Isle of Man

National insurance contributions

For the tax year commencing on 6 April 2024, no national insurance contributions are payable by employees where earnings are less than IMP 160 per week. Above this limit, 11% is paid by employees on earnings up to a limit of IMP 938 per week, and at 1% on earnings above IMP 938 per week.

Employers are also required to make a national insurance contribution in respect of each employee at rates dependent on individual circumstances.

Self-employed persons earning IMP 8,320 or more per annum pay a flat-rate contribution of IMP 6.20 per week. In addition, there is a contribution of 8% of profits between IMP 8,320 and IMP 48,776 per annum and at 1% on earnings over IMP 48,776.

Consumption taxes

Value-added tax (VAT)

The standard rate of VAT is 20% and is applicable on the purchase of most goods and services. Some supplies (e.g. food, books and publications, public transport) are charged at 0% VAT. There is also a rate of 5% VAT charged on domestic property repairs.

It should be noted that self-employed individuals who have a turnover of more that IMP 90,000 are required to register for VAT and charge it to their customers at the relevant rate.

Net wealth/worth taxes

There are no net wealth/worth taxes in the Isle of Man.

Inheritance, estate, and gift taxes

There are no death duties, estate duties, or gift taxes in the Isle of Man.

Customs and excise duties

In addition to VAT, the Isle of Man forms a common jurisdiction for customs and excise duties with the United Kingdom, and, again, the rules are broadly identical. Customs duties are levied on most goods imported from outside the European Union (EU) into the Isle of Man, and there are various rates of duty that apply. Excise duties apply to such things as alcohol, tobacco, and fuels, and there are various rates of duty that apply. There is also a levy on commercial passenger flights known as Air Passenger Duty.