Accounting and tax in 2021

Tax regulations in Isle of Man

  1. Companies operating in Isle of Man enjoy a corporate tax rate of 0%. However, businesses in the banking, land and property sectors are subjected to a tax rate of 10% on their annual income;
  2. Individual income in Isle of Man is taxed at 10% rate on the first £10,500 of income and 20% on the rest;
  3. Companies in Isle of Man are required to prepare their financial statements under UK GAAP, IFRS or US GAAP;
  4. In accordance with Isle of Man company law, annual financial statements must be audited and the auditor must be independent and a member of one of the main UK professional bodies;
  5. A company in Isle of Man is eligible for audit exemption if it meets two of the following requirements i) the turnover of the year does not exceed £5.6 million ii) the balance sheet total does not exceed £2.8 million during the year iii) the total number of employees does not exceed 50 people during the year;
  6. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.

Contact us

For additional information on our accounting and tax services in Isle of Man, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi