The Isle of Man is a leading international business centre renowned for its innovation and professionalism. It has a stable and diverse economy with 34 years of economic growth.
Situated in the Irish Sea between England, Scotland, Ireland and Wales, it is less than 60 miles west of the Lancashire coastline and is easy to get to by air and sea. It is 33 miles long, 13 miles wide and covers an area of 227 square miles with a population of more than 80,000.
The Isle of Man has a unique self-governing kingdom – a Crown dependency which belongs to neither the UK nor the European Union. It has its own parliament called Tynwald that is of Norse origin and more than 1,000 years old, making it the oldest parliament in the world with an unbroken existence.
The island has its own laws, currency, traditions and culture and provides an excellent quality of life for the young and young at heart.
For those with a family or who are considering starting a family on the Isle of Man, there are many benefits to be enjoyed including good housing, education and health services, accessible activities, room to move and relative safety.
Financially the Isle of Man is very attractive. There is no capital gains tax, no inheritance tax and no stamp duty. Some of the Tax and National Insurance Headlines in the 2020 Budget were:
- The income tax lower rate for individuals remains at 10% and the higher rate at 20%
- The income tax personal allowance is increased to £14,250 for a resident individual and £28,500 for a jointly assessed couple
- The threshold at which the higher rate becomes payable remains at £6,500 for an individual and £13,000 for a jointly assessed couple
- The tax cap is £200,000 per annum for an individual and £400,000 for a jointly assessed couple.
For more details visit the Isle of Man Government website.
Employment on the Isle of Man is regulated by the Control of Employment Acts. Under the provisions of these Acts, any person who is not an Isle of Man worker requires a work permit, which is issued by the Work Permits Committee of the Department of Trade & Industry before taking up employment in the island.
For more information on relocating to the Isle of Man – visit www.locate.im.