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Home > Country Profiles > Isle of Man

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Isle of Man - Economy

Financial Outlook

The Isle of Man’s economy is expected to grow between 3% and 4% in 2013/14 according to a government report on the 2014/15 budget. The positive growth is the result of a number of factors, including the policy of diversifying the economy, a partnership approach between government and the private sector, and the competitive business environment offered by the Isle of Man. There is no capital gains tax, wealth tax, stamp duty, or inheritance tax; the top rate of tax is 20%, with a cap of £120,000 payable by any one individual; and the rate of corporation tax is zero (except for banks, which are taxed at 10%). The Isle of Man’s 2013/14 budget puts the government on course to rebalance finances by 2015/16, and the 10% corporation tax on banks is being extended to retailers with annual profits of at least £500,000. In 2011 VAT was increased to 20%, in part to counterbalance a reduction in revenues resulting from the renegotiation of revenue-sharing arrangements with the United Kingdom. The Council of Ministers is currently involved in implementing a multiyear “agenda for change” that is designed to improve the economy and the delivery of government services.

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Further reading on Isle of Man


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