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Tax Relief

As a Manx resident tax payer, you are entitled to claim certain deductions when you submit your tax return. Provided we have all the information required to assess your position, these amounts will be used to reduce your tax liability.

Some examples of current allowable deductions are:

• Mortgage Interest (subject to certain limits)
• Loan Interest (subject to certain limits)
• Superannuation
• Professional Subscriptions (excluding Union fees)
• Personal Pension Contributions
• Maintenence (paid by Court Order)
• Deed of Covenant
• Charitable donations
• Personal Medical Insurance

Any amount claimed, once verified, will reduce the amount of tax you need to pay. For example, if you have a total annual income of £15,000 a year and you pay £2,000 a year in mortgage interest, your income would be reduced to £13,000 for income tax purposes.

Before deductions can be granted you will need to provide certain evidence to the Income Tax Division that you have paid the amounts you are claiming. For example, if you claim mortgage or loan relief then your lender will send you a certificate of interest paid for the year- this should then be submitted with your Income Tax return form. The guidance notes contained within your annual tax return clearly state what documents may be required when claiming any deductions, so this should always be used as a reference.

It is important to remember that certain deductions are subject to limits and restrictions, and any relief granted must be within these set parameters and conditions. For example, with effect from 6 April 2008, mortgage and loan interest relief will be capped at £15,000 in total.

See Frequently Asked Questions for further information regarding tax relief.