Isle Of Man
The Isle of Man is a self-governing Crown Dependency of the United Kingdom, situated in the Irish Sea.
Visitors to Douglas, the island’s capital, will want to check out the city’s famous Victorian promenade, a relic of the island’s tourist industry, which – alongside fishing – was formerly the island’s principal source of income. Today, thanks to the island’s low-tax rates, the Isle of Man’s economy is dominated by banking and the financial services sector. The two largest industries are insurance and online gambling – responsible for 17% of GNP. In addition, the ICT and banking sectors are each responsible for 9% of GNP.
The highest income tax rate stands at only 20%, and the island does not levy capital gains tax or wealth tax. The standard rate of corporation tax stands at 0%.
The government’s economic strategy is laid out in its Vision 2020 programme. The government aims to diversify the Island’s economy, principally in the ICT and aerospace sectors. Currently, manufacturing is dominated by high-tech fields such as laser optics, industrial diamonds, electronics, plastics and precision engineering.
HLB in the Isle of Man serve clients offering a range of corporate and trust services.
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