a change for the better

Last month I outlined the rules on becoming resident in the Isle of Man. The following is a summary of the main features of the personal taxation situation on the island. Firstly, in spite of what many people think, the jurisdiction is not a tax haven in the true sense of the phrase, as residents are subject to income tax on their worldwide income. This is regardless of the individual's domicile status - unlike in the UK where a foreign domiciliary can live virtually tax free (subject to proposed amendments announced in the UK pre-Budget report). However, although Manx residents pay inc...