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Corporate Tax Rates

Income tax rates17/18 to 23/2424/25
Standard rate for all resident and non-resident companies 0% 0%
Banking business income 10% 10% / 15%*
Land and property income from all sources (including petroleum extraction activities or rights from 6 April 2024)** 20% 20%
Retail business - profits above £500,000 10% 10% / 15%*

* for the 2024/25 year of assessment only, a new 15% rate of tax on income of certain corporate taxpayers from banking business or retail business in the Isle of Man.

** a new 20% rate of tax on income of corporate taxpayers from petroleum extraction activities or rights. This 20% rate applies from 6 April 2024.


Rates of income tax are set in relation to years of assessment running from 6 April to following 5 April. Since 6 April 2007 companies have been assessed on an accounting period basis. In the event of change of tax rate, where the accounting period does not match the tax year, profits may need to be apportioned to apply the correct rates of tax to the profits. 

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