Isle of Man

Corporate - Significant developments

Last reviewed - 15 December 2021

Tax treaties

As of 31 December 2021, the Isle of Man has entered into 11 comprehensive double tax agreements (DTAs), 13 limited scope DTAs, and 39 tax information exchange agreements (TIEAs) based on the Organisation for Economic Co-operation and Development (OECD) models.

COVID-19 updates

A number of financial measures were introduced by the Isle of Man government to support businesses and individuals during the COVID-19 pandemic. The financial measures included the following:

  • Salary support scheme.
  • Manx earnings replacement allowance (MERA) (closed).
  • Various business support schemes.

All amounts received under the above measures are treated as taxable income for tax purposes with the specific exception of the MERA.

Limited Liability Companies (LLCs)

With effect from 17 June 2021, it is a legal requirement for partnerships to register with the Assessor of Income Tax. 

This includes limited partnerships and LLCs formed outside the Isle of Man where the partnership is tax resident due to its management and control being exercised in the Isle of Man or it having a place of business in the Isle of Man.

Transitional arrangements are in place for partnerships that were in operation prior to the legislation coming into force.