Contact Us
Isle of Man
Overview
Last reviewed - 30 July 2024The Isle of Man is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland. Part of the Norwegian Kingdom of the Hebrides until the 13th century, when it was ceded to Scotland, the Isle of Man came under the British crown in 1765. Though the Isle of Man is a British Crown Dependency, it is not part of the United Kingdom (UK) or the European Union (EU). However, the United Kingdom remains constitutionally responsible for its defence and international representation. The Isle of Man is divided into 16 local authorities, with Douglas as the capital. The official language of the Isle of Man is English.
The Isle of Man is in currency union with the United Kingdom, and the Manx pound is a local issue of coins and banknotes denominated in pounds sterling. An official separate currency code for the Manx pound does not exist; but where a distinct code is desired, IMP (Isle of Man pound) is generally used.
Offshore banking, insurance, fiduciary services, e-gaming, manufacturing, and tourism are key sectors of the Isle of Man's economy.
PwC is a leading professional services firm in the Isle of Man, with an office in the capital, Douglas.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
Corporate: 0; Banks: 10; Income from real estate: 20; Certain banking business and large retailers: 15 |
| Corporate income tax (CIT) due dates | |
|---|---|
| CIT return due date |
One year and one day following the end of an accounting period. |
| CIT final payment due date |
One year and one day following the end of an accounting period. |
| CIT estimated payment due dates |
NA |
| Personal income tax (PIT) rates | |
|---|---|
| Headline PIT rate (%) |
22 |
| Personal income tax (PIT) due dates | |
|---|---|
| PIT return due date |
6 October |
| PIT final payment due date |
6 January |
| PIT estimated payment due dates |
Monthly |
| Value-added tax (VAT) rates | |
|---|---|
| Standard VAT rate (%) |
20 |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
0 |
| Capital gains tax (CGT) rates | |
|---|---|
| Headline corporate capital gains tax rate (%) |
NA |
| Headline individual capital gains tax rate (%) |
NA |
| Net wealth/worth tax rates | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NA |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
NA |
Isle of Man contacts
Isle of Man contacts
Isle of Man News
