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The Treasury (Manx: Yn Tashtey) of the Isle of Man is the finance department of the Isle of Man Government.It prepares the annual budget for the Government, [1] and also handles taxation, customs and excise, economic affairs, information systems, internal audit, currency and the census in the Isle of Man.
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The Isle of Man is a low-tax economy with no capital gains tax, wealth tax, stamp duty, or inheritance tax [1] and a top rate of income tax of 22%. [2] 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 ...
The Isle of Man has no capital gains tax, wealth tax, stamp duty, or inheritance tax [95] and a top rate of income tax of 22% (as of April 2024). [96] A tax cap is in force: the maximum amount of tax payable by an individual is £200,000 or £400,000 for couples choosing to have their incomes jointly assessed.
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%. [11] 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.
The new legislation was introduced by Order under section 15 of the Income Tax Act 1995. The Income Tax (Pensions) (Temporary Taxation) Order 2010 (SD 807/10) amended the Income Tax Act 1970 [2] by inserting a new section 50C headed "50C Relief for certain personal and occupational pension schemes."
His term of office as Treasury Minister was marked by some significant decisions. In October 2017 Cannan wrote off £95m of debts owed by the Manx Utilities Authority; in February 2018 pension freedoms were controversially introduced; and in May 2018 the Isle of Man Government purchased the Isle of Man Steam Packet Company for £124.3m.
The Isle of Man Office of Fair Trading (Manx: Oik Dellal Cair Ellan Vannin) is an independent Statutory Board of the Isle of Man Government.The purpose of the office is to enforce criminal consumer protection legislation and advice on civil consumer legislation however the office cannot enforce civil legislation.