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Isle of Man: Double Tax Treaties

Introduction

Until recently, the Isle of Man had only one double taxation agreement in force, which was with the United Kingdom and went into force in 1955. At the time of writing (February 2020), there are now 20 tax treaties in force between the Isle of Man and other territories. The countries, together with the year effective of the most recent valid treaty, are given in the table below.

Country Year Effective Country Year Effective
Bahrain 2013 Luxembourg 2015
Denmark 2010 Malta 2011
Estonia 2009 Norway 2009
Faroe Islands 2009 Poland 2012
Finland 2009 Qatar 2013
Greenland 2009 Seychelles 2014
Guernsey 2013 Singapore 2014
Iceland 2009 Slovenia 2013
Ireland 2009 Sweden 2009
Jersey 2013 United Kingdom 2018

In addition, the Isle of Man has signed a double tax treaty with Belgium though this has not yet entered into force.

On 6 April 2019, the Isle of Man’s 1955 tax treaty with the United Kingdom was replaced by a new income and capital tax treaty, signed in July 2018. The treaty applies to income tax in the Isle of Man, and to corporation, income and capital gains taxes in the UK.

The Isle of Man was one of the first international financial centres to make a commitment to the OECD principles of transparency and exchange of information and has since then taken the lead among smaller international financial centres in implementing these principles.

According to the island’s Income Tax Division, tax treaty negotiations are in place with a number of countries including Italy, the Netherlands and Spain.

The Isle of Man has also signed a number of tax agreements with respect to income from shipping and aviation. As from February 2020, shipping and aircraft agreements are in force with Denmark, the Faroe Islands, Finland, France, Greenland, Iceland, the Netherlands, Norway, Poland and Sweden. Shipping agreements are in force with Germany and the United States of America.

 

 

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