66 residents benefit from tax cap

Mon, 27 Nov 2017

66 Manx residents benefited from the tax cap last year.

Figures released by the Treasury show 66 people qualified for the £125,000 income tax maximum payment.

A Freedom of Information request asked for the details from the 2016-17 financial year, but the Treasury hasn't finished processing tax returns, so these details are from the 2015-16 period.

The tax cap was introduced in 2006 to attract wealth entrepreneurs to the Isle of Man, with those who qualify having to elect for the tax cap to be applied.