Isle of Man to cap income tax at £100,000

The Isle of Man government has confirmed in its 2006 budget that it will cap personal income tax at £100,000 to attract high net worth (HNW) individuals to the island. Malcolm Couch, assessor of income tax on the island, said although personal allowances had been increased in the Isle of Man, the tax rates would remain at the standard rate of 10% and the higher rate of 18%. For example, individuals that live on the island have had their personal allowance increased from £8,500 to £8,670. The first £10,500 will be taxed at 10% instead of £10,300, while the rest will still be taxed at 1...