Why are UK tax rates so much higher than the IOM?
Discussion
Why can't the UK be like the Isle of Man tax wise?
Here's the situation on the Isle of Man: Corporation tax for almost everyone (basically, all but banks) is zero per cent. Income tax is twenty per cent top rate, and it's capped - you can't pay more than about 110k a year, no matter what your income. There is no inheritance tax. There is no capital gains tax.
There is VAT and National Insurance at the same rate as the UK.
And that's not even mentioning that derestricted means derestricted!
Now the thing is, the welfare state in the Isle of Man is AT LEAST as good as the UK. For certain folk, such as students, it's even better.
Property there is about a quarter, to a half, the price of suburban London.
The Isle of Man looks after everything within its own budget apart from defence and foreign relations, which it pays the UK to do. Why on earth can't the UK achieve a fair taxation environment like this? I suspect at most there's about 3 or 4 main causes - but what are they?
and before you come back with "why don't you move to the Isle of Man then?" - I got my work permit in the post on Wednesday. I'm there in a couple of months, hopefully forever
Here's the situation on the Isle of Man: Corporation tax for almost everyone (basically, all but banks) is zero per cent. Income tax is twenty per cent top rate, and it's capped - you can't pay more than about 110k a year, no matter what your income. There is no inheritance tax. There is no capital gains tax.
There is VAT and National Insurance at the same rate as the UK.
And that's not even mentioning that derestricted means derestricted!
Now the thing is, the welfare state in the Isle of Man is AT LEAST as good as the UK. For certain folk, such as students, it's even better.
Property there is about a quarter, to a half, the price of suburban London.
The Isle of Man looks after everything within its own budget apart from defence and foreign relations, which it pays the UK to do. Why on earth can't the UK achieve a fair taxation environment like this? I suspect at most there's about 3 or 4 main causes - but what are they?
and before you come back with "why don't you move to the Isle of Man then?" - I got my work permit in the post on Wednesday. I'm there in a couple of months, hopefully forever
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