Technical notebook

Recent press reports on the proposed reform of the Isle of Man's taxation regime highlighted the possibility that, in future, offshore life companies based there will be able to sell their products to Isle of Man residents. What are the current savings options open to Isle of Man residents, and how do they compare with the options open to UK residents? Those of us who are fortunate to reside in the Isle of Man will know that it is a low tax jurisdiction. The basic rate of tax is currently 14%, and the top rate is 20%. These rates are due to come down to 10% and 15% over the next 5 years. T...