Isle of Man
Located at the very the heart of the British Isles, the Isle of Man is an internally self-governing dependent territory of the British Crown. Tynwald, the Island’s 1,032 year old Parliament, makes its own laws and oversees all internal administration, fiscal, and social policies. By special agreement, the UK Government administers the Island's external interests, such as foreign representation and defense, on the Island’s behalf and the Island makes an annual payment to the UK Government for these services.
The Island has its own income tax and customs and excise services and it has long been a low tax area enjoying total independence from the UK on matters of direct taxation. Its prudent fiscal management has consistently been recognized for the last nine consecutive years by both Standard & Poor’s and Moody’s who have continued to award the Isle of Man Government a top credit rating.
The Island has a relatively well-balanced economy that combines traditional industries such as agriculture, fishing, and tourism with areas of recent growth such as financial services, film making, shipping, aircraft, Space, and high tech manufacturing. Finance and high tech manufacturing are now particularly important contributors to the Island’s national income.
Tax Information Exchange Agreements
There are more than twenty Tax (TIEAs) in force between the Isle of Man and various countries including:
- New Zealand
- United Kingdom
- United States
"The agreements show that the Isle of Man is forging ahead in implementing its commitment to international standards."