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Isle of Man: Personal Taxation

Income Tax

In the 2013/2014 tax year the standard rate of Manx income tax for individuals is 10% on the first GBP10,500 of taxable income, rising to 20% on the balance (up from 18% in 2009/10).

Income is comprehensively defined and includes employment income and benefits (defined more or less as in the UK), income from property (less expenses and capital allowances) pensions, income from a trade or profession, and investment income. Pension contributions are mostly not taxed. Most types of interest, dividend and royalty payment originating on the island and paid to non-residents are exempt from tax.

The Isle of Man operates a deduction scheme for employment income under the Income Tax (Instalment Payments) Act 1974 as amended; this is quite similar to the UK PAYE system.



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