• a space industry (the Island was chosen by the International Space University as the location for the new International Institute of Space Commerce);
• high-tech manufacture of components for submarines, jets, space shuttles, laser surgery equipment, gas and oil rigs, and kettles;
• numerous niche, quality food producers and manufacturers (Manx cheeses, beers and meat products consistently win international awards);
• a high-quality telecoms and power infrastructure.

Residents and companies enjoy a low-tax regime, which nevertheless supports some quality public services.

The standard rate of corporate income tax is 0%, except for two activities taxed at 10%: licensed banking business; and corporate income from Manx land and property.

The majority of Manx Government income derives from VAT and other indirect taxes. Under a bilateral agreement, these are levied at the same rate as in the UK.

Income tax rates and allowances are competitive. Individual income tax liability is capped at £100,000 p.a. There is no capital gains tax, inheritance tax or wealth tax.

Economic fact-file

The Isle of Man is located at the centre of the British Isles – equidistant between England, Ireland, Scotland and Wales.

The Island’s distinct constitutional, cultural and political identity has enabled its development as a successful centre for quality international business.

Best known for international finance, the Isle of Man is in its 26th year of continuous growth. Its GDP exceeds £1.6bn and per-capita GDP is 118% of the UK and 125% of the 15 leading EU economies, and the Island is AAA rated by Standard & Poors.

For a small island, the Isle of Man has a diversified economy, featuring:

• a financial services sector offering professional services in accountancy, banking, fiduciary, insurance, law, and investment;
• a Ship Register supported by international companies offering specialist maritime services in ship and yacht management, finance, maritime insurance, maritime law and company formation;
• an Aircraft Registry, for the registration of high-quality private and corporate aircraft;
• a film sector which has co-produced and co-financed over 85 film, TV and animation projects since 1995;