The Isle of Man is a low-tax economy with no
capital gains tax,
wealth tax,
stamp duty, or
inheritance tax[56] and a top rate of
income tax of 20%.
[57] A tax cap is in force; the maximum amount of tax payable by an individual is £120,000 or £240,000 for couples if they choose to have their incomes jointly assessed. The £120,000 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.
[58][59]
Offshore banking, manufacturing, and tourism form key sectors of the economy.
[60] Agriculture and fishing, once the mainstays of the economy, now make declining contributions to the island's
Gross Domestic Product (GDP).