Isle of Man offers more tax breaks for business

Isle of Man offers more tax breaks for business

The island’s telecoms infrastructure and new tax incentives may attract more e-businesses to the territory

From 5 April businesses in the Isle of Man will enjoy even bigger financial breaks, according to the island’s minister for e-business.

Last week Tim Craine, e-business minister, said that the Isle of Man would cap personal gains tax at £100, 000. This means that individuals earning up to £580,000 per annum will have to pay a maximum tax bill of just £100,000. Craine added that he expected this to attract startup firms to the island. “We want to attract the serial entrepreneurs,” he explained.

The island will also introduce corporate tax at 0 percent as standard. Bill Mummery, the island’s head of e-gaming development, said that it hoped this would entice new companies to the Isle of Man and foster internal investment from companies already in operation.

Mummery said that the telecoms infrastructure of the Isle of Man made it an ideal place for e-businesses to establish themselves. He added, “The Isle of Man has offered telecoms firms a test-bed for new technologies. We announced 3G services on the day that iMode launched in Japan, and recently begun trialling 3.5G services.”

Craine added, “We’ve seen big successes with the e-gaming firms already here, and other businesses are attracted by the reputation of the Island, its strong regulatory framework, its telecoms provision, and its zero tax.”