{"id":5086,"date":"2009-10-14T08:40:00","date_gmt":"2009-10-14T06:40:00","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/14\/isle-of-man-income-tax-24-or-will-it-be-30\/"},"modified":"2009-10-14T08:40:00","modified_gmt":"2009-10-14T06:40:00","slug":"isle-of-man-income-tax-24-or-will-it-be-30","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/14\/isle-of-man-income-tax-24-or-will-it-be-30\/","title":{"rendered":"Isle of Man income tax &ndash; 24% &ndash; or will it be 30%?"},"content":{"rendered":"<p>If <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/13\/fears-over-islands-vat-deal-isle-of-man-today\/\" target=\"_blank\">reports are right<\/a> that the UK subsidy to the Isle of Man is to be cut by between \u00a350m and \u00a3100m then the island will need new revenue.<\/p>\n<p>Its income tax covers both individuals and companies at a tax rate of 18%, in the main. The tax <a href=\"http:\/\/www.gov.im\/lib\/docs\/treasury\/budget\/2009\/budget0910.pdf\" target=\"_blank\">collects \u00a3148m<\/a> this year as opposed to \u00a3337m of VAT \u2014 <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/05\/18\/isle-of-man-costs-uk-at-least-15-billion-a-year\/\" target=\"_blank\">two thirds of which is subsidy<\/a>.<\/p>\n<p>Now, to get that tax back from income tax means an income tax rate of between 24% and 30%. Some tax haven for those who live there.<\/p>\n<p>Which begs the question \u2014 how long will local people vote for higher and higher taxes to be able to offer zero tax rates to those who abuse the place where they live? I just can&rsquo;t see that happening for long. Which is why I predict the Isle of Man will now be joining the likes of Cayman, Jersey and Guernsey as a place likely to internally combust quite soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If reports are right that the UK subsidy to the Isle of Man is to be cut by between \u00a350m and \u00a3100m then the island<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/10\/14\/isle-of-man-income-tax-24-or-will-it-be-30\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-5086","post","type-post","status-publish","format-standard","hentry","category-isle-of-man"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=5086"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5086\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=5086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=5086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=5086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}