tax cap on total income tax payable per person is £115,000 or £230,000 per married couple.
