Anglo Irish Bank's online TaxOmeter has been re-programmed to include the income tax and inheritance...
Anglo Irish Bank's online TaxOmeter has been re-programmed to include the income tax and inheritance tax liabilities for 2005-06.
The income TaxOmeter will calculate and compare UK tax rates and liabilities with those of the Isle of Man. For example, a single person earning £50,000 would pay £11,959.20 in tax in the UK but would only pay £6,646 in tax in the Isle of Man.
Although there is no IHT in the Isle of Man, the TaxOmeter can also be used for IHT planning in the UK. The UK threshold for IHT is now £275,000 above which it is payable at 40%.
The TaxOmeter also gives investors variable projections of IHT liability based on assets and liabilities increasing at a choice of rates and years. It will also calculate the worth to each beneficiary and compare this to the amount the Inland Revenue will receive from the investor's estate.
The taxometer can be found at http://www.angloirish bank.co.im/taxcorporate/tax/ taxcalcs.html
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