About Isle of Man

General Information
The Isle of Man is a self-governing British Crown dependency in the Irish Sea between England and Ireland. It’s known for its rugged coastline, medieval castles and rural landscape, rising to a mountainous center. In the capital, Douglas, the Manx Museum traces the island’s Celtic and Viking heritage. The Isle of Man TT is a major annual cross-country motorcycle race around the island.

Population
Isle of Man has a population of 83,834

Political Structure
Most Isle of Man’s politicians stand for election as independents rather than as representatives of political parties. Though political parties do exist, their influence is not nearly as strong as in the United Kingdom. There are two political parties in the Isle of Man. The Liberal Vannin Party (established 2006) has three seats in the House of Keys; they promote greater Manx independence and more accountability in Government. The Manx Labor Party is the other: they hold two seats in the Legislative Council.

Infrastructure and Economy
The Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax and a top rate of income tax of 20%. A tax cap is in force; the maximum amount of tax payable by an individual is £120,000 or £240,000 for couples if they choose to have their incomes jointly assessed. The £120,000 tax cap equates to an assessable income of £589,550. Personal income is assessed and taxed on a total worldwide income basis rather than a remittance basis. This means that all income earned throughout the world is assessable for Manx tax rather than only income earned in or brought into the Island. The rate of corporation tax is 0% for almost all types of income; the only exceptions are that the profits of banks are taxed at 10%, as is rental (or other) income from land and buildings situated on the Isle of Man.

Language
The official languages of the Isle of Man are, since 1985, Manx and English.

Currency
Manx pound

Exchange Controls
The Isle of Man does not have exchange controls.