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Corporate Tax Rates

Rates

Income tax rates06/0707/0808/0909/1010/1111/1212/1313/1414/1515/16
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 rates98/9999/0000/0101/0202/0303/0404/0505/06
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

YearLimitLower rateStandard 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%
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