Some interesting facts about the Isle of Man. The island became part of Scotland, as formalised by the Treaty of Perth in 1266 before coming under the feudal lordship of the English Crown in 1399. The lordship revested into the British Crown in 1765, but the island never became part of the kingdom of Great Britain or its successor the United Kingdom, retaining its status as an internally self-governing Crown dependency. The Manx language, is a Goidelic language closely related to Irish and Scottish Gaelic. The Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax and a top rate of income tax of 20% A tax cap is in force; the maximum amount of tax payable by an individual is £115,000 or £230,000 for couples if they choose to have their incomes jointly assessed. The £115,000 tax cap equates to an assessable income of £589,550. Personal income is assessed and taxed on a total worldwide income basis rather than a remittance basis. This means that all income earned throughout the world is assessable for Manx tax rather than only income earned in or brought into the Island. The rate of corporation tax is 0% for almost all types of income, the only exceptions are that the profits of banks are taxed at 10%, as is rental (or other) income from land and buildings situated on the Isle of Man.[52][53] The Isle of Man is in a sort of one-sided de facto currency union with the United Kingdom, where the Manx government has decided to make UK currency legal tender on the island, and back its own independent currency with Bank of England notes. Manx government notes may, on demand, be exchanged at par for Bank of England notes of equivalent value at any office of the Isle of Man Bank Limited. All notes and coins which are legal tender in any part of the United Kingdom (including banknotes issued by certain Scottish and Northern Irish banks, as well as Bank of England notes), are all legal tender within the Isle of Man. There is no restriction under UK law on the amount of notes and coins they may issue. The currency is not underwritten by the UK government, and there is no guarantee of payment beyond that given by the Manx authorities.
Posted on: Fri, 25 Jul 2014 23:54:50 +0000
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