Editing Economy of the Isle of Man (section)

=== Tax rates ===
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 22%.<ref>{{Cite web|url=https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/|title=Isle of Man government: Rates and allowances|access-date=3 December 2017|archive-date=26 June 2018|archive-url=https://web.archive.org/web/20180626220519/https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/|url-status=live}}</ref> A tax cap is in force: the maximum amount of tax payable by an individual is £200,000; or £400,000 for couples if they choose to have their incomes jointly assessed. Personal income is assessed and taxed on a total worldwide income basis rather than on 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 standard rate of [[Corporate tax|corporation tax]] for residents and non-residents is 0%; retail business profits above £500,000 and banking business income are taxed at 10%, and rental (or other) income from land and buildings situated on the Isle of Man is taxed at 22%.<ref>{{Cite web|url=https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/business-and-corporations/corporate-tax-rates/|title=Isle of Man Government: Corporate Tax Rates|access-date=3 December 2017|archive-date=29 November 2017|archive-url=https://web.archive.org/web/20171129171851/https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/business-and-corporations/corporate-tax-rates/|url-status=live}}</ref>