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Isle of Man: Domestic Corporate Taxion

Corporate Tax Rates

This page was last updated on 24 February 2020.

There are three rates of corporation tax on the Isle of Man. The standard rate, 0%, was introduced in 2006 and applies to company profits by default.

A 10% tax rate applies to income from any banking business carried on in the Isle of Man. Banking businesses are defined as those which have been issued a deposit-taking licence by the Isle of Man Financial Services Commission. In addition , the 10% rate is levied on income from retail activities carried on in the Isle of Man, but only when the taxable profit exceeds £500,000 in one year.

Certain companies who would normally pay the standard rate can opt to pay the 10% rate instead.

A 20% corporation tax rate applies to income derived from land and property on the Isle of Man. This includes property development, residential and commercial rental or property letting and mining & quarrying).

All resident companies pay an annual return fee; this is currently set at £380 for a standard company and £95 for an excepted company. Late filing penalties may apply.

 

 

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