Corporate Tax Rates
Rates
| Income tax rates | 06/07 | 07/08 | 08/09 | 09/10 | 10/11 | 11/12 | 12/13 | 13/14 | 14/15 | 15/16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Standard rate for all resident and non-resident companies | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Banking business income | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| Land and property income from Isle of Man sources | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 20% |
| Retail business - profits above £500,000 | - | - | - | - | n/a | n/a | n/a | 10% | 10% | 10% |
Notes:
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.
The 10% rate of tax for retail business came into effect on 6 April 2013. Please see PN 181/13 for full details.
Company Income Tax Rates and Thresholds applying up to the 2005/2006 Year of Assessment
| Income tax rates | 98/99 | 99/00 | 00/01 | 01/02 | 02/03 | 03/04 | 04/05 | 05/06 |
|---|---|---|---|---|---|---|---|---|
| Lower rate for resident trading companies | 20% | 15% | 14% | 12% | 10% | 10% | 10% | 10% |
| Standard rate for resident trading companies | 20% | 20% | 20% | 18% | 15% | 15% | 15% | 15% |
| Higher rate for resident companies on all other income | 20% | 20% | 20% | 18% | 18% | 18% | 18% | 18% |
| Standard rate for all non-resident companies | 20% | 20% | 20% | 18% | 18% | 18% | 18% | 18% |
Trading Profit Thresholds for Resident Trading Companies
| Year | Limit | Lower rate | Standard rate |
|---|---|---|---|
| 05/06 | £100mln | 10% | 15% |
| 04/05 | £100mln | 10% | 15% |
| 03/04 | £100mln | 10% | 15% |
| 02/03 | £500,000 | 10% | 15% |
| 01/02 | £500,000 | 12% | 18% |
