The Isle of Man, situated in the Irish Sea, is an internally self-governing dependent territory of the Crown which is not part of the United Kingdom. Tynwald, the Island’s 1,000 year old parliament, makes its own laws and oversees all internal administration, fiscal and social policies. External issues, such as foreign representation and defence, are administered on the Island’s behalf by the U.K. government, the Island making an annual payment for these services. As a British Crown dependency, the ultimate responsibility for the Island’s good government is vested in the Crown but by long standing convention, the U.K. government does not legislate for the Island except with the specific consent of the Manx government.

The Island has its own income tax and Customs and Excise services and has long been a low tax area enjoying total independence from the UK on matters of direct taxation. There is low corporate and personal tax and no capital transfer or inheritance tax. As a consequence, the Island has developed into a flourishing international offshore business centre.

The Island has a well balanced economy combining traditional industries such as agriculture, fishing and tourism with areas of recent growth such as financial services, manufacturing and gaming, the latter three are now particularly significant contributors to the national income.

The Manx government has encouraged economic growth in recent years by creating a sympathetic tax regime and suitable legislative framework for expansion and by offering financial incentives where necessary, particularly for the manufacturing and film industries (the DTI provides grants and assistance for film makers) as well as tourism. In addition, the establishment of a freeport in the Island has assisted the manufacturing sector to become a major generator of income.

The Isle of Man is in the fortunate position of being able to provide affordable high quality commercial and residential accommodation in an uncrowded and scenic environment, and has the capacity for sustaining growth for many years to come.

The Island’s rich heritage, diverse scenic beauty and quality of life also provide the foundation for a flourishing tourist industry.

The Island enjoys a special relationship with the European Union which permits ease of movement of goods between the Island and the Union. Regular sea and air services for passengers and freight allow quick and easy access to and from the U.K., Eire and beyond.

The Island’s economic progress in recent years has achieved a rapidly rising national income combined with low levels of unemployment, which when combined with excellent educational, health and social amenities provides an enviable unique quality of life.

Need to know:

• The Island is 33 miles long and 13 miles wide
• The Island is 221 square miles in area and 100 miles in perimeter
• The highest point in the Island is the summit of Snaefell (‘Snow Mountain’), which stands at 2036 feet (621 metres) above sea level
• Longest river is the Sulby river at 10 and a half miles
• Current population is approximately 75,000
• As a Crown Protectorate the Island is represented on behalf of The Queen, the Lord of Mann, by the Lieutenant Governor
• Head of the Isle of Man Government is the Chief Minister
• The Island issues its own coins and notes but the currency has the equivalent of that in the UK
• Manx currency is not legal tender outside the Island, but UK clearing banks accept Manx notes at face value
• The Island issues its own stamps which must be used for mail sent from the Island

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